Got a stock broker complaint – SEBI SCORES to the rescue

What can you do if there is “unauthorized trading” done through your account? What can you do if you have applied for an Initial Public Offer (IPO) and have problems with allotment or money refund?

What do you do if you have to file a stock broker complaint?

Unauthorized trading in futures by stock broker

A Capital Orbit reader recently got in touch with me.  I cannot name the person nor his stock broker involved but let me say that there are many more people who have faced problems like this person. The problem went like this.

  • The stock broker carried out futures (derivatives) trades in this persons trading account
  • The person failed to look at the contract notes / transaction statements which are sent by the stock broker as per SEBI rules.
  • The futures transactions that the stock broker undertook caused big losses.
  • The person had equity shares in his demat account. They had a market value.
  • When losses became large the person was informed by the stock broker to put up margin (cash) else the stock broker would sell shares in the portfolio to make good the negative amount.

If you do not know what derivatives are, understand that they are financial instruments which can cause great losses and profits alike. Most retail investors sadly have tales of great losses!

The big fight with the stock broker

Subsequently the person has had long arguments over telephone and many emails with the stock broker. The executive sitting at the broker’s office initially said that the person had given the permission to carry out trades. The customer service at the head office of the stock broker washed their hands off the matter saying that the person was at fault.

The fight is still on as we speak. He has subsequently asked the stock broker to show him the paper that he has signed that authorizes the stock broker to carry out futures transactions. Our friend is sure that he has signed no paper. If the broker made a trade he should have had a formal authorization on paper.

Even when the stock broker was in the wrong, he was not budging. He mentioned that disputes like these keep happening. He will be glad to fight it out. All these were empty threats.

Stock broker climbs down

In the last week, the stock broker has come down his high horse and agreed to negotiate and settle this matter amicably.

Why?

This person was wise enough to threaten that he will take action and lodge a complaint with SEBI.

What is Securities Exchange Board of India?

stock broker complaint - SEBI SCORES

The SEBI website states its basic function as:

…to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto

In common parlance, they are the regulator for capital markets in India. The stock exchanges, BSE and NSE are regulated by SEBI. All the stock brokers too.

And if you as a retail investor have a problem with any market intermediary or any company that has shares listed on the stock market, you have a right to redress.

What is the SEBI SCORES system

It is a mechanism to resolve complaints in an easy way. It gives you the option to avoid the paper route.

Key features:

  • Accessible through website.
  • Toll free help line – 1800 266 755 or 1800 222 7575
  • You can lodge a complaint online.
  • SEBI forwards the complaint to the concerned entity (company or intermediary).
  • The reply is received by complainant through SEBI SCORES system.
  • If you do not receive a reply in 30 days from the date of lodging a complaint you the matter is escalated to a dealing officer with SEBI.
  • You can track status of your complaint online.
  • Documents supporting your complaint can be scanned / uploaded online.

Links:

SEBI SCORES website

SEBI SCORES FAQ

How tough can SEBI get?

There was a high profile case a couple of years back where someone forged and used a SEBI letterhead and tried to manipulate a listed company’s stock price and make a quick buck.

To understand the powers that SEBI has and what it can do against the entities that come under its regulatory watch, open the link below.

SEBI order in the matter of investigation into Pyramid Saimira Theatre Ltd.

Go to page 10-12. You will see examples of how SEBI can crack the whip when it gets serious.

  • Going through bank accounts of people it suspected and their relatives.
  • Completely scanning trading records.
  • Going through email records.
  • Working with telecom companies’ mobile tower data to infer that alleged person met together at one location near Pritam Hotel in Dadar, Mumbai

Summary

Next time you face any problem with your broker you know whom to approach.  Having worked in a company which was regulated by SEBI I know how seriously they are taken.

Our reader is still in the process of getting his money back. Lets wish him luck!

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Comments

    • says

      Hi Nitin,
      First you might want to try talking to your stockbroker and tell him that you intend to file a complaint with SEBI using the SCORES system. This is sufficient sometimes. They understand that you are serious in taking action. If they are undeterred, you can take further action. Contact SEBI on the helpline and take their help as I have discussed in the article. Go ahead and file an online complaint.

      • says

        sep 3, 2016, Dear Kunal, I did not provided any verbal or written permission to BMA and the BMA employee for trading, but he traded 460000 and the amount is now to 7000, NSE IGRP says that because the e-mail from the broker were not attended it was like I consented to the trades, but attending the contract e-mails is only after 1 st the verbal or written permission is given, because no written permission was given for trading e-mail as evidence does not come into the issue, the e-mails were not attended because there was no permission given to the broker and the employee,
        So what should I do now?

    • Surya says

      Hi Kunal,
      I have account with brokerage firm. IThere were some unauthorized tradings happened on my account in Nov,Dec-2014.The dealer trated in options and then informed me. But as i don,t know about the options.i might have told yes.After that i have lost Rs 50000/- in 1 day. Then I told hime not to do trading in features & options. But again he did atradi ng in optikns in december . after the trading he called me and told me about the trading.when i asked him why did u do trading in options,he mentioned that u would het gud profit for sure. in 2 days i have lost around Rs 200000/- . i have asked about the loss, they said we can’t do any thing. after 6 mnths of my analysys and enquired with frnds about it, now i went to broker firm and explained the same. their manager point is, why did’t u complain about it on the first transaction itself. their one more point is there would be a trade confirmation call on the next day, why did u confirm that trading. but my point is I am new to share market and don’t know the def of options. second is as per the sebi rule, there should be a confirmation call before the trading but not after the trading. is my point valid and fight for the big loss of Rs 300000/- from this unauthorized tradings.
      In this emtire episode. my mistake is delay in raising the complaint(already 6 mnths by now) and saying yes after the trading on the next day phone call.
      Please help me in thi

  1. Biplav Chatterjee says

    If i get loss due to the technical problem of Broker website. Then what I hav to do for complaint and is it possible to compensate.

    • says

      Biplav, first, I am not sure what the technical problem is. You will need to also check your agreement with the broker. What does it say about technical outages, etc?

      After your checks if you still feel that the broker is at fault, as mentioned in this article, please follow the steps. Call the SEBI Scores helpline. Once you are guided by them, please register your complaint using the SEBI SCORES system.

      Compensation or not will be determined by SEBI once you register a complaint. It depends on the validity and strength of your complaint and the facts that you use to support it.

      I hope you resolve your problem soon.

  2. V.V.Sudhakaran Nambiar says

    I had taken from a stock broker on line trading and demate a/c. i used to pay by 3rd day (T + 2) if i purchase any thing. ( the payment i used to by transfer online so that the same day they will get the payment. on 28th jan 2013 i had had purchased the 20 RIL after that on 30 at 2.pm i was checking the a/c to pay the amount i found the broker had sold the 20 RIL without my permission. i contact the broker office then he say that T + 2 means they will sell if i am not paying amount before 10 am.
    please advise me that if T + 2 is the agreement 2 means what begging of the day or end of the end of the day

  3. sriram says

    Sir, I had opened a commodity trading account with Kankani Commodities, who was a franchise , two years ago. with negligibly 2-3 trades, I was unable to operate the account. Now they claim that the franchise business on commodities is closed. I requested for refund of my balance in the account, approx Rs 20000/-. but for the past 2 months, they are irresponsive. they gave me a post dated cheque and ofcourse funds are not available in the account. Please let me know the legal course available for recovering the balance amount.

    • says

      Sriram, for commodities, the regulator is the FMC. I am not aware of them having a system for recourse like SEBI does.

      I am not a legal / police matter expert. I recommend that you speak to a lawyer. I suspect that you might be able to approach the police. You will need to check both these options.

      I wish you luck in getting your money back. Do let me know the steps you take. It will be useful for everyone in the Capital Orbit community.

  4. manthan mehra says

    sir i m sub broke of angel broking in varanasi, now i want to close by franchise and transfer all the accounts in branch office but branch office told me that all clients have 15000 credit in must for transfer the codes. it is creating problem to me and my clients. i want to know is it necessary to submit 15000. pls sort out my problem. the branch office number of angel varanasi is 0542 3061717

    • says

      Manthan, I am sorry. I am not aware of the details of sub-broking commercial agreements. I wish I could have but I will be unable to help you as I have not dealt with sub-broking matters until now.

