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IIFL Securities Customer Reviews, Complaints and Feedback (Page 20)


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Incorporated in 1995, IIFL Securities is one of the largest full-service stockbrokers in India. IIFL Securities is part of IIFL Group, a leading financial service provider offering a wide range of services. IIFL is a well-recognized brand for the quality of its advice, personalized service, and the use of cutting-edge technology. IIFL Securities offers online trading and research-based advisory services for an entire range of financial products as Stocks, Derivatives, Commodities, Insurance, FD... IIFL Securities Review

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419 Comments

39. Ravi S Ghosh   I Like It. |Report Abuse|  Link|January 5, 2008 4:53:20 PMReply
5paisa provides really great services. Here is my experience with this broker.

1. They do not transfer shares brought by you in your DP account and keep it in broker's pool for at least 4-5 days after purchase and often months if you do not notice and ask them to transfer the shares to DP account. How brokers make money utilizing the action facility is well known now. Though you are not affected directly since the shares are in your holding, 5paisa makes money by utilizing your shares.

2. Their post trade services like ledger, holding, portfolio, provided by site dp.indiainfoline.com and trade.indiainfoline.com are "horrible." Most of the time, there is some or other problem because of which you will not be able to use it properly.

3. Their call center service is horrible. Call 022-40071000 and see how long it takes to reach someone. Also, the structure is somewhat like gov office. Many a times, you will need to call 5 different numbers to get the correct number.

4. I'm using investor terminal (web based application) and it is rather bizzare. When the markets are closed, it shows the market is open and hence I'm restricted from placing "after market orders" since it assumes the market is open. If I place "market order" then the order is rejected by the exchange since the market is closed. The exact opposite happens when the market is open (i.e., 5paisa terminal rejects the order saying market is closed though I'm able to see flowing quotes)!!!

5. Now, if you call your branch and place an order, they would gladly take the order and you would be amazed to see either the scrip or the price is different from what you told to your broker. Of course, you have to bear whatever loss or trouble happens with your account.

4. They will not replay to your emails promptly and when they do, you at best would get shoddy explanation.

5. IPOs: Some IPOs wont be available for subscription online through their website. Moreover, their cutoff time for applying to IPOs changes quite frequently. Earlier, their cutoff time for IPO on the last day was 1 pm. Then suddenly I found it was changed to 11 a.m. and I was unable invest in that particular IPO.

6. Finally, their system often breaks down at the last moment.
38. Sridhar Kondoji   I Like It. |Report Abuse|  Link|January 3, 2008 10:01:57 AMReply
I agree with most of the negative comments here about 5paise.
Even though their TT does the job, it is way too complex for the avergae investor and non-technical persons.
They can definitely do a better job and make it as simple as scottrade.com

Here are my questions to 5paise customer service.
1) Help me explain how i can apply for IPO? I have requested your Service department for ledger password and it is already more than 3 days and i didn't receive that SMS yet.
2) Why some of the options on TT take yout o 5paise.com and indiainfoline sites?
Why can't you merge everything into one site and make our lifes little easier?
37. PONN   I Like It. |Report Abuse|  Link|December 30, 2007 5:14:09 PMReply
Dont use 5paisa account. I dont think these kind of worst brokerage company how still running.
Three month before India infoline cheated me so that I loosed Rs:75000 Still I dont get proper response and money.

Its better to instruct our friends to avoid this worst company.
36. Ronak   I Like It. |Report Abuse|  Link|December 27, 2007 7:19:43 PMReply
I am currently having account with 5paisa (india infoline). But I donot suggest anyone to open a new one... I might close it in few days......
35. sudheer   I Like It. |Report Abuse|  Link|December 26, 2007 9:07:42 AMReply
5paisa, it's a nice scheme and for many low volume traders its
useful. It's execution speed is very fast and provides secure password for trading a/c.
34. Sanjay   I Like It. |Report Abuse|  Link|December 21, 2007 1:27:29 AMReply
Hello, 5paisa has forcefully implemented TTADVANCE on all its users and has discontinued the TT5 software, totally ruining the overall business of most of their "TEHNICALLY EDUCATED" stock traders whether they do day trading or delivery based trading..... Now, we traders are forced to use the new TTADVANCE software since December 10th, 2007, which is totally impossible to do... and which is truly not an advanced software but a real worst software, a real slow one.

Since yesterday, I'm completely out of business and can not trader through the TTADVANCE.... I visited the local office of 5paisa and found more than 100 people there fighting with the customer care there and the customer care was just helpless to answer any of their problems.... Customer care just said.... "Sir please be sure everything will be alight by tomorrow.... please be sure...." .... and even they themselves did not know what the company will do by tomorrow....

