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?
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:
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!
nitin bhalekar says
i want to compaint of stock broker. how can i it. pls help me
Kunal Pawaskar 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.
Ajay Singh says
http://myneta.info/compare_profile.php?group_id=VKxg23Wy9x7hs9nS3nq
MKALEEM says
Hi Kunal,
I have similar situation with broker who traded in F&O(which I’m not aware of this trade) and this trades they have done without my knowledge and authorization which created a loss as per broker email in decemeber 2017 as 4.5 lakh, when I approached SEBI score there was IGRP meeting in meeting the IGRP person had dismissed the case saying company is free to do trades without confirm and they have sent emails I didn’t and was not even aware that type of emails are sent, so IGRP decision was given in favour of broker, till today date broker had sold nearly 6 lakh of shares from demat account and they are not responding to any of my emails, first they inflicted loss of 4.5 lakh in my account and they sold nearly 6 lakh against my instruction, can you please help me as I’m a small investor who had saved in this investment of 8 years of earning and broker action has blown half of my investment and I can’t stop them and in IGRP meeting the person who chaired meeting also said broker is free to do anything in my account as I have given them consent or authorization, which is completely wrong and fabricated, once I came to know losses in my account I have recorded all call with the person who did losses and his managers which proves all there wrong doing, however this were not even heard in IGRP as broker had told those recorded calls are fabricated, please help as I said I had lost 50% of my saving due to evil action of broker and I can’t stop them for selling my shares, thanks
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
preetam g says
Sir ,I recvd notice from ITdept for FY 12-13 for Stk trading ,I want retrive ledger summary for that year as I closed that a/c 1 year back ,sir please guide me
Broker Compaint says
Hi Kunal,
Recently there was another incident with broker called unicorn, which went broker.
I have written a detailed article about it.
It may supplement your article
Virender Verma says
nti orruption cause.
Virender Verma says
Hi Kunal
I am a retired senior citizen NRi in eighties who has been fighting tooth & nail for the right to recover money Rs. 5 Lac invested in Religare NCDs – which were all illegally sold by IIFL but so far in vain after passing through all the arbitration panels at BSE and NSE platforms – because what is discussed in the proceeds is ignored by the panel while recording the decision to the client – thus abetting the corrupt broker.
I have plethora of material exposing the frauds and forgeries of the broker as black & white proof and evidence on record to nab the broker. I am prepared to hand over all the correspondence to a credible law firm for legal course of action at no fee no gain basis with a pledge to donate all the recovered interest and damages after recovering my investment of Rs. 5 Lac for me from the prongs of the corrupt broker.
After all the stages of the intimidating process of literally the SCORES of SEBI my complaint is resting for submission to RBI – when I seriously need help.
In this world of communication I had lost your website earlier used by me for help!
With kind regards…
Verma
i shall be more comfortable to receive email.
.
mkaleem says
Hi Surya, I’m also in similar situation, can you please let me know, if you manage to deal with cheating
thanks
Kaleem
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.
Kunal Pawaskar 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.
Ajay Singh says
contact me at 9950321327
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
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.
Kunal Pawaskar 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.
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
Kunal Pawaskar 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.
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
Kunal Pawaskar 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.
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
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.
Kunal Pawaskar 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?
Shefeek says
Sir.. Can broker give extra margin in currency option.?.
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…
Kunal Pawaskar 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.
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
Kunal Pawaskar 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.
Kunal Pawaskar 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
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
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
Kunal Pawaskar 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.
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?
Kunal Pawaskar 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.
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
Kunal Pawaskar says
Hi Omkar, I understand that this is the way forward. What is your experience in arbitration? Is your broker showing up?
People can go to the police too in case of a criminal offence. It is not that SEBI SCORES is the only way.
In fact, today’s Times had an article:
http://www.mumbaimirror.com/mumbai/crime/Be-cautious-while-probing-fraud-cases-SEBI-tells-cops/articleshow/24214639.cms
If the amount involved is large, it might be worth taking advice from a lawyer.
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
Kunal Pawaskar 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.
Kunal Pawaskar says
Do you have a letter which lays out the charges? You might have got it when you opened an account.
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
Kunal Pawaskar 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.
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
Kunal Pawaskar 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!
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.
Kunal Pawaskar 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
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
Kunal Pawaskar 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
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.
Kunal Pawaskar 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
SAM 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.
Kunal Pawaskar 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
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.
Kunal Pawaskar 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.
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.
Kunal Pawaskar 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.
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.
Kunal Pawaskar 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
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?
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?
Kunal Pawaskar 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.
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.
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.
Kunal Pawaskar 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.
Kunal Pawaskar says
Ask them to send the terms and conditions to you in writing, a PDF maybe. Confirm what they are saying.
Regards,
Kunal
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
Kunal Pawaskar says
All the details are present in the article, Juzer. Go ahead with the SCORES system with your problem.