  5. Sunil Rampal says

    HOW IT ALL BEGAN ? THE REAL STORY.
    I had not done any trading since 2010. In second week of April 2013, Upendra Rathi of Karvy contacted me on phone and advised me to do some trading since he had some useful information on stocks. He told me that I would not have to make payment since there was a time-gap of 5 working days to sell the stock bought. I gave my consent to buy 100 IGL shares on his advice which he did @ Rs.286/70 on 11.04.2013. Meanwhile, on 14.04.2013, I had to be admitted to Balaji Hospital, Paschim Vihar following a heart attack.While I was in the hospital, I attended to the only call (of Upendra Rathi) I received in the hospital. Upendra told me on 16.04.2013 that he had sold the 100 IGL shares @ Rs.296/80 on 15.04.2013 as time was running out. I also told him that I was in the hospital following heart problem. I ratified this act of his. Since I was in hospital and my mobile was with my wife, she received Upendra Rathi’s all other calls. He told her that he was going to do some trading but my wife asked him if he had her husband’s (i.e. my) approval She further told him that her husband was in ICU and he should wait for my recovery and then talk to me. He expressed surprise that I had been hospitalized. He said that he thought some relative of mine was in the hospital. Upendra had lied to my wife that he had my approval while the grim reality is that he had never discussed about F & O markets with me. I don’t understand the ABC of F & O markets even now. Upendra contacted her 3-4 times and once told her that he had incurred some losses but had recovered the losses partially. My wife doesn’t understand the stock markets at all and told him to contact her husband as soon as he is discharged from the hospital.
    I sold my 125 Apollo Tyres shares @ Rs.94 on 22.04.2013. I again received a call from Upendra on 25.04.2013 that there was a call for purchase of HCL shares. I told him to wait for my decision. I calculated the sales proceeds of Apollo Tyres shares net of brokerage and bought 16 HCL shares @ Rs.715 in the closing hours of 25.04.2013.
    Above are the transactions which had my authorization. All other F & O transactions executed in my account in April 2013 were unauthorised and illegitimate. It was only on May 3, 2013 when I received the following SMS alerts (italicized below) did I realise what Upendra had been upto. He had been doing some F & O transactions in my account without my approval or authorization.
    Dear Customer 346949 Your Stocks worth Rs.1934/96 with us getting liquidated today due to Pay-in default/ Margin Shortfall – KSBL
    Then I scrolled my SMS alerts and the following messages were beyond my comprehension:
    Dear Customer (346949), Your Trades Summary for 16.04.2013 INFY BQ 10 at 2310.15 SQ 10 at 2295.70 NQ 0 INFY 25APRIL2013 2250.00 PE BQ 125 at 25.60 SQ 125 at 30. NQ 0 NIFTY 25APRIL2013 5700.00 PE BQ 100 at 94.50 SQ 100 at 94.50 SQ 100 at 65.00 NQ 0 STC INDIA BQ 100 at 168.35 SQ 100 at 170.20 NQ 0 KSBL
    Dear Customer, Client Code 346949, Your ledgers as on 17.04.2013. NSE 262.19, BSE 0.00, NSEFO: 3033.62 KSBL
    Dear Customer (346949), Your Trades Summary for 17.04.2013 HCL TECH BQ 200 at 771.89 SQ 200 at 776.15 NQ 0 KSBL
    Beginning 3rd May 2013, I have sent a no. of text messages to Rohit apprising him of the fraudulent transactions. He had been assuring me but told me that the Area Manager (Kartik) would be investigating the case. After a no. of days, Kartik told me that he had gone through the recordings and was convinced that the trade confirmations were duly given. When asked that if he had recordings of the authorizations/approval, he had no answer. Later on one Deepak came into the picture and advised me to settle in some other manner and told me that he was unable to reverse the two HCL and 6 Reliance Power shares sold off by KSBL sunsequently.
    From what I can see that there has been a shift in the area –allocation amongst Karvy officials and my area now falls under Kartik. Kartik is an over-ambitious person who wants to “earn” by hook or crook some extra brokerage for the company in quest of his sales targets. Upendra Rathi is a subordinate of Kartik and a useful tool in carrying out the evil designs of Kartik from the undersigned’s point of view.
    They all are hands-in-glove with each other and pass the one-sided verdict closing my complaint terming it as a ploy by me to recover the paltry loss of Rs.2500/- (I still don’t know the exact) amount. My pride is at stake. Had they tendered an unconditional apology, I would have forgiven them. Now there is no question of relenting. I am ready to take on all of them. Its a battle of principles. They may have more power but them does not mean they can go on duping the hapless customers and then blaming the customers.
    I will go on escalating this matter to SEBI,NSE, leading national dailies, concerned quarters, President of India, Chief Justice of India, Prime Minister’s Office, international brokers and so on till my pride is restored.
    Till then, the undersigned continues to feel cheated and is undergoing a lot of harassment.

    Sunil Rampal
    M 9810221532

    • says

      Hi Sunil,

      I hope that your problem is resolved soon.

      If you have any inputs that you learn during your dispute resolution process do share them with me. I will be glad to put them up at Capital Orbit so that other investors can benefit and protect themselves better. Thanks.

      Regards,
      Kunal

      • Yasmin Vatcha says

        Hi Kunal. Interesting read . Yr inputs are truly useful. Is there a contact # I can reach u on. Some advise would be helpful. As I’ve been also misled by my broking firm.

        To kunal

        • Abhik Datta says

          Hi Kunal , At first my stock broker rejected my modification request for BSDA (Total value of my shares below 50,0000) on the ground that I have another DMAt account somewhere else though I have only one account with them and no other account. They even do not mention where they have found such account. I made one time payment (lifetime) for maintenance of my DMAt account. Surely they do not want me to enjoy this facility on some pretext.

  6. Sunil Rampal says

    Karvy Stock Broking Ltd. today wanted me to sign an undertaking for settlement of complaint filed with NSE against them.

    The text of the letter is as under:

    To
    Karvy Stock Broking Ltd
    46, Avenue 4
    Street No.1
    Banjara Hills, Hyderabad – 500 034

    Dear Sir,

    Please refer my complaint made to you/NSE dated…………………….

    In this connection, I acknowledge that Karvy Stock Broking Ltd. has credited a sum of Rs.1800/- towards full and final settlement of claim in my trading account no………..

    I would like to confirm that as on date I have no grievances, complaint or claim pending against Karvy Stock Broking Limited and undertakes not make any further claim against the company or its Directors and Officials in future at any forum including but not limited to SEBI, NSE and BSE, Consumer Forum/Courts and local authorities.

    Kindly treat this complaint as resolved.

    Thanking you,

    Yours faithfully

    Signature
    Name:
    Code:
    Address:
    I reverted with the following reply and they are yet to reply

    Dear Mr Kartik,

    I appreciate your gesture, albeit belated, of making amends. Good sense has prevailed in the end.

    However, for amicable settlement, kindly attach a ledger copy of my account. I believe you have taken into consideration the profit on sale and purchase of 100 IGL shares and the amount equal to the sale proceeds of 2 HCL & 6 Reliance Power shares sold by KSBL to recover the debit balance in my account on account of unauthorised F & O transactions in my account. Do attach a Statement of my holdings as on date.

    And, express regret for the following counter allegation levelled against me vide e-mail recd. on 23rd May 2013 from service team.

    We deny your allegations of trades without consent in your trading account and understand that the present complaint is a ploy adopted by you to disown the losses incurred in your trading account due to your own investment decisions. Based on the above we are closing your complaint at our end.

    Thnx

  7. shefeek says

    MARGIN IN F&O
    Hai…
    I have opened a offline account with kotak.i deposited 13000 in my account.later i requested to online trading facility..as per they said submitted form for ODIN password and software. i am new trader i was not aware of F&O.when i was trading in currency options it was first time am trading in currecy I negligently entered 1000 in the space of quantity i didnt know that it was in lot size.but thade order got executed totaly it cost near 6laks but i have only less than 10000 as margin.21/06/2013 two officials from kollam {kerala}branch came to my home and discussed about it.at that time i got information about the transaction.This made huge loss near 5 laks.they said that it was wrong from my side. i have to pay the money .And compelled threttend me and collect my 2 checks..After i searched details Its a clear violatio of all rules .. what i do resolve this issue.?many times contacted local branch bt they didnt give any right informatino.

    • says

      Shefeek, if you have entered something wrongly and it was not in violation of trading limits, I am not sure whether you have a strong case. The system would have accepted it. Unless, you can prove that they should not have accepted such a large order with little margin. I am not sure about the specific rules for that. Which rules are you referring to?

  8. Shefeek says

    Sir., Befor ths trade.i were tried to place many order in equity and currency bt all orders were rejected due to insufficient balance..local branch maneger said that at the time of account oppening.. Need upfrnt margn in F&O .And currency…and i nerevr requested to give extra margn in F& O…

    • says

      Usually, no broker will put up their own cash on your behalf without charging you for it. Based on what you say, it seems their system has let your currency order pass even though you had not put up enough margin.

      I suggest you take it up with SEBI SCORES.

  9. Raja says

    Hi i have one doubt i have rk global account . I want to transfer 2 lakhs to my account my fear is that is there any chance they transfer my amount to their accounts

    • says

      Hi Raja, I am not sure I understand your question. Do you mean you want to do a pay-in of Rs. 2 lakhs to your broker? And after that they might misuse your money?

      In general one should regularly check the ledger position. Another good practice to follow is to avoid keeping extra cash with your broker unless you have a investing or trading requirement.

