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sachin (GM)     29 August 2010

Illegal Trading and forgery by stock broker

 

 Dear All,

I have reported a matter to SEBI, NSE, Economic offence wing and the DCP West regarding a case where i have been cheated by the Broker by means of  fraud committed by - illegal trading, cheating, forgery and creation and suppling of false documents causing loss of entire stocks in my account.

I want to take my case of NSE arbiteration but i am shocked to see the awards by the pannel of the arbitrators in NSE.  I have seen all the  arbitrators awards on website in 2007, 2008, 2009 and 2010. It appears that the the arbitration pannel is sitting to award the judgements in favour of the Brokers. In all the judgements it is seen that majority of the investors are complaining of the illegal trading but i have never came across a single matter in which the amount is awarded to the investor. Investors once bitten by the award has never reverted back to NSE Arbitration. On the contrary the brokers have repeatedly complaint against the investors in the arbitration as they always  get the award in their favour. Very rare instance are there where investors win. It is also observed that the award is also given on the basis of asumptions and not concrete proof and that too in favour of  Broker. I know despite of having many solid concrete proofs i am sure that it would be difficult to win a case here and due to arbitration clause i can not avoid arbitration also. Now i understand why every broker puts the arbitration clause in the agreement. My case strengthens only when it is established that i was given fradulent documents in order to hide the facts from me and arbitration is not empowered to see the criminal offence involved in it.

Despite of the fraud and forgery i have not been able to lodge a criminal FIR in police or EOW till date and they say it is to be investigated by SEBI and SEBI has marked it to NSE who say that we can only see the following of the guidelines and not the Fraud or cheating that has to be addressed to Police. I have not got a proper reply even by the RTI.  I am being thrown into a vicious circle where no one feels themself accountable.

Can anyone Guide / help me in this context. Else pls. guide me to some advocate who has taken up such matter or will be able to take up the matter effeicently.  pls. provide me the mobile no and e mail. 

Sachin

M: 9810933322 and email = sachin0702@yahoo.com



Learning

 3 Replies

shankariyer (CHARTERED ACCOUNTANT)     09 July 2011

hi sachin 

i am shankar anantharam from salem ,  am very sorry for sad things happened in your life , please raise this issue to media like CNN IBN , NDTV etc . sent mail to sebi officials and other person which is related to the issue, make this issue as a big one it will lose the goodwill of the company and sure that it will reduce in  the future for other people who is suffering from this problem.  i will support u in all aspects

 

all the best

shankar anatharaman

 

sachin (GM)     13 November 2011

 

PRESS – RELEASE

 

Writ Petition has been filed by Sachin Bhardwaj ,  Honorary Secretary INVESTOR PROTECTION GROUP,  against Securities and Exchange Board of India (SEBI) and National Stock Exchange (NSE), in the interest of the Public at Large, Seeing the gravity of the Case Hon’ble  Justice Vipin Sanghi has referred it to Division Bench of Hon’ble High Court, Delhi in the Category of PIL and will be heard on 16 November.

 

1.         Certain Circulars of NSE have been deliberately issued to over rule the Guidelines and            circulars             issued by SEBI to provide unjust benefits to Brokers and are causing injury    and      irreparable damages to the Investors.  We have asked Court to declare those Clauses of         the Circulars as null and void.

 

2.         IPG has  asked court to “direct SEBI to conduct a thorough investigation into the illegalities       committed by NSE and investigate if the acts of NSE  are biased and are         responsible for             plotting            loopholes in the system and to initiate  appropriate legal action             including         cancellation / suspension  of   the registration / licenses of NSE if the same is established.”

 

3.         Mr. Sachin Bhardwaj Honorary Secretary of IPG said “The Stock brokers are invading the       right to            privacy, a fundamental right to life under article 21 of constitution        without           taking             proper authorization by secretly recording the personal / private Conversation            of  Client or any family member after trading is over without          informing /warning   them    that the           call is being recorded like that in the Banking sector.    The same recordings   are being used to mislead and to abuse the process of law.”

                  The Rulings of Supreme court in this context are carelessly ignored and Guidelines            are required to be issued for Recording the Conversation and            should be allowed only in       the       official trading hours         only with the intimation to     Client and in accordance with the      law.  In case SEBI / NSE has       allowed the illegal recording without taking the approval from         the       concerned government authority and            without supervising / issuing strict guidelines to        be followed they are also partners in the crime involved and may be prosecuted along with        brokers.

 

4.         Mr. Pramod Kumar, President of IPG adds “Illegal unauthorized trading is being carried out by the Stock brokers under the umbrella / shelter of NSE and is not monitored as desired by SEBI.  Trading members are involved in inducement of simple, ignorant and unfamiliar persons to enter into derivative market and are made the victims of illegal  unauthorized  trading, that remains unnoticed by NSE and SEBI. Number of investors directly affected with this Nexus will be the biggest in the History of the SCAMS ever reported in India."

            SEBI states that Every market intermediately is under obligation to exhibit highest standards of             professionalism and integrity in the interests of capital market whereas fact is that the        Regulatory authorities are not initiating any strict action against this wrong practice.

           

5.         The Stock Brokers are deliberately allowed to be Free to make one sided Agreements /contract on their own which are required to be signed mandatory by the clients at the time of registration and the objective of having uniform formats is yet not achieved. Regulatory Authority deliberately keeps one end loosened to provide benefits to brokers.

 

            Deliberately the loopholes are plotted and the ends are kept loosened by NSE and not monitored by SEBI for providing the benefit to the trading members in legal proceeding against their unauthorized /illegal and fraudulent acts.

 

INVESTOR PROTECTION GROUP and PEOPLE FOR THE NATION have come into existence to help / guide the affected persons without any Charges. You may call on 9810933322,  9810045020 and share grievances against Share  Brokers / SEBI / NSE / MCX on investorprotectiong@yahoo.com . Be careful, you may be the next victim of the ongoing Organised White Collar Stock Market Scam.

Anil kumar (Engineer)     05 February 2012

Sir

I have an offline trading account in a broker firm and did some transaction instructing the broker over phone and paid the amount later by cheque.I never monitored the transactions done through my account critically but recently have observed that a few unauthorised trading had been done through my account without my knowledge. Now overall impact is that I have been asked to pay brokerage and taxes for same. Some times the balance amount in account was debitted for some unknown reasons.

now please suggest me in such case what can i do?

Regards


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