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
Kunal Pawaskar says
I am not sure if there are time limits. Check your statements for the last 3 years and trace what trades have happened, if any, and where the money went.
Regards,
Kunal
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.
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).
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?
Kunal Pawaskar 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.
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
Kunal Pawaskar says
Rs. 1200 is unheard of. Are you sure?
You should take immediate action. First, have you asked your broker?
Regards,
Kunal
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.
Kunal Pawaskar says
SEBI SCORES is one route. If that fails, one can take legal action.
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
Kunal Pawaskar 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.
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?
Kunal Pawaskar says
SEBI SCORES is the first option. One can also take legal action.
Kunal Pawaskar says
In legal action, the hitch is the legal fees plus the time involved.
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
Kunal Pawaskar 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.
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.
Kunal Pawaskar says
The options in front of you will take time. It will be better if you make alternate plans for your requirement right now.
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
Laxmi says
Sir,
awaiting your guidance.
Thanks & Regards,
Laxmi
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
pradeep singh kashyap says
sir
my commission is not paid by INDIRA COMMODITIES PVT LTD of Rs. 60000.
pradeep singh kashyap
9549595986
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.
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
Sachin Mittal says
You can contact my at +91-9999621615 or smittal.law@gmail.com. I can help you in getting your loss recovered.
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
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.
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.
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
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
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?
Amarjit Arora 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.
Amarjit Arora 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
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.
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
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
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?
Devesh singh 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.
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..
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 ?
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
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
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.
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
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
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
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
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
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?
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
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.
Contact:Uktam Mambetov
Email:uktam.mambrokerage@gmail.com
skype:uktam.mambrokerage
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
Arun 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 ?
sachin Pawar says
Hello,
I am a new investor who has just started investing and today morning when I wanted to buy shares of lloyd steel, I got uttam steels and the consultant from the broker says me the name of the stock is wrong on the portal and I bought stocks of uttam steel hoping they were of llyod. can I raise a compliant to SEBI on this.
Please help.
sonu says
I just opened my account in last month for transferring shares of my father to my account.I got the call again and again from broker for insisting me to do trade and we will make the profit for you. I told him that I am fresher/non experienced in the trading field. He even told me “We are here, don’t worry”.When he referred name of person of your local office and he forcefully convinced me for trading in shares but he traded in F&O without telling about what is this F&O trading and what is the huge risks involved it. In evening i refused the confirmation and asked for recorded calls but they are not providing it. One more complaint i have done but no response is coming.
Please help me what to do?? I am a middle class family, it is totally cheating.
Kshama says
Hi
Hope you have already resolved your issue by the time. I am facing the same issue right now. Could you please share some insights on how you dealt with the case and its resolution @kkshama.4@gmail.com
Thanks
Anand says
I had opened an trading account with a religare sub broker Mr. Suneesh nambiar in namindex brokering at kozhikode. He has posted F and O in my DP account without my knowledge and has now created a loss of rs 9 lakh 40 thousand. Please advice on how to raise a complaint against him
Dr anand
Kshama says
Hi
Hope you have already resolved your issue by the time. I am facing the same issue right now. Could you please share some insights on how you dealt with the case and its resolution @kkshama.4@gmail.com
Thanks
Manya says
Star world research ,indore based company given illegal plans and collected money .After loss they put pressure and changed plan .Lot of complaints are pending against star world research in SEBI.manish kumar Gour is proprietor of this company..The organization misrepresent plans through their executive.The contact numbers are changed frequently.Also the executive uses fraud names while dealing. Almost 20 people’s are in contact having the same issue against star world research.sebi no is INA00005499.address is airen house,vijay nagar indore.
Venkatesh says
Hi Kunal,
I am new to this forum. I am using to trade in intraday options segment with one stock broker. One day i have made payout withdrawal from them. It has been credited to my account. But it has not been updated in ledger. So my margin was same as like previous day. That Broker agreement is if any one got 70% of loss from margin, the stocks would be auto square off with loss. But in my situation the amount has not been squared of at 70% loss due to that technical error( ledger issue) . Then I paid again that 1L which I have withdrawn. Because of this I have lost 1.83L and my account went to negative amount. They said in phone call, yes it’s our mistake, we will gv you the good solution soon. But past 10 days they did not. And I have emailed a lot of times. They even did not response. If they response means it will be acknowledged documentally right. So for that reason they did not reply to my complaint email. If I file a complaint in SEBi wht would happen. Shall I get compensatory amount?? Entire amount which I have lost. Instruct me how to. Move this issue pls.
J S Rawat says
hi !
There is a raid of authority on my broker’s office. I was not aware of the wrongdoing by broker if any.