      • sujithra.g says

        sir,

        I started a sub broker ship of CD Equisearcgh Pvt Ltd — NSE before 8month and we paid deposit (advance brokerage) amount of 40000 and they opened my own dp account after this they are not providing any service they did not opened any account which we sent and not giving proper reply and we also given a account transfer request of a client that is also pending .The time of our deposit will end on may 2014 and we didn’t got any income.we are not interested to continue business and what is the solution to get back our deposit.

        • says

          HI Sujithra,

          SEBI SCORES is for investors. Your relationship with the broker is not that of an investor. The SCORES FAQ says that “Disputes arising out of private agreement with companies/intermediaries” are not covered under SEBI SCORES.

          I suggest going through the Contact Us link on the SEBI website and reaching a SEBI officer.

          • Ajinkya says

            I’m facing the same problem. As an individual what do you think in your experience are our rights and chances for recording the huge prepaid brokerage amount since we don’t have documented proof like the brokerage firm. In my case the stock brokerage while opening the account had wrongly informed the 50000 prepaid brokerage is refundable whenever I wish to close the account however when confronted with the company after opening an account they said the otherwise. Please help

  10. Abhishek says

    Can I have Kunals email ID or mobile number? I want expert advice on how to handle unautorised equity trade by sub broker which duped my parents and they lost approx rs 21 Lakhs.
    Thanks

  11. sakkaravarthy says

    sir,
    I am online trader in IIFL.some days back i bought titan fut at Rs 274.90 and then my internet connection was not worked so i called broking office at 3.20pm to squire off my position but they disconnect the phone and then they called me 3.27pm and told them to squire off my titan fut and they also put the order at 3.28pm but the order was not placed and they told to me that the inernet connection was lost so your order was not done.my question is whose mistake this is me or broking office and can i complaint in sebi against iifl

    • says

      I am not sure whether you can reach SEBI for this. Please go through your agreement with your broker. What happens in the case of connection issues etc.? Normally the broker won’t take the responsibility. It would be a challenge to seek call logs of the day you called them. I know you feel aggrieved but it looks like an uphill struggle.

  12. Xyz says

    Hi
    I invested rs.25000/- in angel commodities approx 2 years back. Upto few moths I got mail and sms on daily basis regarding transactions. After that sub broker stoped trading. When checked the sub broker kept telling that he had some commodities in hold position.
    After some time he started avoiding my calls and I guess no money left in my acct. How to recover it?

    • says

      First, SEBI will not be able to help you with commodity broking as FMC is the regulator for commodities trading.

      You need to ask for transaction statements for the entire period. That will be a starting point in understanding what has gone wrong. If there are unauthorized transactions you can challenge the broker to show you authorization requests. Usually, this works. Grudgingly, they accept their mistakes. This has happened in the case of another Capital Orbit reader.

  13. saini o says

    sir , i de trading with broker since 2 year, now from 15-06-13 he had not give me payout, all offices are closed, complainted in sebi score dt.21-07-13 still not resolved as case delt with n.s.e till now.niether broker apears in igrc panel.n.s.e. force me to file aratbiration, plz help

  14. Prashant says

    Sir,

    I am newbie to the share trading. I have opened a trading account with Angel Broking to get start with trading. While opening an account, the agent told me that the trading commission for Intra-day will be 2 paisa and other than Intra-day it will be 20 paisa percent. It was accepted by me.

    Now on the first 2 days angel traded in “options” on behalf of me. and for “Options” they have different commission charges (almost 50 Rs. per lots which is more than 125 times what was told to me.). I came to know this after I received the payments due from Angel. When I asked for clarification, no satisfactory answers were given.

    Now I have closed the account with them and wanted to file complaint against them. Can you please help me regarding this?

    Thanks in advance.
    Prashant

    • says

      Did you authorize them to trade on your behalf? They cannot trade unless you permit them to. If you have given them a telephonic instruction or emailed to confirm then they might be on comparatively steady ground.

      • Prashant says

        I have confirmed them for the trading on behalf of me. But the brokrage, they charged me was not what was agreed between us. and They have not informed me about the additional brokrage charges while trading.
        My concern was with the amount of brockrage they charged me. When I asked them, they offered me with lesser charge from next time; but they were not ready to refund the originally charged brockrage.

  15. sanjeevreddy says

    i opened a account religare sub broker he is local tv channel business program 30m he give suggestions he gram public told compulsory 2% return he will gave us he doing options trading after 1 month told 5lakhs amount invested pany stock he bought rs 8/- now rs .90p almost capital 0 his office also closed what can we i do
    his web sit http://www.deccantrade.com he fraud all clints please suggest me whate can i give complaint they naver lift call also

    • says

      Please approach SEBI through their system, Sanjeev. I hope you are able to get back your money. I urge you to educate others and help them avoid what you are facing. There are too many people who suffer because they trust their brokers blindly.

  16. akhil says

    My ledger has shown wrong credit balance.I have checked my mark-to-mark losses and apparently they debited me(negative balance) which isn’t possible.I have checked it many times.This happened recently on one one particular day and since then i have been complaining to my relationship manager and customer care but no action has been taken.The loss they have booked me is 60000/-(sixty thousnad).What should I do??Please help me.

    P.S–I have been trading in f&o for more than a year and i have never experienced anything like this.
    Thank You

    • says

      This should be easier than the disputes most other people have. The best solution is to take the preceding few days’ transaction statements and create running ledger balance. On the day where there is mismatch simply check if there is a transaction statement. Ask them to show a transaction statement on the day you have a loss. If there is no transaction they won’t be able to produce one. Hope your problem is resolved Akhil!

  17. akhil says

    I very much appreciate that you took the time to reply.The situation is a little complicated than this.If it is possible can I send you my ledger for 28-29 oct-2013 and also my digital contract notes on 29oct. There is no rectification done by my brokerage(IIFL) after several discussions.My relationship manager has sent out mails and stuff but i don’t think he can get the result.

    • says

      Hi Akhil,

      Sorry for the delay in replying to you. I will not be able to get into very detailed calculations.

      Please make a proper table with calculations and first try to sit with you broker to discuss it. If you are right in your logic and the broker fails to correct the situation, escalate it to the broker’s manager. If this still fails, tell him you intend to take the matter ahead in the SEBI SCORES system.

      Regards,
      Kunal

  18. Anil Kumar says

    SIr, Yesterday on 30/10/2013 my account was credited with 33000 and i have sold almost 44000 F&O
    so My ledger balance was 77000 in my account and i have 7000 profit in my account but i have 15900 qty of 6300 put in my account average price was 3.15 and nifty was closed on 6299.15 and i was forgot to square off 6300 put
    today i have checked on NSE site where 6300 put closing rate was 5.65 rs/lot (50qty) mentioned .
    so as per rule broker have to pay me the money but i was surprised when i have checked my contract note where broker not pay me any single money and my account was debited around 125000 in the form of STT , i have brought the call around at 50000 but my account was in debit of 180000 .
    sir kindly help me to solve my issue.

    Regards
    Anil Kumar
    9015416318

    • says

      Hi Anil,

      Sorry for the delay in replying to you. I will not be able to get into very detailed calculations with you.

      Please make a proper table with calculations and first try to sit with you broker to discuss it. If you are right in your logic and the broker fails to correct the situation, tell him you intend to take the matter ahead in the SEBI SCORES system.

      Regards,
      Kunal

  19. treasure says

    Hello, are there any idenfication on trading done by brokers on behalf of me. I noticied that my broker bought few qty stocks without my knowledge. i am fishy abt it, but dont know if there is a way to track it

    appreciate responses.

    • says

      Hi,
      You should be getting updates by SMS on your mobile and emails on your registered email ID. That is the best way. I check every email from my broker and do a quick recon. against the transactions I have carried out.

      Regards,
      Kunal

  20. says

    i have an a/c with angel broking. [20k amount]
    last year in november i got an sms to pay demat fee and i consulted the guy-working-with-angel : he said i not need to pay that fee. i thought this fee was charged by angel
    i was novice and didn’t knew it was DP fee. i lot amount last year and left trading
    and i am gonna start investing in 2014 again and i started to collect info/learn things
    and came to know that DP charges fee and checked my angelbackoffice
    it was DP fee . i contacted them to close the a/c and their feedback take whole 24hours to reply and on 24th of november i got sms to avail BSDA option . i googled
    and found that this is best option for me. and this option was available from september 2012. yet they didn’t send any email/sms me to notify this option
    last year. even didn’t send it to me this year till i had not made trading a/c closure request.

    i contacted the their support mentioned in email.
    and he told me 1500rs lifetime DP plan and said he has no info about BSDA
    he said if i want to close a/c i have to pay DP fee.

    30november last date to avail BSDA as per their sms.
    may i lodge a complaint against them? they and their support/employees never gave to me correct information.

    i was a small trader investing in options mkt.

