Arbitration application

santosh Kumar Jaiswal (Querist) 13 September 2013 This query is : Resolved
Dear Sir, My wife has filed an application for Arbitration before NSE Kolkota. Statetment of case are as under:- STATEMENT OF CASE
I had purchased following Equity Shares from PREMIER SHARES LTD, Patna office, Ashiana Plaza, Budh Marg, Patna on 17-04-2003. The contract person at Patna Branch Office with whom I was dealing was Sri Sandeep Jalan. Details of shares purchased are as under:-
( 1)HIND LEVER- 50,
(2) MC DOWELL-N- 100,
(3) NIIT- 50,
(4) NATIONALUM- 100,
(5) SATYAMCOMP-50,
(6) SCI- 100,
(7) TISCO-100,
(8) ZEETELE- 100.
( Copy of Delivery Position of N- 2003074 From 17/04/2003 To 17/04/2003 Prem Shila Jaiswal ( 1078 ) supplied by Broker at the time of transaction is enclosed herewith. ) Annexure- 1. Same day I sold GRASIM- 38 shares. ( Copy of Delivery Instruction by Client No. 130133 dated 10.04.2003 is enclosed herewith. ) Annexure- 2.
Total purchasing cost was Rs. 58,204.50. and total selling price was Rs.12,724.68. After adjusting Rs.13883.64 receivable by me from the broker on account of shares sold earlier and Rs.12,724.68 share sold on the day, in total Rs.26,608.32, I had paid Rs.31596.18 to my broker by cheque No.505071 dated 17.04.2003 drawn on S.B.I, Kankerbagh Branch, Patna, which was debited from my Bank Account No. 10533893403 on 18.04.2003.
Subsequently on verification of my DEMAT Account DP ID/CL ID - IN300888/14376123 standing with STOCK HOLDING CORPORATION OF INDIA, PATNA , it is found that none of the above mentioned shares purchased by me on 17.04.2003 were deposited in my DEMAT Account, but share sold by me was debited from my DEMAT Account. (Copy of Holding Statements dated 01.05.2001, 02.04.2004, 01.10.2005, 20.07.2006, 05.12.2007 and 22.10.2008 are enclosed herewith.) Annexure- 3.
For some time I was out of Patna with my husband. On return to Patna, when I tried to contact my broker Mr. Sandeep Jalan, local contract person, it is found that his office was closed for ever without leaving any address what so ever. He could not be contacted even on Telephone. No address of the Premier Shares Limited was available with me. I was not aware with the procedure how to get my lost money and there was no body to guide me in this regard. I was completely helpless. After seeing an advertisement in local paper, I had written to The Director, SEBI, Investors Grievance Cell, Exchange Plaza, Plot No.-C/1, G Block, Bandra, Kurla Complex ( E ), Mumbai and send by Regd. post on 19-12-2007, but no reply received. ( Copy of letter is enclosed herewith. ) Annexure- 4.
Further I have to mention that I am a very small and casual long term investor and not known of every aspect of Share Market and Broker. My local Broker had neither given me any Contract Notes nor I asked for due to my ignorance. I simply trusted my local Broker.
On seeing an advertisement on Television a hope arose when I came to know that SEBI is extending hands to help small and helpless investors like me.
Being aggrieved I filed a Complaint before The Investor Services Cell, National Stock Exchange of India Ltd, 1st Floor, Park View Apartment, 99 Rash Behari Avenue, Kolkata 700029 on 21.03.2013. My Complaint I D is 1303230885700001. Matter was placed before The Investor Grievance Resolution Panel (IGRP } on 28th August, 2013. The Investor Service Cell Vide his letter No. : NSE/ISC/2013/ 1303230885700001/ 0829013003, dated, August 29, 2013 has informed me as under:-“At the Investor Grievance Resolution Panel Meeting held on August 28, 2013, the matter could not be resolved. In view of the same, the Exchange will not be able to pursue the matter further with the trading member for resolution. Hence, my complaint is being treated as closed in the Exchange records. Further he has informed me that the Exchange provides arbitration mechanism which is a quasi judicial process for redressal of complaints between investors and trading members/ Sub brokers. Hence, I decided to pursue the matter further and opt for arbitration against the trading member/ sub broker. A copy of the minutes sent to me for my perusal is enclosed herewith. Annexure- 5.
I have carefully perused the minutes. On perusal of minutes it is found that The Trading Member has mentioned as under :- “ The TM mentions that there is no merit in the case as the shares purchased under the settlement no 2003074 were sold soon thereafter in the settlement no 2003080 and therefore there is no case for the complainant to receive anything from the TM.”

( 2 )
In this connection I have to say that I have never instructed TM to sell my shares and even if he sold my shares without my instruction why not he send me the amount of sale proceeds and Delivery Position of N- 2003080 Prem Shila Jaiswal ( 1078 ). Till date I have not received any amount in this regard. ( Copy of my Bank Account No.10533893403 of State Bank of India, Kankarbagh, Patna from 03.08.2002 to up to dated till 08.02.2013 is enclosed herewith. Annexure- 6. I do not maintain any other Bank Account. Further I have to inform you that I have never instructed my Broker to sell my shares purchased by me on 17.04.2003 and no payment received by me till date in this regard. I am a casual long term small investor and never traded in Share Market. Since long I am investing in shares only on delivery basis. While I had paid entire amount of shares purchased by me, under what circumstances TM kept my shares in his possession till the settlement N0.2003080.
From the above it is clear that because TM had not transferred shares purchased by me in my Demat Account, I have lost my entire investment of Rs.58205. From the date of my investment till date Companies have awarded many benefits to the share holders in the form of Split of share, Bonus share, demerger benefits, dividend and price of some shares also increased. Hence, I have made detailed calculation of actual loss incurred by me as per enclosed sheets and actual loss incurred by me calculated at Rs.2.28,743. . Annexure-7 My PAN No. is AFWPJ8082L ( Copy of my PAN Card is enclosed herewith. ) Annexure- 8
I am ready to pay any amount payable by me in this regard, if any.
I, therefore, request you to kindly consider my case sympathetically and TM may kindly be directed to return my lost money along with all the benefits awardable to me by Companies and increase in the price of shares and interest on dividend receivable by me.
( Santosh Kumar Jaiswal )
Dated, 13th September, 2013.
Please suggest me the actual legal position and suggest me the name and address of a affordable Advocate at Patna or Kolkata. Thanks

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