How to take out my margin Money and Shares lying in brokers pool a/c
pls guide
Paul says
Hi,
I am new to this Forum. I have a trading and DP Account with a Sub broker (Franchisee) in Kerala. I buy shares against the margin allowed by my broker against my DP holdings, which are normally squared off by the end of the week, as per the understanding between myself and the broker. During the interim period, until my positions are squared off or taken delivery, I understand the securities purchased through my broker are parked in the Broker’s Pool Account. Most of the time, the securities I purchase through Margin Account see down trend from the second or third day, though I witness a upwards spike after I buy the shares! I would like to know if the shares held in Pool Account are at the mercy of the Broker..,.. and if there is a possibility of ‘Conflict of interest’ play in such a case. Mostly positions are squared off by the end of a week at pivotal point of either the share price or the Index!! I do not know if the broker can sell the shares that I bought on margin against my DP Holding and held in the Broker’s Pool Account, inorder to release such margin blocked (provided to me) for my purchases, which may naturally bring the price of the share go down. Before the end of the week, the broker may purchase the same in small lots and sell again at pivot points to the broker’s benefit, causing me a loss on trade. By this mode of operation, the broker or his Franchisee may get his brokerage, interest/margin or charges for delayed payment plus profit of contra trade against the client. I do not know for sure, if such unethical practices are prevailing in the market or there is a possibility of such activities – i.e., Broker taking positions against a client’s position to make profits, at the cost of the client! I hope you could shed light on this subject, that will be informative for all investors like me. I do not wish to divulge the broker’s identity until I get more clarity on this subject from knowledgeable resources. Also, please let me know if SEBI will be able to track such trades through a particular broker, since the shares that I buy are mostly small caps.
Nair says
I have a dispute with a trading member for unauthorized trading without taking pretrade confirmation. I had complained to igrp who passed the case in my favour. Further the Trading member went for arbitration which also was in my favour. I understand that the trading member is further going to Appelate tribunal and maybe even move to court.
I am to receive 13 lakhs from the trading member.It has been over a year now since the dispute is going on.
I am presently 83 yrs old and i am afraid if how long the court proceedings will take.
Is there a mechanism where by the NSE can release some funds to provide me some relief for my losses incurred?
IF so how to go about it?
Thanks
pradeep says
Hi,
My brother got a call from one number and asked for 30k they will give trade calls for 1 month
Now they are asking add 20k for investment and will do trade and share profit.
Now for premium calls yearly charges was 1,16,000 they are saying
please take action on those kind of unregistered brokers.
They are doing trade in others accounts making loss. as I know brother lost 60k. please take these kind of fraud people
Their number & details ::
9964239871 , 8886944197 (Bharath reddy , Rishika)
Bank details:
NAME : Vinod Kumar N
Account Number : 881032389128
Name : DBS BANK
BANK IFSC CODE – DBSSOIN0811Branch : Mumbai
Bank Detais:Name : MD AfzalA/c number: 1112500111233301IFSC: KARB0000111Bank : Karnataka Bank
Thanks
Mohamed Abdulla Al Nahdi. says
Hello Sir/Madam,
I am been in search of someone that i can trust, I would be very happy an honest person contacts me and see how best we can assist each other.
I am Mr. Mohamed Abdulla Al Nahdi, a Bank Official here in U.A.E.
I believe that by the will of the almighty creator I would be able to come across a sincere and kind hearted person.
I am having an important business discussion I wish to share with whosoever is willing and ready to help the needy.
I believe it will interest that lucky person and He/She is going to benefit from it as well.
One Late Peter Ken, a citizen of your country had a fixed deposit with my bank in 2011 for 108 calendar months, valued at US$30,000,000.00 (Thirty Million United State Dollars) the due date for this deposit contract was last 22nd of January 2019.
Sadly Peter was in the December 2019 corona virus death victims in China on a business trip and that was how he met his end.
My bank management are yet to know about his death, I knew about it because he was my friend and I am his account officer.
Peter did not mention any Next of Kin/ Heir when the account was opened, and he was not married also no children.
Last week my Bank Management requested that anybody that is related to the victim should give instructions on what to do about this funds, if to renew the contract.
I know this will heppen and that is why i have been looking for a means to handle the situation, because if my bank directors heppen to know that peter is dead and do not have any Heir, they will take the funds for their personal use, so i don’t want such to happen.
That was why I have been in search of an honest,reliable,and a sincere person who has a good heart and is willing to follow instructions. I am now seeking your co-operation to present you as his Next of Kin/ Heir to the account upon your response and readiness.
There is no risk involved and the transaction will be executed under a legitimate arrangement that will protect you from any breach of law.
It is better that we claim the money, than allowing the Bank Directors to take it, they are rich already.
I am not a greedy person, so I am suggesting we share the funds equal, 50/50% to both parties, my share will assist me to start my own company which has been my dream and also support charity works.
Let me know your mind on this and please do treat this information as TOP SECRET.
We shall go over the details once I receive your urgent response strictly through my email.
Email address: mr.mohamedabdullanahdi7007@gmail.com
Have a nice day and God bless. Anticipating your communication.
Mohamed Abdulla Al Nahdi.