    • says

      Hi Sam,

      From what I understood, you say that you were eligible for a Basic Services Demat Account (BSDA) and that they did not tell you about the scheme. I am not sure there is a lot you can do. You signed up for a regular demat account.

      Anyway, you will have to pay the pending fee. I see no getting around that fee. What you could do is close this account after paying the fee and ask for a new account to be opened under the BSDA scheme.

      Regards,
      Kunal

  21. Shivakumar says

    Hi Kunal,

    Five months ago, I’d discussion with Mr. Biswajit Nama, who is forex trader located in Agartala. he did trading on behalf of me (PAMM Account / Managed account).

    He sent some traded details in excel sheets with huge profit.
    also he said on loss booking we’ll recover amount and never go for empty.

    I’d invested around 25 thousand based on his request and also he asked me to open a Demat and Trading account with one of CD Equisearch service provider in Mumbai, (Branch head Mr. Rakesh Chauhan and Gautam Seth).

    For initial few days he shown some profit / traded with profit and paid me 10 thousand in two months, later after three months he said he booked loss and now zero amount in your account.

    He lost my principle as well my trust.

    Now, I requested him to return my principle amount.

    Both Mr. Rakesh and Mr. Biswajit are not ready to do so and both are running away from me.

    If i ask to Mr. Rakesh, he says i’m just broker and nothing to do with trading of Biswajit.

    Kindly guide me …, what should i do now ?

    Sir, plz reply.

    • says

      It seems you have given people the permission to run your account. Here, gains and losses are all yours. Please don’t repeat this. If you are not sure stick to regular mutual funds and don’t get into such trading related offerings. I am sorry to say this but finally it is your money. Buyer beware.

      Nevertheless check the trading statements and actually verify that they lost the money over a series of transactions as they say they did. If there is fraud, you could file a police complaint.

  22. SAM says

    yes kunal . after they didn’t told me about the bsda even though i was a small investor.
    their feedback too 8 days to tell me that i had to pay the amount.

    i even called them and they didn’t even know about BSDA
    they want to show more customer in their database/active-active a/cs
    hence send me avail BSDA sms at 24th of last week.
    i paid the amount via cheque its encashed and my a/c is still active : easily logged in today in backoffice.

    i want to ask can’t i complain against them that they hide info from customer?
    that they intentionally bring losses to customer ?

    many ppl got mails/sms from their respective broker giving them info and opportunity to convert to BSDA but till i not told them to close a a/c they didn’t even send me a single mail.

    • says

      Ok. I understood your problem properly this time. I am not sure how one can prove intentional suppressing of information. It’s a tough one. Unless you can prove it. Do you have emails etc.? Anyway, they could still claim ignorance and not wrong intent. What do you think? This is my opinion.

  23. pratik says

    hello sir,

    sir i m from gujrat my father is equity trader and delivery holder he has approximately rs 1.5 lakhs shares in dp account of various stocks he never trade in f&o but on day one RM came to my home and talked that we have coming good tips so why you are not trading. my father said he will trade if he wants. and that rm left. and after some days I got to know that the Rm is trading in f&o and I immediately call him I came to know from my old mobile bz its normally switch off all time. I called Rm why u r trade in my account he said your father told me but in really my father never allow to trade him in f&o and he never call my father that he trade in my account and rm also accept that its his mistakes that I did not inform your father. my fathers account is debit by him 40k. I talked all matter on phone n record all he spoke that he made mistakes I also told him why you trade without permission so he also accept his guilty and said I will repay all debit balance. I have all telephonik record of his guilty.

    should I directly mail to sebi or as he said I will pay all your debit balance with in week so after recoving of my debit balance from him n aftet I mail.

    I have all records of our telephonic talked that he done this because of to achieve his brokerage target.

    what can I do shall I wait for my balance of also send this tap because recording in gujarati language.

    • says

      Hi Pratik,
      Since he has owned up it might we worth waiting for him to pay up. If he does not pay up then go ahead with the SCORES system. A police complaint can also be done but that will require the right legal inputs. People have hauled up brokers in the past using this route too.

      Regards,
      Kunal

  24. SAM says

    hey kunal.
    i submitted the pending amount[cheque] on 28th of november and said the executive to cash it the same day . she said to me she gonna do it and punch it on 29th of november and no new DP charges will be made.
    amount encashed by crooks in a day and on 4th of december i got sms that my “angel broking a/c closing request received on at that day[4th] [ they had trading+dp a/c closure into that single form] and today i got email that i have 337rs pending in my dp a/c : they charged me for DP again.

    i can complaint against them with any authority? with sebi? or CDSL? or stock exchange?

  25. Ajit Tiwari says

    Hi Kunal, I had INR 23664/- margin in FnO and I placed an order at market price for 750 qty, several order got executed for 77000/- without due diligence of checking my reaming available margin before placing the next order, will this fall under unauthorized trade or negligence in broker software or error?
    I need to select one before raising complaint in SEBI.

    Also broker sold all trade without intimating me.

    And can I sue my broker here for my loss and too what extent?

    • says

      Ajit, what you describe seems like a problem in the broker software where they have let the trade through even though there is inadequate margin. Does not look like wrong intent at all. Though one can say, there is a mistake from your side too because you placed the trade.

      I am not aware of the intricacies in legal redress. A lawyer will be a better person to help in that regard.

      • Ajit Tiwari says

        Hi Kunal,
        Thank you for your prompt reply, I just figured out from NSE website that for FnO order Broker has to collect up front margin, and placing orders without margin is not legal and they will be penalized for this, I have raised a complaint with SEBI.

  26. Shiva says

    HI Kunal,
    Last month i opened a account with a brokerage firm.They come up with 2 schemes ,I opted for the regular brokerage scheme while i signing the papers.
    but on the day my check was waiting to clear the RM called me and spoke for 40 mins to convince me to opt for another one.
    To opt for new scheme i have to deposit 10k fixed in their account which will not be used for trading and i have tolled invest again to trade,the brokerage will be taken from the
    deposited amount.
    After an hr i called them amd informed that i was not interested in new scheme please restore me in old scheme this happend before
    openeing my account.
    Now if i ask them they are saying you cannot chanage your scheme if you close the account you will not
    get single rupee from the 10k which i deposited earlier.This scheme will not allow refundable.
    Please suggest me what can i do further.

  27. Shiva says

    HI Kunal,
    Last month i opened a account with a brokerage firm.They come up with 2 schemes ,I opted for the regular brokerage scheme while i signing the papers.
    but on the day my check was waiting to clear the RM called me and spoke for 40 mins to convince me to opt for another one.
    To opt for new scheme i have to deposit 10k fixed in their account which will not be used for trading and i have tolled invest again to trade,the brokerage will be taken from the
    deposited amount.
    After an hr i called them and informed that i was not interested in new scheme please restore me in old scheme this happened before
    opening my account.
    Now if i ask them they are saying you cannot change your scheme if you close the account you will not
    get single rupee from the 10k which i deposited earlier.This scheme will not allow refundable.
    Please suggest me what can i do further.

    • says

      I can’t imagine that to be possible, Shiva, that you compulsorily have to use the 10k by purchasing stocks and paying brokerage? The outstanding ledger balance ,after deducting any payable amount towards purchases and brokerage, in an account is your money. They cannot block it. Ask them for the terms and conditions of this scheme.

      Regards,
      Kunal

      • shiva says

        Yes kunal,but they are saying the terms and condition of the scheme is different.The brokerages charges are only deducted from that amount ,you have to invest newly and to start trade.If you want to close the account the scheme will not allow to refund the amount(10k initial investment) .How to solve this please advice me .
        Also they are saying you have confirmed with the audit call so now we cannot do anything from our side ,do trade or nothing else could be done.

  28. Juzer says

    This is regarding straight away looting case of India Infoline Ltd:
    First of their sales person agreed for lower brokerage then they started collecting five times of agreed brokerage.
    Every time they charge me from whatever sides they could by way Ben & pool charges & demat of shares transfer charge actually a stock broker is allowed to pool the securities for atleasf 1 month time, but here they immediately transfer it to my demat account without my consent in T2 days settlement.
    There is no listening to whom we should refer actually we have cheated by his sales person to pay Advance brokerage to get the best brokerage rate.

    The thing goes beyond the limit they charge me hefty amount on basis of STT which is not correct at all.
    Please kindly guide me where i can report this, so atleast other innocent customer and real small investor can be protected from this kind of cheaters like India Infoline.
    With Regards

    Juzer

  29. Alankar says

    I had opened a trading account with a sub-broker in year 2010 and have put some money into that. the dealer at sub-broker office did some trading and made a loss 0f 50000/-rs. but as i was out of India since last 3 years could not get the status.
    Now when I returned to India and shocked to see my account only has Rs 20000/-. How can I approach to sub-btoker, is there any time limit within which I have to make a complaint ?

    Thanks,

    Alankar

      • Alankar says

        Thanks, the broker says he lost money in derivatives trades and now refusing to settle as matter is out of date. the trading account was not operated since Dec 2010.

