On-line Traders - Beware of 5paisa.com!

[mirmaz]

My experience with 5paisa.com has been very BITTER and I would like to share it so my fellow Hyderabadis do not LOSE their trust and money the way I did.
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First, their representative PROMISED I can open the Investor Terminal account without paying the opening charges of Rs. 500/-. I spoke to his boss over the telephone and he confirmed it, too (a promise that was not kept). What\'s more, the boss added that one could utilize 4 times the funds deposited with them and they will charge an interest on these funds at 15% p/a.
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OK, I opened the account and the drama began. I had bought 8000 shares of MOREPEN LABS when the price was low and in the process utilised the additional funds they said I could use and pay 15% interest. One fine day, there was a news report that Morepen had bagged a 15 yr contract from the South African firm Generix, and the great brains at 5paisa.com were at work immediately. They called my residence and I was not available so they SOLD 4800 shares of MOREPEN on that very day the news report came. Why they sold??? They said my account had a debit balance and their RMS system picked by a great coincidence this particular day to warn them about the debit balance of my account.
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They repeated a similar feat after another couple of weeks to reduce my MOREPEN tally to a mere 400! Of course, they tried to reach me and when they could not they decided go ahead and dispose off MOREPEN and several other scrips left, right and centre until the balance was nearly zero.
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What I fail to understand is...
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1) What happened to the 15% interest scheme? Howcome they were in a great rush to SELL everything in sight after lending extra money on interest?
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2) Okay, I was not available on phone, but why didn\'t they email me a day in advance? Everyday they had bombard me with scores of emails.
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Neat job, I would say considering I never suffered a LOSS to the tune of Rs.50,000 before in my three years of trading experience. But, there has to be a reward for joining 5paisa and the reward they will give you in style by usurping all your shares one fine day!

[Learner]

Thanks, my friend, for sharing your experience. You have saved a lot of trouble for the un-initiated. Take care.