BROKER IS NOT REFUNDING THE MONEY
Narayan
(Querist) 08 June 2011
This query is : Resolved
My friend was a sub-broker of well known share broking house of India. He was sole owner of his firm. He opened a DEMAT a/c of his wife at his firm. Few Years later, he had huge loss of some Lacs which he was unable to repay. He left the town and absconded by leaving his wife alone. It happened 3 years back. Now, his wife wants to re-marry with one of our friend and both families are supporting. She is having around 70000/- at that Demat A/c. She called to the HO of broking house, the officials told her that her husband is absconded hence her a/c seized and they can not give the money back.
My query is - if my friend is sole owner of his firm, how main broker seize his spouse a/c?
Please help.........
a.manoharan
(Expert) 11 June 2011
send detailed legal notice to bank.
prabhakar singh
(Expert) 11 June 2011
If it was his wife's personal demat a/c,the depository or its participant main broker can not seize it. open an other trading a/c with an other broker's firm and ask to sell through the new broker, securities worth 70k.If even this does not work file a suit/consumer complaint,either after serving or even without serving a notice,if previous communications are there,as notice is not here needed by any mandate of law.
Raj Kumar Makkad
(Expert) 11 June 2011
the action of seizing the account of wife of your absconding friend is totally illegal hence it can be go re-opened by filing a legal notice failing which by filing a civil suit before proper court of law. A representation to SEBI should also be made.