  30. Raj_v2sha says

    Dear Kunal,

    Thanks you for your website and also for your REPLY’s.

    My name is RAJ and I’m from Hyderabad,

    Hope you will guide me in right way..

    I have a taken a De mat A/c in IIFL Hyderabad, When I’m taking this a/c I have paid a/c opening charges and also some amount ( IN R 30,000).. After opening the a/c I Tried to trade in my new a/c, but I’m unable to trade, Because of some VAS plan is applied….When I called the IIFL Branch Team in Hyderabad, they asked me to Transfer more Money to my A/c and I have dropped a mail to Customer Service to Mumbai and I’m facing same issue from them..

    Please Guide me , How to get the amount to my trading a/c and Where do I Complaint against the Broker..

    Thanks & Regards,
    Raj( Hyderabad).

  31. Shahzad says

    Hi Kunal,

    I have recently realised that my Broker1 is charging me 0.1% as commision for all my F&O transactions. I have been trading with them since the last 3 years.
    After my first year of trading with them, i had called one of their manager to check on the commision charged and was told it is 0.01% two ways, and intraday it is one way.
    I have another account with a different Broker2 who charges me 0.01% per transactions two ways and intraday one way.

    On mailing the respective Broker1, he mentioned that he had called and explained about the numbers. I replied back asking for the numbers on email, finally i have received the number by email as 0.1%. He says that it is there in the initial contract i had signed with them.

    On further checking my account, there have been transactions where the brokerage was charged at 0.01% on a number of occasions. On asking, i am told that he had made a special request to lessen the brokerage because of my losses!
    I dont get it, if it can be done once, can it not be done at all times?

    These guys have looted me and I have lost quite a substantial amount.

    How do i go forward? I am not sure, can you please help?

    • says

      Hi Shahzad,

      I am not sure whether you have a case. Your agreement with the broker has the higher number. The lower brokerage was applied on certain occasions. Brokers do this discount brokerage at times.

      It is not their obligation to give this discount all the time. That is why I say that is not cheating.

  32. P.VENKATESH says

    Sir, My stock broker is debiting 1200+brokerage+stt+service tax,etc for every transaction, can i lodge complaint for debiting extra amount i.e 1200 for S.E.B.I, If i do what type of action will be taken on my brokerage house.Sir please let me know

    Thanking You

  33. Mihir says

    Hi Kunal,

    I am dealing with one of the broker registered with NSE. i don’t have much knowledge about Stock market. I had put a pay out request for an amount of 15000.
    Now i am not getting my money.
    I tried to contact the broker through phone and e-mail. but neither their phone number is reachable nor the broker replies to my email.

    Now please suggest how can i get this amount from the broker..How should i proceed through SEBI ?

    Thank you.

  34. Subhash says

    Hi,

    I have 5500 physical shares of Surlux Health Centers Ltd . But the company stopped trading and from last some years company is not trading ..F.V of each share is 10 Rs. Please let me know how i can recover my money from these types of companies? ..

    I am going to write a letter in this matter to company and Sebi …But before proceeding i want to know your opinion in this matter soon ..

    Thanks

    • says

      Hi Subhash,

      Exchanges stop shares from trading if they do not satisfy minimum listing guidelines. There is not much you can do in such cases if you are saddled with shares of such companies.

  35. atul says

    Hello,

    There are 35000 rs into my Equity account with a broker. But broker’s financial condition is affected and it has not transferred 35000 after repeated follow up.

    Please suggest the actions to be taken to recover the amount or it is lost?

  36. milind says

    Hi Kunal,
    My name is milind , I’m from gujarat ,i had recieved call from a advisory provider based in mumbai They asked me open account with them and they will execute trades on my behalf on profit sharing basis of 70-30. I gave them money(rs 2,00,000) after which they asked me that they will do trading in there account on my behalf and wont open my account , I agreed with them as I had to leave for Abroad I tried to call them every 3months they said work is going on fine and bla bla bla .Whenever I asked for statement of my funds whether profit or loss he made excuses that he had heart attack, He is been out of business and would start with my work .
    I have requested him statement so many so is there any way to recover my dues because the only record i have is payment check and nothing else please advice me whether sebi would be able to help me through scores or i need to go other way through consumer courts or police

    • says

      Consulting a lawyer will be a good option. SEBI helps if it is a SEBI registered intermediary. I am not sure whether your advisory provider is SEBI registered.

  37. pankaj says

    dear sir i have a trading account with unicon and have sum amount in my trading account. Ten days before i need my amount and request the unicon, transfer the all amount in my saving account but they are not repling and they are not giving my amount. and unicon head mr. ram gupta also not receving my phone.i have many time requested through mail to unicon helpdesk but they are not repling my any mail. what i do sir . i need this amount in my sister marriage in next month.

  38. Laxmi Sharma says

    Dear Sir,

    I have a demat a/c with Unicon securities since 2010 and i have kept around 3 lakh as margin money for trading.

    But, from 2 month his website is not allow to trade and all my orders has been rejected.

    i was trying to reach him but nobody pick up my call at Unicon office. I was tried to withdraw my margin but this was also not working.

    I have filed a complain with SEBI through SCORE.

    Request you to please guide for other legal option if SEBI will not resolve the same.

    Thanks & Regards,

    Laxmi

  39. anil says

    I HAVE OPENED TRADING ACCOUNT IN 2009 WITH SMC Global Securities
    Limited AND WITHOUT DOING ANY TRANSACTION REQUESTED FOR CLOSE THE
    ACCOUNT.
    AFETER GAP OF THREE YEARS ON 09/09/2012 RECEIVED MAIL FROM SMC Global
    Securities Limited. THE MATTER IS AS UNDER

    Dear Customer (1201910101258646)

    Your SMC Global Securities Limited’s Payment of Rs. 275.50 will be
    debited from your Account No. XXXXXXXXXX1315 on 31/08/2012. Please
    Keep the Account Funded.

    Best Regards
    [SMC Global Securities Limited]

    MY REPLY TO EMAIL AS ON 09/09/2012

    dear sir/madam,

    kindly refer to your email by which Rs. 275.50 has been debited MY
    your Account No. XXXXXXXXXX1315 on 31/08/2012 without any
    instruction. kindly revert the amount and not to make any payment
    from my account in future. also requested to close the account if any
    exists as on date.

    regards,
    anil gupta
    919796490669

    ALSO RECEIVED MAIL TechProcess Solutions Ltd.THE MATTER IS AS UNDER

    Dear Billjunction User,

    As per your instruction, your bill of Rs. 275.50 has been paid to
    Bulk SMC Global Securities Limited from your bank account
    10/02411000101315.

    Best regards,
    Account Manager
    BillJunction

    MY REPLY TO EMAIL AS ON 09/09/2012

    dear sir/madam,

    kindly refer to your email by which bill of Rs. 275.50 has been paid
    to Bulk SMC Global Securities Limited from my bank account
    10/02411000101315 without any instruction. kindly revert the amount
    and not to make any payment from my account in future. also requested
    yo close the account if any exists as on date.

    regards,
    anil gupta
    819796490669

    BESIDE IGNORING MY REQUEST as well as NO response to my email FOR revert the
    amount and not to make any payment from my account, in future. also requested to
    close the account if any exists as on date.
    AGAIN ILLEGALLY DEDUCTED on 22/4/2014 through ECS AMOUNT OF RS 1011.24 VIDE REF.
    NO.11271000009 AND VIDE ECS-DTP YES BANK SMC GLOBAL 000069978231

    KINDLY REQUESTED TO ISSUING DIRECTIONS FOR REVERT THE ENTIRE AMOUNT AND IN FUTURE
    NOT TO DEDUCT ILLEGALLY ANY AMOUNT FROM MY BANK ACCOUNT AND ALSO TAKE NECESSARY
    ACTION FOR UNAUTHORISE TRANSFER OF MONEY THROUGH MY BANK ACCOUNT,

    regards,
    anil gupta
    819796490669 SIR/MADAM

    I HAVE OPENED TRADING ACCOUNT IN 2009 WITH SMC Global Securities
    Limited AND WITHOUT DOING ANY TRANSACTION REQUESTED FOR CLOSE THE
    ACCOUNT.
    AFETER GAP OF THREE YEARS ON 09/09/2012 RECEIVED MAIL FROM SMC Global
    Securities Limited. THE MATTER IS AS UNDER

    Dear Customer (1201910101258646)

    Your SMC Global Securities Limited’s Payment of Rs. 275.50 will be
    debited from your Account No. XXXXXXXXXX1315 on 31/08/2012. Please
    Keep the Account Funded.

