Never Trade in Indiabulls !!!!

[shrinivas]

I dont understand when ganesh did not place any orders why he is accepting the trades? he should approach concerned autorities b4 its too late.

he should also write to IB regrading this and request them to make the system password protected by issuing TPIN to each and every traders for tele trading.

Hi trader,

Now see...first of all thanks to my knowledge and learning here...I've started covering my losses.....I've done some trades after this incident and all were in profits...i incured loss only in 1 trade that too only brokerage...CP=SP...this was the time when i had entered ashoka leyland at 40 and next day exited at 40 just to take back the capital and invest in balrampur @89....I exited that at 101 just in couple of days..so i shifted my funds for profits....

Regarding Indiabulls, my friend, this is very unfortunate, but I was again and again stabbed by my RM friend....If I ask him to put a stoploss and he does not put, I made loss....If I ask him to buy x amount of stock and he buys y amount of it, the only thing i can do is ask to confirm it over tapes......they apologise....but i'm a different kind of person..though i could have taken a strong action, I did not...I caught them red handed one day when in the afternoon i asked them to buy certain quantity of bombay dying and they bought 10 times of that....I got confirmation call in the evening when I confirmed that it was a wrong trade...the person who took my call pressed that he was right and i was wrong..the tapes were checked and i was found to be right........my strict action could have led a job loss for that computer operator and RM......I gave a thought and decided to drop the matter..there was another incident when i was just checking the rates and approx price of 1000 shares of bajaj hindustan..and the bugger placed the order...the tapes again confirmed that i was only checking the price...

anyway, there were lots of such issues and i lost something more than 3 lacs...I had 2 options....1-fight case with them, boil more blood and finally settle to a figure less then my loss...

2- educate the people not to fall prey to them...work hard with my remaining capital and get back my losses....I opted the 2nd way...and i'm doing very fine on it......I had the knowledge, but i left my money on a close friend (Indiabulls RM) and paid drastic price for it...

Whatever happens, happens for the best..maybe god wanted to teach me the other way...I'm same ganesh, working in same office,for same time and the same work load...but now i take out time to look after finances.....so now i realise that i had put on laziness and paid price for it...now i'm making profits.....and maybe in a year i'll recover all my losses...then the book of profits would start......had i not minted loss, i would not have learnt this valuable lesson and would have been dependent on that friend who would have given me much lesser profits for the rest of my life or maybe he would have given me a much bigger loss later......I've widrawn back from indiabull and that is all i wanted ..The End...

We should keep a sharp eye before investing our money.....

Ah ! and never mind my frnds.....money is the secondary thing, peace of mind being the primary one....I had lost peace of mind which I've got back now.....and money ??? that may follow soon.....I'm satisfied with my life now....

I would still advise people NOT to use indiabulls..even if you use, use only PIB and do the trades yourself...never try the telephonic method, coz it had duped some others' money in my office who later on dumped indiabulls..

maybe I would be posting lesser and lesser here as now i want to be more of a spectator...so do not take that I'm not here..will post if i find necessary...
I'm packed up with lots of other activities now..

all the best.......

ganeshhity

 

[ccitrader]

Hi trader,

Now see...first of all thanks to my knowledge and learning here...I've started covering my losses.....I've done some trades after this incident and all were in profits...i incured loss only in 1 trade that too only brokerage...CP=SP...this was the time when i had entered ashoka leyland at 40 and next day exited at 40 just to take back the capital and invest in balrampur @89....I exited that at 101 just in couple of days..so i shifted my funds for profits....

Regarding Indiabulls, my friend, this is very unfortunate, but I was again and again stabbed by my RM friend....If I ask him to put a stoploss and he does not put, I made loss....If I ask him to buy x amount of stock and he buys y amount of it, the only thing i can do is ask to confirm it over tapes......they apologise....but i'm a different kind of person..though i could have taken a strong action, I did not...I caught them red handed one day when in the afternoon i asked them to buy certain quantity of bombay dying and they bought 10 times of that....I got confirmation call in the evening when I confirmed that it was a wrong trade...the person who took my call pressed that he was right and i was wrong..the tapes were checked and i was found to be right........my strict action could have led a job loss for that computer operator and RM......I gave a thought and decided to drop the matter..there was another incident when i was just checking the rates and approx price of 1000 shares of bajaj hindustan..and the bugger placed the order...the tapes again confirmed that i was only checking the price...

anyway, there were lots of such issues and i lost something more than 3 lacs...I had 2 options....1-fight case with them, boil more blood and finally settle to a figure less then my loss...

2- educate the people not to fall prey to them...work hard with my remaining capital and get back my losses....I opted the 2nd way...and i'm doing very fine on it......I had the knowledge, but i left my money on a close friend (Indiabulls RM) and paid drastic price for it...

