Naam bade aur Darshan Chote. Review on 5paisa

Hello to Mouth shut Subscribers ,

This is Kalpesh Shah. I trade with 5paisa.com online. Today wen I tried to short sell Bank of Baroda 100 shares @ 189.90 it got rejected from the server of indiainfoline i.e. 5paisa.com . Then I tried to sell it a market value and a message was flashed in their activity log ''

''Error'' ''Instruction to Sell BANKBARODA with 100@Market has been rejected by Server. NeatXS.Max Order Level GE value exceeded For the Client'' ''22''

It means the order was for around 18,000 rs whereas my gross exposure value is 32,706 as of today. It should have accepted my order. I tried to do it twice but it got rejected the trade should have been executed as my limit is high. I tried to call up the customer service and spoke to ms. Rachana she told me that she has updated my limit and now I can trade. Whereas there was no reason for them to update my limit as I already have more limit. On asking her the reason for such problem she told me that the risk management dept. Has locked my limit and now she spoke to them and they have freed the limit. Again I called them up immediately and spoke to the risk dept. And spoke to mr kalpesh there he told me that there was some technical problem in their server due to which the orders were not executed. He said that I was a technical snag and he cant do anything. they even flashed a message after 15 min of market opening

''10:48:00:930 a | Thu 10:10:34 a Dear All, Exchange confirmations are slow. We are logging off from Exchange and re-logging. It will take about 5 mins for the login. Order Execution facility during this time will be stopped. Sorry for the inconvenience. Please contact customer support for order/trades related queries.''

It was flashed after I did all my activity. same message was posted even day before yesterday. Due to thier technical snag I had to suffer. Ultimately I cancelld my orders which I had put to sell bank of baroda. Now the rate is 184.40 I would have made a profit of 300 rs. Actually this is my third day of trading with them and this thing happened. And first time in my life I have done trading and that to online. I have paid 5000rs margin money+799 minimum assured brokerage(every month)+ 500 d.p. charges. I opened the account for my convenience and not incovenience. But there no one in 5paisa.com to look after this. They should have upgraded their systems. Now my morale is down and don feel like trading at all. Because of the reputation of the company I opened account with them.

I have even send my greivance to SEBI. Lets see how they act, coz according to my knowledge SEBI's motto is to encourage small investors.

Regards,

Kalpesh