    Best Regards
    [SMC Global Securities Limited]

    MY REPLY TO EMAIL AS ON 09/09/2012

    dear sir/madam,

    kindly refer to your email by which Rs. 275.50 has been debited MY
    your Account No. XXXXXXXXXX1315 on 31/08/2012 without any
    instruction. kindly revert the amount and not to make any payment
    from my account in future. also requested to close the account if any
    exists as on date.

    regards,
    anil gupta
    919796490669

    ALSO RECEIVED MAIL TechProcess Solutions Ltd.THE MATTER IS AS UNDER

    Dear Billjunction User,

    As per your instruction, your bill of Rs. 275.50 has been paid to
    Bulk SMC Global Securities Limited from your bank account
    10/02411000101315.

    Best regards,
    Account Manager
    BillJunction

    MY REPLY TO EMAIL AS ON 09/09/2012

    dear sir/madam,

    kindly refer to your email by which bill of Rs. 275.50 has been paid
    to Bulk SMC Global Securities Limited from my bank account
    10/02411000101315 without any instruction. kindly revert the amount
    and not to make any payment from my account in future. also requested
    yo close the account if any exists as on date.

    regards,
    anil gupta
    819796490669

    BESIDE IGNORING MY REQUEST as well as NO response to my email FOR revert the
    amount and not to make any payment from my account, in future. also requested to
    close the account if any exists as on date.
    AGAIN ILLEGALLY DEDUCTED on 22/4/2014 through ECS AMOUNT OF RS 1011.24 VIDE REF.
    NO.11271000009 AND VIDE ECS-DTP YES BANK SMC GLOBAL 000069978231

    KINDLY REQUESTED TO ISSUING DIRECTIONS FOR REVERT THE ENTIRE AMOUNT AND IN FUTURE
    NOT TO DEDUCT ILLEGALLY ANY AMOUNT FROM MY BANK ACCOUNT AND ALSO TAKE NECESSARY
    ACTION FOR UNAUTHORISE TRANSFER OF MONEY THROUGH MY BANK ACCOUNT,

    regards,
    anil gupta
    819796490669

    I HAVE OPENED TRADING ACCOUNT IN 2009 WITH SMC Global Securities
    Limited AND WITHOUT DOING ANY TRANSACTION REQUESTED FOR CLOSE THE
    ACCOUNT.
    AFETER GAP OF THREE YEARS ON 09/09/2012 RECEIVED MAIL FROM SMC Global
    Securities Limited. THE MATTER IS AS UNDER

    Dear Customer (1201910101258646)

    Your SMC Global Securities Limited’s Payment of Rs. 275.50 will be
    debited from your Account No. XXXXXXXXXX1315 on 31/08/2012. Please
    Keep the Account Funded.

    Best Regards
    [SMC Global Securities Limited]

    MY REPLY TO EMAIL AS ON 09/09/2012

    dear sir/madam,

    kindly refer to your email by which Rs. 275.50 has been debited MY
    your Account No. XXXXXXXXXX1315 on 31/08/2012 without any
    instruction. kindly revert the amount and not to make any payment
    from my account in future. also requested to close the account if any
    exists as on date.

    regards,
    anil gupta
    919796490669

    ALSO RECEIVED MAIL TechProcess Solutions Ltd.THE MATTER IS AS UNDER

    Dear Billjunction User,

    As per your instruction, your bill of Rs. 275.50 has been paid to
    Bulk SMC Global Securities Limited from your bank account
    10/02411000101315.

    Best regards,
    Account Manager
    BillJunction

    MY REPLY TO EMAIL AS ON 09/09/2012

    dear sir/madam,

    kindly refer to your email by which bill of Rs. 275.50 has been paid
    to Bulk SMC Global Securities Limited from my bank account
    10/02411000101315 without any instruction. kindly revert the amount
    and not to make any payment from my account in future. also requested
    yo close the account if any exists as on date.

    regards,
    anil gupta
    819796490669

    BESIDE IGNORING MY REQUEST as well as NO response to my email FOR revert the
    amount and not to make any payment from my account, in future. also requested to
    close the account if any exists as on date.
    AGAIN ILLEGALLY DEDUCTED on 22/4/2014 through ECS AMOUNT OF RS 1011.24 VIDE REF.
    NO.11271000009 AND VIDE ECS-DTP YES BANK SMC GLOBAL 000069978231

    KINDLY REQUESTED TO ISSUING DIRECTIONS FOR REVERT THE ENTIRE AMOUNT AND IN FUTURE
    NOT TO DEDUCT ILLEGALLY ANY AMOUNT FROM MY BANK ACCOUNT AND ALSO TAKE NECESSARY
    ACTIONDEAR SIR/MADAM

    I HAVE OPENED TRADING ACCOUNT IN 2009 WITH SMC Global Securities
    Limited AND WITHOUT DOING ANY TRANSACTION REQUESTED FOR CLOSE THE
    ACCOUNT.
    AFETER GAP OF THREE YEARS ON 09/09/2012 RECEIVED MAIL FROM SMC Global
    Securities Limited. THE MATTER IS AS UNDER

    Dear Customer (1201910101258646)

    Your SMC Global Securities Limited’s Payment of Rs. 275.50 will be
    debited from your Account No. XXXXXXXXXX1315 on 31/08/2012. Please
    Keep the Account Funded.

    Best Regards
    [SMC Global Securities Limited]

    MY REPLY TO EMAIL AS ON 09/09/2012

    dear sir/madam,

    kindly refer to your email by which Rs. 275.50 has been debited MY
    your Account No. XXXXXXXXXX1315 on 31/08/2012 without any
    instruction. kindly revert the amount and not to make any payment
    from my account in future. also requested to close the account if any
    exists as on date.

    regards,
    anil gupta
    919796490669

    ALSO RECEIVED MAIL TechProcess Solutions Ltd.THE MATTER IS AS UNDER

    Dear Billjunction User,

    As per your instruction, your bill of Rs. 275.50 has been paid to
    Bulk SMC Global Securities Limited from your bank account
    10/02411000101315.

    Best regards,
    Account Manager
    BillJunction

    MY REPLY TO EMAIL AS ON 09/09/2012

    dear sir/madam,

    kindly refer to your email by which bill of Rs. 275.50 has been paid
    to Bulk SMC Global Securities Limited from my bank account
    10/02411000101315 without any instruction. kindly revert the amount
    and not to make any payment from my account in future. also requested
    yo close the account if any exists as on date.

    regards,
    anil gupta
    819796490669

    BESIDE IGNORING MY REQUEST as well as NO response to my email FOR revert the
    amount and not to make any payment from my account, in future. also requested to
    close the account if any exists as on date.
    AGAIN ILLEGALLY DEDUCTED on 22/4/2014 through ECS AMOUNT OF RS 1011.24 VIDE REF.
    NO.11271000009 AND VIDE ECS-DTP YES BANK SMC GLOBAL 000069978231

    KINDLY REQUESTED TO TO GUIDE ME

  40. pradeep singh kashyap says

    sir
    my commission is not paid by INDIRA COMMODITIES PVT LTD of Rs. 60000.

    pradeep singh kashyap

    9549595986

  41. Prasada Rao says

    Sir ,
    I have 3600 NFCL (Nagarjuna Fertilizer and Chemicals Limited) shares . But these shares are not traded in the NSE/BSE. Even company is running successfully, these shares are not traded in BSE/NSE.
    Can you please help me to whom I need to contact to file a complaint on this.

  42. Kavita shah says

    I need ur urgent help on the serious matter of unauthorized transactions by my stock broker house and they did all the transactions with out asking me…since I just invested in the shares and not much aware about how it works I have been duped of lakhs of ruppes.
    I have lodged the police complaint and I went to NSE also…but the broker is not ready to return back my money.

    When I went to NSE at that time I came to know that broker house has also made unauthorized transactions in MCX and BSE

    As I dont understand anything about this ….I am looking for someones help so that I can lodge my complain in MCX and BSE.
    These people are asking for the exact loss amount in each exchange…and I am unable to do this.
    In NSE the matter has been now entered for arbitration.

    I will be grateful if any one comes forward to help me…and if u say I can mail / sent my complain details

    Looking forward for the support from the whole community

    Thanks

    Kavita

  43. Ayyanar says

    Hi,

    I have subscribed to a plan call Double-Circuit from HBJ capital, Bangalore. I have purchased this plan for 2 years only after the confirmation that their recommendations will deliver 20-25% if not HBJ will refund the entire subscription fee. The sales executive also gave me a refund code, where I can get refund anytime in two years time If I feel that their recommendations had delivered the promised returns. Its been two months now and their calls have not delivered the promised returns and I have only lost my money after investing in the recommendations given by them.

