Apollo Sindhoori Capital Investments

I am Editing it, just to let you know that Apollo Sindhoori is now Aditya Birla Money, only the name has changed, Frustration continues.

I opened a trading account with apollo sindhoori in May 2009 with hope of getting a better brokerage and service. At the time of opening the account the Apollo sindhoori executive mentioned that there would be no hidden charges and AMC of 1re per day charge if I hold any stock in my DP or take delivery of the stock. The first month went on fine with no hidden charges and good support. As time progressed apollo sindhoori has started charging various hidden charges under the head DP Inst charges every second month.

For Eg:

1) DP Inst. Charges - BOS - Debited from July

2) DPDEBIT - Debited from July

3) DP Inst. Charges - BOS-Demat Bills Charged to

Clients - Debited from August

When I called my RM or customer care they dont have any clue why these charges are being deducted from my account. Everytime I call, they give me very unsatisfactory response or say that they will call me back after enquiring with their head office and never call me back.

Every month I see a new type of deduction and new hidden charge being applied. The very reason I opened an account with apollo sindhoori is low brokerage and assurances from their executive of no hidden charges. Im wondering what their next hidden charge would be in the month of September. Shortly I will be closing my account with them and will look for be better brokerage house.

Moreover the calls given by Apollo are pathetic, 9 out of 10 times end up in loss. I have observed that the entry price they give for a stock, at that price the stock starts to move in the reverse direction. Funny isn't it.

Marketwatch is the worst I have ever seen compared to one's provided by other brokerage house. Can add only 25 securities in a marketwatch. Dont provide intraday charts. Have only 6-8 field "Stock code, Buy price, buy quanity, sell price, sell quantity, LTP, total traded volume". Worst of all the data is delayed by 2-3 seconds which makes intraday trading a lot difficult.

I suggest everyone not to open an account with apollo, and also while opening an account with any brokerage house ask them in detail about the demat charges and have a demo about the web interface they are providing. Don't get fooled by their low brokerage plans and executives assurances.

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I had opened a demat & trading account with Apollo Sindhoori Capital Investments in December 2006 at the New Thipasandra centre, Bangalore. I was told that only a fee of Rs.25/- would be charged per month & brokerage would be extra as & when applicable. They took more than a month to open the account. I bought a few shares for which brokerage was charged with every transaction.

Their recommendations were most pathetic & ended in loss! After six months I got an invoice asking me to pay around Rs.500/- I questioned the manager at Thipasandra centre, as there was already a balance of Rs.300 kept earlier in the account towards demat charges, why this new fee of additional 500 was for & requested for clarity of the same & a consolidated statement of Accounts. But nothing came along, but I paid them the cheque & didn’t trade for a while.

In December 2007, another invoice came in.... The manager was very very indifferent & gave vague reasons that it comes from the head office & he doesn’t know. I paid up the amount & decided to close the account. I opened another trading account & asked these guys to transfer my present holdings into the new one. They made me go to their office thrice, saying the first challan I signed on was the not the correct one, that they

needed a fee of 350/- to carry out the transfer, & finally they said the

transfer challan was rejected by their head office. It was mentally harassing

& I asked them to sell all my holdings(at loss!), deduct all outstanding

amount & close their pathetic account for good. They sold the holdings &

transferred the amount due to me after 4 working days. A week later the man

called me, asking for a cheque of Rs.500/- saying pending charges! I asked for

clarity as on for what these charges were, for which he is unable to give any

clear explanation.

I even wrote to their helpdesk about it, but no reply! The

man from the New Thipasandra centre, Bangalore has been calling & mentally

harassing me every now & then demanding some amount & says the amount is

adding up with interest. Can I report somewhere to this kind of fraudulent

Greedy Pigs?

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