I am a NRI.
I held Standard Chartered NRE Account at Chennai since 2014 and due to poor customer service and not very user friendly trading platform I decided to move my PIS (Trading Account) to HDFC.
So around Oct 2015 last year I decided to transfer my PIS account to HDFC and I approached the HDFC Anna Nagar branch. Instead of keeping the shares in SCB They suggested me to do a closure of my Demat and transfer shares from SCB to HDFC and they promised me reduced brokerage fee of .50% and quick account opening process.
I applied for closure and transfer of share in SCB and they told me they will send all my Demat holding details directly to HDFC and it will take 2 weeks to finish this process.
After that process I also start purchasing the shares using HDFC Demat account.
Almost one month later when I tried to sell my shares in HDFC the system did not allow me to sell any shares that got transferred from SCB and I contacted the HDFC Securities person who opened my account and he said he need to ask their Bombay head office about this. I wrote an email about this on 4th March. This problem has not been resolved until now. I had to go back and forth from SCB to HDFC to find out what was the problem. From then I found out that the paper work procedures were not done properly by HDFC Staff and their staff did not follow the new instructions given by their PIS Team Mumbai. HDFC staffs acknowledge this mistake but still they are not willing to help except telling me to go to SCB to get the share details.
SCB told me that they gave all the documents to HDFC but HDFC says it’s not the proper format or the format prescribed by their bank. SCB says they follow the demat holding and share transaction statement and letter format prescribed by SCB. I had to fly to India twice to get these letters from SCB and try to deal with HDFC to sort this out but the PIS team who sits in Mumbai does not agree with the format given by SCB. From then its going back and forth.
HDFC is asking me to ask SCB to give the share purchase details and SCB saying everything is mentioned in the global transaction statement they gave me. When I go back to HDFC they do not agree this statement and they wanted PIS ledger. SCB says they only have Demat holding statement and no PIS ledger.
I am still not able to sell any of my shares which are on hold by HDFC and because of that I am facing heavy losses.
I wanted to sell some shares that I was in profit and some companies that i was in loss. but due to this situation I had no choice but to face these losses because of a negligence of these two banks staffs.
I want to know what is my rights in this problem and which bank can be held responsible.
My portfolio is worth over 90 lacs and I have over 5 lacs rupees of loss due to this and I think both banks should bear the responsibility to compensate me and fix this issue asap. Is any lawyer willing to file a case against them and help me claim damages.