    I have mailed to the HBJ customer support, and they say that there is no refund policy and the executive has given a false commitment. What should I do now ? How should proceed ? Please advise

  44. Deepak says

    Respected One,

    I have been a very honest client of Sharekhan since a good time trading very small amounts. Last Month I got connected with an RM of Sharekhan by name Mr. XXXX. I told him in the first meeting while we were trading that I trade for less and we initially bought stocks for Rs. 12K-20k maximum and sold in some days. All of a sudden one day he traded for lakhs and sold the same day all without asking me and I didn’t knew how to react, I always thought if you buy so much you have to first give client a call. I asked him Please don’t do this much trading as I am not very rich. He said the market is bullish that’s why he is doing like this as I don’t know much I kept quiet. I kept quiet as he said he is very experienced say 9 Years and handles big big HNI’s. Suddenly the trades went into crores and he gave the same answer that Market is bullish and I had to trust him as he is my RM. Some days the stock went down badly and he took delivery and he took delivery of 3 such stocks and now I am sitting on loss of 2.5 lakhs and intraday also I have lost lots of money around 60k. I borrowed money(From friends) and put into trading account as Mr. XX said stocks XX, XXXX will zoom after results but they never did as they were already at high price, sometimes when I asked him like why did u took delivery of 20 lakhs like did you get any big cues he disconnected the call saying he will call later. Once I told him to sell and he told now Sir XXXX will zoom by day end and it zoomed down more and more. He never set any stop-loss on any stocks also never bought in dips but in a bunch. Now I am in a complete depression mode and feel like ending my life, I can’t discuss this with my family also. I have been clearly cheated why will a person like me ask my RM to buy stocks of crores where as I am not even having 10% of that money. just thinking of it on how to return this amount. I was also levied late payment charges last July I was never told by anyone about that after T+2 days I will be charged. Not even one stock which he took delivery of gave profit all gave huge huge losses. I never knew I will be charged interest after T+2 days until I asked Mr. XX and customer care specifically. Mr. XX sold so many stocks of mine which I was holding since 3 years without even telling me and only messages told me all this. I know Sharekhan will have things to protect Mr. XX and I can never do anything about it but I don’t know what to do anymore other than ending my life. I keep quiet the whole day and have been working from home as I have no energy to go to office or even ride a bike or do anything even eat properly. I really am not greedy to earn more I just wanted to earn little little profits as an investor. After 20 days of disastrous loss I called Mr. XX and told him to stop trading at all and I will trade alone going forward. I always thought RM’s are there to help you but now I know that they just concentrate on earning commissions. Even one day I told Mr. XX specifically to trade only 2 stocks per day but he traded more than that took delivery of JSW steel and sold in some days with losses.

  45. mayoor says

    Dear Sir,

    i have opened a demat account wid one of broker agency. they provided me a dealer but the dealer misguided me several times and caused me heavy losses. Later he just left the job widout informing me. many transactions were not done by my consent. can i complain to scores.

  46. Ganesh prasad says

    A SEBI registered financial advisory company from Indore gave me a promise to give in writing a commited profit earning through their F&O calls of 4lakh in a month time for whcih they took 70k as fees from me. Later they have not given me the mail of agreement form of commitment. They said if complained to sebi they will collect they details as the calls are recorded.
    Later he forced me to pay more fees assuring that a sure shot call is there and will recover that in next day only, but it did not happen. Now he tells agreement form will come in a week time and do not worry by then you would have made your profit.
    I have all the telephonic discussions recorded with me and the receipt of the payment done to them, can i complaint to sebi on this or any other alternative (like filing a criminal case or so)
    Please suggest

  47. says

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  48. Pankaj Kumar says

    Dear Sir/Madam,

    I would like to inform you my demate a/c is with BMA Wealth Creator. They are habitual to unauthorized trading in expiry day in every month for generate more brokerage. That reason they had been traded in my a/c without my information in nifty option and that reason I loss huge money.

    Last time I write mail customer care but yet not got any reply. Yesterday I have again wrote mail to BMA complaint cell and talk to them. They told me they will proper response on my mail.
    So please guide me if they will not take it serious how I will recover my loss and stop them.

    Thanks,
    Pankaj Kumar

    • Arunachalam says

      Hi Pankaj,

      I am also facing the same problem with BMA. Can we help each other details to get our money back?

      Thanks and Regards,
      Arun

  49. says

    こんにちは率い、あなたが数を知らせる|正しくロードされていない画像を写真はちょうどあなたに与えたいと思った。私はよく分からない理由が、私はそのリンクの問題だと思います。 ブラウザのWebブラウザ私は2つの異なるでそれを試してみたし、両方が同じ結果。
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  50. Rahul Gupta says

    Hi Can Sharekhan edit the ledger summary reports/hide them under transaction reports or hide the intra-day transaction in the digital contracts / or CNotes?

  51. says

    Dear Kunal ji I sent you detail of my complaint against Edelweiss Brokings Ltd and the same is not here in queue. It is clear as Sebi as Arbitration Tribunal as Police is pressed by Big House Edelweiss Brokings and the request too were sent to Pehredar CNBC but all authorities became silnent and not listening me in the same way your good self too are silent and dead means close your site for social help and guidance and do some other work. It is not in your control Amarjit Arora Ludhiana.

  52. says

    Dear Kunal ji I sent you detail of my complaint against Edelweiss Brokings Ltd and the same is not here in queue. It is clear as Sebi as Arbitration Tribunal as Police is pressed by Big House Edelweiss Brokings and the request too were sent to Pehredar CNBC but all authorities became silnent and not listening me in the same way your good self too are silent and dead means close your site for social help and guidance and do some other work. It is not in your control Amarjit Arora Ludhiana.Why marked star

  53. A K Misra says

    HI.
    Kindly advice on the following matter to my mail id.

    I did some margin trading in my earlier phase as a trader. my broker gave me high leverage too.
    on 7 jan 2009 the day Satyam collapsed I had placed multiple orders at rates 40 – 50 % below market but they all got executed and even before i could realise my account was closed out by selling every thing and the contract note that followed said need to pay more than 1.5 lakh as negative dues. I contradicted this as the sebi rule says that the broker shall sell whenever the margin is reduced to 30% without even asking the client — as a protection to the margin of investor in highly turbulent times.

    My query is —
    1. If this rule of 30% margin call is applied correctly how can the account go in negative by such a huge margin.
    2. If such an event occurs what is the responsibility of company risk management system with so much of automation etc and who is to be blamed.
    3. What is the judicial procedure for such an occurrence. Is it arbitration only or other options too.
    4. Can the sub broker / member company drag me to the court for criminal default case.

  54. mohanan.k.k says

    sir
    I am a small investor/trader
    my d mat a/c is in Angel brokings
    on6 th april2015 my balance was around 250000/-
    i am doing 2-3 lots of future trade daily in diffrent companies
    on 6th april 15 I found Rs151440/pay back to my account as per SEBI quarterly payaback rules and that amount has not creditted to my account till 3.30Pm
    The same day I was short HDIL 2lots in the rate of 109.90 and its rate has gone up25%
    the same day I want to cover the position at 3.00Pm the position was covered
    by angel without permission at higher rate
    i was spoke to my RM regarding it he said you are in pure debit and advised to sell other future also
    as advice I sold all my future to cover lose
    because of possition reduction I faced arround rs 153000 lose
    if possition is there I tried to reduce my loss by 50000/
    now company is asking to repay balance of lose rs 87000/ in this case what
    step I have to taken
    from my side Angel broking never inform me regarding position reduction
    because of this I faced double loss
    can you help me in this case
    i am planing to close my account without paying this amount
    or can I bargain the amount of loss
    what is the appropriate solution

  55. subhash H pande says

    Dear Sir

    My client code no 8JK00 with KOTAK securities they are not responding my emails their local office from Nashik (canada corner) not lifting my phone. they have unnecessarily locked my DEMAT account, please help me to solve my problem

  56. Prasath says

    Hi Sir,

    I have opened an trading account with Orion Broking services. My current ledger is about 2,00,000. Now the company is get closed. If I asked for my payout, they are not responding properly. What can I do to claim or get back my amount?

  57. says

    Dear Sir,

    I have my trading account in Orion broking company, My Code is KC2902, I have balance in my Acount Rs 30500/-. i want my all payment as a Payout. but no body picking any calls in office, no reply by mail also. from last 12 days no0 responce from broker side, so pls sir tell me what should i do. we are many trader in trouble, help us sir.

  58. Pooja says

    Sir
    On 7th oct I was holding silver mini 2 lots.. short position @37427. . Around 7:30pm IST, I was in 100 points profit n i placed my stoploss at 37448 (trigger price ) to 37458. suddenly a pop came that my stoploss order executed…the price range during that period was 37320-37350, not even crossed 37400 ( you can check the charts)than how come my stoploss got hit….
    Now the branch manager of the broker company, after investigation, agrees that the price was no where near the stoploss and has forwarded the case to the Exchange. . pls advise/suggest me what action/case i can file against the broker/Exchange or whether a compensetion can be demanded. Thank u in advance..

  59. says

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  60. PS SHARMA says

    I HOLD TRADING ACCOUNT WITH angelbroking firm pvt ltd. My address was incorrectly entered in the application and a documents regarding that were not received by me . now the broking firm suspended my trading for KYC compLaint its the incorrect address entry by the firm and i am unable to trade till day i sent needed documents what steps can i ?