I believe no one can trade through it... The data gets updated very slowly and the graphs rarely open up.... And when you go to apply moving averages on your graph, you find that the software has been coded in such a way that all moving average graphs will be shown in one common color... so that you can not distinguish between each moving average line....

I believe some headless programer has created this software for the company... lots of bugs and misinformative operations all across the application....

One more joke, if you use the software from behind some proxy, then you can not define the port through which the application should connect to the servers.... You only can define the IP address of the proxy.... And in the HELP, it says you can open any of the 3 ports including 10116, 25000 and 25002 on the proxy PC so that the application can work! Isn't this headless planning for creating an application? A massive hassle to somehow get the required port opened on the proxy PC!

I believe the company SHOULD HAVE beta tested the application in the phase-1 before forcefully launching it for all its clients... Without knowing how its functioning, how come they implemented it for all clients.... I'm sure they would have registered losses worth millions in a single day due to people unable to operate the software and their software and their servers not able to cater to all customers....

I ask.... aren't these Brokers being regulated by SEBI? Can these brokers force their user traders to switch over to another application without any prior written signed approval from each user that they have successfully switched over to the new application and now they can comfortably trade through the new application!? We have not been provided any training or help in order to set up our softwares on our systems and use the same for real successful trading..... How come and how can a non technical person or even a computer guru person can successfuly switch over to a totally inefficient TTADVANCE applicaiton in a matter of a few days email intimation and no personal customer support?

I ask..... Do not these brokers need a SEBI approval for implementing such a drastic change in their operations? In such a scenario, who is the care taker of the small traders on which this whole stock market makes money?

I put this incident in "highly irresponsible category" and I believe if this was executed in USA by a US company, then the company would have received hundreds of legal notices for lawsuits against the company from its users.... Here in India,,,, anyone can do anything even overnight and no one even questions! India is really great!

Sanjay.
33. Ravi Kumar    I Like It. |Report Abuse|  Link|December 20, 2007 5:24:30 AMReply
I just want to know basic knowledge of risks involved in Online Share Trading. I like to invest my savings in share market as i didn't have any exposure of share trading.
32. Prave   I Like It. |Report Abuse|  Link|December 19, 2007 2:51:43 PMReply
India infoline is bokus company.Never ever trust on them,people working in it doesn't have any qualification.I invested some money though mutual fund from noida sec-50 branch,i gave the details to Agent but he is so foolish he entered the wrong details.and now I asked him to correct he is not picking the phone.He promised to give 2.25 % money back on the invested amount but nothing happen...Really keep distance from the fraud compnay.
31. Sandesh Dalvi   I Like It. |Report Abuse|  Link|December 14, 2007 3:41:00 PMReply
I am using Traders Terminal. I have taken 555 life time DP account. DO they charge more for Trader terminal????
30. G.DESHMUKH   I Like It. |Report Abuse|  Link|December 14, 2007 3:39:24 PMReply
INEFFICIENT CUSTOMER SERVICE
DEAR SIR
I AM ACOSTUMER OF 5PAISA.COM/INDIA INFOLINE,I WANT TO SUBMIT MY IT RETURS I AM IN NEED OF CONTRACT NOTES & DP HOLDING BUT THEY ARE NOT ISSUING TO ME TIME TO TIME. IF YOU HAVE ANY SORT OF PROBLEM & CONTACT TO NAGPUR BRANCH MANAGER TO CLEARIFY THE DOUBT, IT IS REGRATED TO SAY BRANCH MANAGER BEHEVE ORAGANTLY
29. AMIT AGRAWAL   I Like It. |Report Abuse|  Link|November 27, 2007 2:33:04 PMReply
I HAVE OPENED ACCOUNT WITH INDIA INFOLINE (CONNAUGHT CIRCUS) BRANCH. THEY ARE TOTALLY CHEATERS BECAUSE WHAT THEY HAVE COMMITTED THEY HAD NOT DONE. THERE IS ONLY WORK WITH RELATIONSHIP MANAGERS AND THEY ARE TOTALLY ON BROKERAGE BASIS. THEY HAVE COMMITED FOR ONLINE TRADE AS MARKETIN ASSOCIATES (MEANS IN ONE ONE ID YOU CAN DEAL WITH SO MANY CLIENTS) BUT AFTER A LONG PERIOD THEY DON'T ALLOW TO US. EVERY DAY YOU SEE A NEW RELATIONSHIP MANAGER FOR YOU.
28. S KARAN   I Like It. |Report Abuse|  Link|November 7, 2007 9:57:45 PMReply
This is the worst demat acount , i had opened.Customer care wont recieve call for more than half n hour, n servise is noting to say... I prefer others dont open demat account from india infoline orelse u will experince as i m doing....
27. DAVENDERKUMAR   I Like It. |Report Abuse|  Link|November 3, 2007 12:49:08 PMReply
5PAISA.COM is real cheat.They r very inprofessional after repeatedly requesting its Relationship manager for providing me with the proper services, he has a late back attitide. he never does my work on time. i feels he keeps sleeping the whole day in his office,i REQUSRED DONT OPEN ACCOUNT 5 paisa bank.
26. NS   I Like It. |Report Abuse|  Link|November 1, 2007 9:23:07 PMReply
5paisa has some good features but I would like to alert the readers about their cheating tactics.
1. The online IPO facility is never available on the last day of the application. Religare issue was supposed to close for subscription on Nov 1 at 5 PM but it was not available on the 5paisa website in the morning of Nov 1.
2. The shares alloted to you through IPO are never available for you to sell on the opening day. They are cheaters... I suspect that they sell those sharer at openong high and then put them in your account later. making themselves some money in the process.
25. Sunita Khandelwal   I Like It. |Report Abuse|  Link|October 25, 2007 1:31:15 PMReply
I request all of you for not to open account in India Infoline they are really cheater,
I am facing a lot of problems in india infoline
1. My cheque has not been credit in their a/c while amt has been debited from my bank before 3 months.
I have requested to their managers so many times but all efforts are void. It was my hard luck to open a/c in INDIA INFOLINE.
EXECUTIVES & RM 's are not coperative in India Infoline.


