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Mal Practices by SBI Securities
With the recent rise of the stock market in India, many new investors have jumped in the market and have started investing. A recent survey has shown inflow on new SIP (systematic investment), and mutual fund purchases have increased.
In this euphoric moment, some brokers have tried to take advantage of this situation and have started lynching their customers with their mal intentions and pathetic services.
I thought I was a happy investor until I was shocked to see lots of negative balances in my trading account. When I checked it closely, I saw almost Rs 1000 of fines every day imposed on me from the State bank of India ( Sbi Securities) services.
I am an NRI customer, and as per rule, no margin tradition is allowed. (trading with a loan). I always buy shares in cash. God knows how my ledger balance got into negative.
I looked at their modus operandi and tried to understand how they rip off their customers.
When you make a trade, they will not pull out the full amount from your bank. They will only pull half of your money. They will create an illusion that you have some money left in your account for trading. They will wait for you to make a mistake. Once you make another trade, they will put your account in a negative balance and start imposing charges on you. God forbid, the charges are on the daily basis at the rate of almost 15 % percent day.

I had nightmares looking at my ledger balance and decided to pay all the money back, hoping that this disaster would come to an end. Oh no, not yet; they have decided to keep charging. My negative balance is increasing on the daily basis. So, people, be careful! While you are there to make money, some people are working on making holes in your pocket and getting all your hard earn money in their pocket.

I was further horrified to learn that this has been happening with many other customers.