  61. Rajesh kumar jain says

    Sir,I have a complaint against Unicon Securities Pvt.Ltd.They have made a big fraud.They have transferred some of our shares to Smc Global.And rest shares are still with the Unicon Pool Account and the margin money is also still with them.How can i get that?Please help me recover back my investment.I am not able to contact any of the member of the company.Its been so long.Please help me.Contact asap-8566001108

  62. PARAG says

    Hello Need Help What to Do
    Month Ago I have invested Rs.20000/- in Share by Taking Limit on Security.
    share kept droping i lost my 20000 rs but i fail to check after that. because my broker once told me that till 5% of Positive Margin i can carry my securities after that it will auto square off my position. But Stock under valued and my loss became -24000/- and then my broker called and took action to square off now he is demanding Debit Amounts Charging Interest And Threatning for That NEED HELP WHAT I CAN DO.

    • N DAVE says

      sir mein kya sharebroker ke against complain kar sakti hu jisne mera Future commodities ki shari commodity bina meri permission k beche di.mene m2m keliye cheque bi diya par kisi techinacal poblem ki vajahse me ne verbally ek din bad cheque bankme encash karvane ko kaha tha. but they sol my all holdings without my permission pl.reply fast

  63. sujit says

    Dear Sir,
    I m farmer by profession. One of my relative have a demat account in SSJ Finance company. My relative make loss of Rs. 20000/ But i m not a share broker or sub broker, but my relative has bounce my cheque n filed case against me under Act 138, & in court he submited his p&l statement of his demat account with my cheque, but i m not share broker, so pls help me in this matter sir, my cell no. 9850700247 pls reply me.

  64. KAVITA says

    Company/Contact person Global Securities And Investment
    Broker Type Sub Broker
    Trade in NSE
    Sebi Reg No INS237610527

    HDFC BANK CURRANT A/C BRANCH NAME USHMANPURA
    A./C- NAME GLOBAL SECURITIS AND INVESTMENT
    A/C NO:- 50200015736142
    IFSC CODE: HDFC0001682

    75000 RS OF FRAUD

    FRAUD COMPANY

  65. Birendra Mahto says

    Sir
    i wants to do course regarding capital market / trading. So i request you to guide me for selection of course and weather certificate course is good or diploma is good, because i wants to make carrier in this field, weather this choice of field is better for my life or not, i need more income from. Please guide me as soon as possible.
    Thanking You

  66. Jigar Barot says

    I had open an account 8 year back. after one year, i close the account.
    But sharekhan executive did not close the same.

    Now, after seven year i receive the mail that you have to pay account maintenance charges.

    Please guide me.

    Regards

  67. Farzan kazi says

    Dear Kunalt

    FIrst of all thanks for the excellent write up it is indeed very helpful

    My problem:

    I was out of india for a project and noticed 3 lakhs un auhtoried transactions in my account

    Spoke to broker RM he din answet the calls and in few days sharekhan sold all of them at a low cost beause it was in lower cicruit

    Since i was so busy with work i cudnt even see what was going on nor call them on day to day basis

    I used to email them when the trnasactions happened aand they charged me but they did not reply to my emails

    Now they sold my blue chip shares as well to get these margin which rm used for buying these fraud shares

    i never buy such low grade company shares , i alwys buy blue chips .

    this fraud was done on bse by the broker rm

    i never trade on bse , i always use nse

    i wrote to sebi and waiting their reply now as guidance provided by you

    please let me know if i should file police FIR or any other plan of action

    Thanks

  68. swapnil says

    Hi Sir,

    As you have updated above,I have raised complaint against one of the Indore base advisory firm
    in score website 2 month back.

    But that sebi officer is not taking my request seriously yet. She is saying she will check and let you know.

    Kindly let me know what to do if that officer is not taking my request seriously.

    Regards
    Swapnil Bhanushali
    9321255161

  69. sujit says

    HOW CAN RECOVER ANY PERSON HIS LOSSES TO GIVE FAKE DOCUMENTS

    Dear Sir/Madam,
    I m from Nashik, my self Sujit A. Katkade, i m farmer by profession & not related with S.S.J. FINANCE Company & my problem is one of my relative Mr. Pandurang S. Shirsat is having Demat A/c in S.S.J. Finance & Securities Pvt. Ltd. located in Nashik and his Demat A/c no. is NKNK117. Mr. Shirsat is invested Rs. 20,000/ in his own demat a/c & he withdraw Rs. 10,000/ thru S.S.J. Finance & after he make trading loss in his own demat a/c in year 2012. After 2 years means in 2014 Mr. Shirast bounced my cheque of Rs. 20,000/ & filed case against me in Nashik Road District Court to recover his demat trading loss & he also give his demat a/c loss statement with my cheque copy & he appeal to District Court, Mr. Sujit Katkade is Share-Broker of S.S.J. Finance & he makes my demat trading losses. But I m not a share broker of S.S.J. Finance, i m a farmer by proffession. Mr. Shirsat makes his own loss & he plans to recover his losses thru my cheque. So my humble request to you if i m not share broker, how Mr. Shirsat is recover his loss. So my humble request is the case is stand in Nashik Road District Court, so u can adviced me in this matter or any law or section to disposed this case or discharged this case from the court. Mr. Shirsat is a demat holder of S.S.J. Finance & my self Mr. Katkade is a farmer (not a share broker). So please help me in this matter on urgent basic. If you are tell me any section or law of company act to my email so i can filed discharge application in District Court. It is the matter under SEBI or NSE court, so i can help to remove in this matter on urgent basic. I m very tired since 24 months when the case filed Mr. Shirsat against me. So pls send any Company act or law section or any suggession or any SEBI or NSE ACT to clean cheat me or remove me from this case, pls contact me or email me on urgent basic in this matter.

    Thanks & Regards,
    Sujit A. Katkade
    9850700247

  70. Devesh says

    Hi Kunal

    I wanted to apply for D-MART IPO and hence I opened an account with a broker. He sent me my DEEMAT ID on mail which I used to file my IPO application.

    However the broker later informed me that he had sent me the wrong deemat id and asked me to use the new one which he had just sent.

    As a result of this my IPO application will be rejected in all probability.

    What action can I take against this broker?

  71. siva says

    Hi Sir,

    I have short sell 500 Havells shares at 446 for intraday(MIS) position, i forgot to squire off that position on that day.Actually broker need to squire off intraday positions at 3;15 pm.But I have received a mail from client that due to technical issues your position was not squire off,we will squire off your positions next day on or before 9:30 am.I forgot that issue due to my works but still position was not closed and it is trading at 466.Due to this i have lost around 10k.What to do???

    Please help me to settle this issue,
    Thanks
    siva

  72. uktam mambetov says

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    We offer certifiable and verifiable bank instruments via Swift Transmission from a genuine provider capable of taking up time bound transactions. Kindly contact for genuine inquiries and I can provider you with the needed information.

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  73. Jeetu says

    Hi Kunal

    Recently, due to some technical issues at broker’s end, I couldn’t square off my options position due for expiry on the same date. As per the broker’s policy, they put the auto square off, but it continued showing pending. I also tried doing the same, but got the same result (I knew that the later order would anyway be rejected if the first ones are filled, since it would have required significant amount of margin to write an option).

    I tried calling the broker, but their line was busy. I later figured the orders were not completed / placed with exchange due to some technical glitch at broker’s end. The option expired with a marginal intrinsic value, but significant STT.

    Now their is significant debit amount in my account and broker says the best they can do is partial set-off. I was told by the customer care that the broker is not responsible for technical glitches, sighting some term and conditions, however, I believe even if there is such clause it is void-ab-initio.

    This caused loss on other positions that I could not close due to the debit balance. In addition, it is obviously causing a severe stress and potential opportunity loss that they should compensate for, I believe?

    Since they haven’t really given me a solution and threatened that it will impact my CIBIL score, I intend to file a complaint with the Consumer court. Do you think it is better to reach out SEBI Score for this? When putting this with Consumer court or with SEBI score, how can I calculate the compensation on account on mental stress / harassment.

    Thanks

  74. says

    Hello ,
    On Thursday i was trading F&O . Sintex industries was trading at 20.80 .I assumed the stock to go down so i put a SL order of 20 with trigger price of 20. To my shock , the order got immediately executed . I called upto the broker immediately and he told me i had to place a SL-M which is stupid.By the time i hanged up the price shot up to 24. imagine lot size of 7125. I had huge losses. My account should have been wiped by then because i had less money held. Instead of squaring off he position , the system held it and sold it at a higher price resulting in negative balance in account. I had 70k loss by the end of day. When i called support again ,there i asked me if i have a screen shot to prove the same. Do traders take screen shot before every trade ? When i click on order book it says 502 bad gatewayy. I cant see it now.(i captured a video showing the same) . Will i get justice ?

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