Whatever happens, happens for the best..maybe god wanted to teach me the other way...I'm same ganesh, working in same office,for same time and the same work load...but now i take out time to look after finances.....so now i realise that i had put on laziness and paid price for it...now i'm making profits.....and maybe in a year i'll recover all my losses...then the book of profits would start......had i not minted loss, i would not have learnt this valuable lesson and would have been dependent on that friend who would have given me much lesser profits for the rest of my life or maybe he would have given me a much bigger loss later......I've widrawn back from indiabull and that is all i wanted ..The End...

We should keep a sharp eye before investing our money.....

Ah ! and never mind my frnds.....money is the secondary thing, peace of mind being the primary one....I had lost peace of mind which I've got back now.....and money ??? that may follow soon.....I'm satisfied with my life now....

I would still advise people NOT to use indiabulls..even if you use, use only PIB and do the trades yourself...never try the telephonic method, coz it had duped some others' money in my office who later on dumped indiabulls..

maybe I would be posting lesser and lesser here as now i want to be more of a spectator...so do not take that I'm not here..will post if i find necessary...
I'm packed up with lots of other activities now..

all the best.......

ganeshhity

Hi Ganeshhity,

I am a client of Indiabulls since last 1 year,
I am using their PIB for online trading since last 1 year also,
There are good facilities in their software - PIB,
I had never any problem with them BECAUSE I never ask to anyone about Market or never ask anyone about any stock, I do my work myself, I take my own decision that what to buy and what to sell,

Do hard work and learn TA,
You can cover your loss,
You can earn also,

Good luck,

CCITRADER

 

[rvlv]

hi friend

you must not put your money in others hands.
use PIB trade yourself.
we know RM is a weak link in indiabulls system,so LONG BACK we stopped depending on RM.

REGARDING LOSSES

just cut short while they are still smaller.

but you gave them chance to go big.
unfortunately it seems that you got some illiterate,trading wise undeducated RM.
tHE BEST WAY TO BEAT THESE -IS LEARN THINGS YOURSELF WELL, TRADE YOURSELF.TAKE CONTROL-NOW

CAUTION
NOW, for gods sake,dont go and daytrade with 5paisa.com of indiainfoline-they will finish you with auctions and without autosquareup.
Indiabulls is not bad-your RM was bad.
RVLV

 

[cemcompusoft]

hi friend

NOW, for gods sake,dont go and daytrade with 5paisa.com of indiainfoline-they will finish you with auctions and without autosquareup.
Indiabulls is not bad-your RM was bad.
RVLV

It happens many times that I made losses due to 'autosquareup' policy of Indiabulls because time for autosquareup is 3.00 PM which is too early. Many times it happens that IB autosquareup at 3.00 PM but if it was done at 3.15-3.25 I would be in profit... ..... Now I usually Buy as 'cash' instead of 'intraday' so that I can squareup any time between 3.00 to 3.30 PM. But what to do in case of 'short sell' ?........

 

[saji oommen]

Hello,

You mean if i shortsell in cash of PIB i need to squareup before 3. Or IB will autosquareof the short position.Kindly clarify. I thought i can square up before 3.30 even in shortsell made in cash.

Yes there were times i too would have been in good profits if IB did not auto squareoff. Once i had a position in Bombay dyieng and i make it a point to square of the position myself. Just creating a strong habit so that incase i am in loss i would like to take the decision to get out of my wrong position bit early myself.
I squared of around 2.56 p.m for a meagre profit.Do not want IB to do it for me. Well Bombay dyeing went up 45 Rs between 2.59 and 3.07 P.M. There goes the good profit. But looking at it autosquare off is also a good facility for persons hoping for miracle or luck to get out of adverse positions.But i feel there is nothig to beat PIB software at present.

Regards

Saji

 

[JINNY]

hi saji:

Reg. short square off after 3PM: yes, it can be done by customer till 3.30 after which the trade goes for auction.

i have noticed another point with PIB : occasionally, the securities bought on PIB are credited in demat after 7 days. indiabulls explains that this is due to auction for the selling party. i doubt it. even if it is true, who gets the benefit if aution is plus for the buyer ?

i agree with you that PIB is best of the available lot as long as human contact especially over phone with indiabull staff is kept out of trading.

and for the leagal-eagle type members,i think taped conversation is not an admissible evidence in courts.

in fact we are a long way off (a very long way off) from the days of first computerised trading in india (OTCEI - of which i was the very first operational broker in delhi). that time the sight of flickering modem lights, quotes on computer screens, counter receipts being printed on my printer by a remote exchange server was mesmerising.

and morgan stanley was the rage for market making.

thanks and regards,

jinny

 

[penfriends]

Gaurang Patel,
If you are really determined to take actions and want to get back your losses then there is solution.
First of all you understand this that they are not suppose to trade in your account unless and until you give them instructions. Even if you have signed POA for Dmat account they cant trade in your account. All they can do is debit your Dmat account due to the POA.

As you have not instructed them, just approach to sebi , nse for this that you did not place any orders after which it will be duty of IB to proove the same. As you say that you never gave orders and they traded themselves then it would be very difficult for IB to proove the same.

