Hi Friends,
I have trading account with Sharekhan since early 2001 and India Bulls since early 2005. For some reasons, I hv been searching for good broking houses with good software, good customer service and ofcourse, lower brokerage.
In the process, I made my last attempt with Nirmal Bang. Here is my worst ever experience I had as compared to other broking houses.
Account was opened since 27.10.10. (1) My name was wrongly recorded. It took several mails, several calls and personal pleadings to get it corrected. It seems that it has now been corrected, when I ceased to transact.
(2) For back office, twice they sent me passwords. On both occasions, the pass words were not been accepted. (3) There is an option in the website to retrieve pass word by using PAN and DOB. Unfortunately these too were not accepted with error msg " either DOB or PAN is wrong". (4) I presumed that either DOB or PAN has been wrongly recorded by Nirmal Bang. Yes, my presumption proved right. I got Birth day Msg. on 1st Jan which is not my DOB. (5) Nominee's name as been mis-spelt which too has repeatedly been brought to their notice.(6) Postal PIN in the address has wrongly been recorded by Nirmal Bang.(7)I made my first transaction by buying a scrip on delivery.But I could not place selling order. I had contacted RM who advised to place the order as 'sale' on "margin". (8) On 2 occasions, after selling the shares, square off orders were rejected. (9) Since ODIN is not compatible on my PC, I was using their website. The website's idle period is just 2 minutes. Thereafter, it asks for authentication. Once authenticated, it shows that "session expired" -re-log-in. Once re-logged in, it shows that the user has already logged in - do you want forced long-in?. With yes and no , for just 2 minutes transaction, 5 valuable minutes are lost. (10) Finally, when my buy order against sale was not accepted I decided to quit as with multiple orders it is not possible to continue with them.(11) As the back office website was not opening for several days, I placed request to withdraw the withdraw able fund through an e-mail on 4th Jan.11. (12) I couriered account closure request on 5th Jan 11. (13) On 8th, I could log-into website and placed request to withdraw fund once again (14) I spoke to team leader, RM etc. on 12th Jan. Team leader told me that cheque has been couriered. (15) on 17th I again reminded him when he said that he would check and advise me (16) On 18th I once again reminded him thr:e-mail. (16) On several occasions either landline or their respective mobile nos. are not being responded. (17) I do not think that I had ever received any reply to my various mails on the above subject. (18)I am still waiting for my own money even after 14 days of placing request.
Now that I have not recived my amount of 30K, I propose to approach statutory authorities. Before that, I thought it fit to bring to the notice of investors to go through the above and decide if any one is planning relationship with Nirmal Bang.
Friends, when the account is being opened, heaven is being promised by almost every sales boys or girls. Once cheque is given, they are hunting for new "bakras" and forget service to others.
Hence, I conclude that the best broking house in my opinion, with regard to customer service or software is Sharekhan and India Bulls. Those who want to open new accounts can go in for above firms and continue atleast till such time they get some experience. This will help them to compare. Sharekhan's brokerage is very high (perhaps they are very very proud of their quality). Still, they have advance brokerage scheme(refundable) and according to one's volume they can decide. Ofcourse, at times there can be problem with regard to any issues including customer service but it is negligble as compared to what I have stated above. India Bull is also good, provided you are lucky enough to get good RM. In this article,I have tried to be as pricise as possible. Any one desiring to have further clarification my kindly PM me. I am not concerned with any broking house but my intention is only to educate the investing community.
I have trading account with Sharekhan since early 2001 and India Bulls since early 2005. For some reasons, I hv been searching for good broking houses with good software, good customer service and ofcourse, lower brokerage.
In the process, I made my last attempt with Nirmal Bang. Here is my worst ever experience I had as compared to other broking houses.
Account was opened since 27.10.10. (1) My name was wrongly recorded. It took several mails, several calls and personal pleadings to get it corrected. It seems that it has now been corrected, when I ceased to transact.
(2) For back office, twice they sent me passwords. On both occasions, the pass words were not been accepted. (3) There is an option in the website to retrieve pass word by using PAN and DOB. Unfortunately these too were not accepted with error msg " either DOB or PAN is wrong". (4) I presumed that either DOB or PAN has been wrongly recorded by Nirmal Bang. Yes, my presumption proved right. I got Birth day Msg. on 1st Jan which is not my DOB. (5) Nominee's name as been mis-spelt which too has repeatedly been brought to their notice.(6) Postal PIN in the address has wrongly been recorded by Nirmal Bang.(7)I made my first transaction by buying a scrip on delivery.But I could not place selling order. I had contacted RM who advised to place the order as 'sale' on "margin". (8) On 2 occasions, after selling the shares, square off orders were rejected. (9) Since ODIN is not compatible on my PC, I was using their website. The website's idle period is just 2 minutes. Thereafter, it asks for authentication. Once authenticated, it shows that "session expired" -re-log-in. Once re-logged in, it shows that the user has already logged in - do you want forced long-in?. With yes and no , for just 2 minutes transaction, 5 valuable minutes are lost. (10) Finally, when my buy order against sale was not accepted I decided to quit as with multiple orders it is not possible to continue with them.(11) As the back office website was not opening for several days, I placed request to withdraw the withdraw able fund through an e-mail on 4th Jan.11. (12) I couriered account closure request on 5th Jan 11. (13) On 8th, I could log-into website and placed request to withdraw fund once again (14) I spoke to team leader, RM etc. on 12th Jan. Team leader told me that cheque has been couriered. (15) on 17th I again reminded him when he said that he would check and advise me (16) On 18th I once again reminded him thr:e-mail. (16) On several occasions either landline or their respective mobile nos. are not being responded. (17) I do not think that I had ever received any reply to my various mails on the above subject. (18)I am still waiting for my own money even after 14 days of placing request.
Now that I have not recived my amount of 30K, I propose to approach statutory authorities. Before that, I thought it fit to bring to the notice of investors to go through the above and decide if any one is planning relationship with Nirmal Bang.
Friends, when the account is being opened, heaven is being promised by almost every sales boys or girls. Once cheque is given, they are hunting for new "bakras" and forget service to others.
Hence, I conclude that the best broking house in my opinion, with regard to customer service or software is Sharekhan and India Bulls. Those who want to open new accounts can go in for above firms and continue atleast till such time they get some experience. This will help them to compare. Sharekhan's brokerage is very high (perhaps they are very very proud of their quality). Still, they have advance brokerage scheme(refundable) and according to one's volume they can decide. Ofcourse, at times there can be problem with regard to any issues including customer service but it is negligble as compared to what I have stated above. India Bull is also good, provided you are lucky enough to get good RM. In this article,I have tried to be as pricise as possible. Any one desiring to have further clarification my kindly PM me. I am not concerned with any broking house but my intention is only to educate the investing community.
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