I am holding acct in Indiainfoline , MANSAROVAR, JAIPUR,
Contact No : 98299 11266

SUNIT KHANDELWAL

24. nantheman   I Like It. |Report Abuse|  Link|October 17, 2007 8:24:00 PMReply
Excellent service! Quick execution. Their trading recommendations are good. Research reports are excellent.
I really like them.
23. Manivannan Sundaram   I Like It. |Report Abuse|  Link|October 1, 2007 9:55:39 PMReply
i opened a/c with Indiabulls. they gave one relationship manager who took care of me for month. after that nobody to take care of. no information regarding debits. Sometimes they square up without information. sometimes apply interest on debits. Sometimes even after getting payment square-up tskes place.
thus the service is not good.
22. PSGulati   I Like It. |Report Abuse|  Link|September 25, 2007 11:04:47 AMReply
I am using the services of 5 paisa gor last two years. In between I also swited to ICICI direct.com,Reliance money& India Bull. 5paise is definatelt best among them. It is cheaper than ICICI and its NSE type onscreen trading is best.
21. Kumar   I Like It. |Report Abuse|  Link|September 19, 2007 1:58:56 PMReply
Hi friends im also a client of indiainfoline(5paisa) few days before i forgot my password and requested them for a new one. after a long 3 months i could manage to get it. but
that was not working and the msg showing ur id is moved to TT advance. any way i could manage to download those softwares and installed. but till now only i have invested
in a ipo but not in any shares. can anyone let me know is they are going to debit 8000 from my acc also. I took 555 lifetime plan and they told me that ther is no annual maintainance in any way. can anyone let me knowthe true things.
20. tatya Vinchu   I Like It. |Report Abuse|  Link|September 14, 2007 3:08:26 AMReply
Do not open account in India Infoline they are cheater,
i faced lots of problem in india infoline
1) Not Giving Relation ship manager Quickly ( i got after 3 month of Acct Openning)
2) No Specific Exposure for Intra day,
3) No confirm Picks or Tips.
4) no Quick action at the time of life time higher position of any share.
5) One RM ishandling 150 Customers at a time. ( he is becaming totally overloaded)
6) No quick pay out.
7) No technical Analysis.
8) Online Software is not suitable for all Computer and very hard to operate.
9) Very inefficent when market is booming in heigher position.
10) Not providing TOP service properly, at the time of opening acct they are calling a lot, but once u r acct get open they will not have time to spend on u.
u have to call them and place the order, then also they r not receiving the calls,

I am holding acct in Indiainfoline , Apte road Branch, Pune, 411016,
Name of Branch Manager : Ajay Barle
My RM :- Chirag Patel
Contact No : 02030284604/618/613

Tatya Vinchu.


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