You can surf the sebi , nse site. At the same time the PIB itself has a link for complains

For further help approach investors forum or any other NGO helping invetsors. Dont leave IB if you think they have done wrong

Ya previously my RM(Mr. Yogesh) was trading for me.But on Friday i instructed Mr.Jigar of Indiabulls who calls me daily for the F&O update on recorded line that if mr.Yogesh is available or not he said he is not available so i clearly instructed him not to trade from Monday into my A/c. & he said he will inform Mr.Yogesh but infact he never did & Mr. Yogesh did continue trading into my a/c on monday. I was having only 2 previous positions pending till date & that too i had buyed CALLS which can remain pending as long as i want. But on Monday as market was down & Mr. Yogesh did all foolish trading & also in market hours he neither confirmed any sort of order with me there was loss of Rs.31000/- & for that now they are saying that they are not responsible.....

Besides one more thing...& the biggest fraud.....

Story no. 2:,
On Tuesday Mr. Yogesh called me up & said to me that he needed Rs.31,000/- cheque as it was the min. debit amt. So at around 1:45 pm i went to India Bulls Office to give him cheque & as i was writing my cheque i received an call on my cell phone & he said that he will fill up so i gave my cheque book to him & he wrote the cheque. Then after i returned home.

The amt. Rs.31,000/- got debited the same day from my a/c. But in late night when i was checking my ICICI a/c i found something fishy. I noticed ledger balance as : 1 lakh & available balance as only 26,000/- so i calculated the other cheques i issued & there was only one rs.25000/- cheque issued my me. But as per that it would have only been Rs.75-76000 as my available balance but instead of that it showed as 26000 as available balance. So next day morning i inquired at ICICI branch & they said you have 2 cheques for clearing :

i) one of Rs.25000
ii) other of Rs.50000

i said them i haven't issued any cheque of 50000 to which they inquired & gave me the cheque no. which was indeed the LAST PAGE OF MY CHEQUE BOOK. I searched my cheque book & the last page was missing from there too. So i immediately requested them to MAKE STOP PAYMENT & they did. Now when i inquired the details of the person i was given name of MR.Swapnil Christian as the depositor name. Then i at first called mr. Yogesh of IB that do u know this person to which he denied? but later i went their office & i asked him by writing his name on paper to Yogesh & he told that "MR. SWAPNIL" is his Uncle's Son.

So as per my knowledge or non-knowledge Mr. Yogesh just removed one last cheque from my Chequebook & deposited the same into his cousins a/c. & also did tried to copy my signature as well.

I have informed the same to India Bulls Manager at Rajkot,Gujarat & they deny all the facts. So now i am planning to take an Class Law Suit against India Bulls for negligence in Trading into my a/c & on Mr. Yogesh for fraud he has done.

so friends never-ever give your Cheque book to anyone.....& NEVER TRUST INDIA BULLS.....

Thanks for reading..

Gaurang

 

[cemcompusoft]

Hello,

You mean if i shortsell in cash of PIB i need to squareup before 3. Or IB will autosquareof the short position.Kindly clarify. I thought i can square up before 3.30 even in shortsell made in cash.

Dear Saji,

Yes, if you trade (Long or Short) as 'intraday' your position will be squareoff any time after 3.00 PM & you will not have any command over that after 3.00 PM. Even if you have put any 'intraday' buy/sell order in continuation to your sell/buy order, you will not be able to modify your order. All intraday position after 3.00 PM will be square off by IB (anytime after 3.00 PM).

After 3.00 PM neither you can take a fresh position (as intraday) nor you have control over your existing position.

I am not against IB & I have no complaint about IB or thier RM..... just share my view about their policy to square off all intraday position at 3.00 PM.

Regards,

K S Kachhwaha

 

[boppanavijay]

Thank you for revealing your experience with Indiabulls.

 

[shrinivas]

hmmmm...
the only bottom line which worried me is that i could see some trades which got executed into my account, which i never instructed..and in some trades, the brokerage % was changed........However, I bought this into indiabulls notice....while i was in their office, i could smell that the couple of people i was talking to, were aware of this and just wanted to protect the RM...

I might have committed mistake by trusting the RM, but i believe indiabulls will not have answers for the trades which i did not instruct....the computer operator later apologized at couple of instances when he was caught...

Any answers ????????

and I will finish this argument with just a simple note that I found it wrong, I withdrew...any person thinking right can continue as per his/her wish.....I could discover that the RM got 25% of whatever brokerage he gave to the company and hence he crushed me for his brokerage...after bringing my incident to notice, others from my office started keeping deep track of their trades and %....couple others also notice this fraud and withdrew....
I may be wrong...I may be right...money is yours, you are a better judge..

ganeshhity

PS:my dear, I do trade with strong tech analysis...even if i'm sure, i cross check it with couple other experts now..and maybe, that's the reason for my profits after withdrawing from indiabulls..