Cheated by Brokerage house/M/S Religare Securities
Mohd Ubaid
(Querist) 16 January 2011
This query is : Resolved
I was cheated by a Brokerage house M/S Religare Securities Green Park Branch.
My RM kept lying/misguiding me about my account status, and I used to get a confirmation call only after the trade was executed and for detailed information I used to speak to my RM who kept giving me false information, after the Dec 2010 month I went to his office and he said I have 2000 puts and on 01/07/2011 those were worth rs.1,60,000/- when I asked him to sell those he kept on saying we will do it later so I asked the Branch and I came to know there was nothing in my account and they said you need to speak to Asif (RM) he called me in the evening and when I asked him why we are unable to see those puts in my account he said "aap office aiye aap ko sab dikhate hain" and I recorded that conversation as well, I than went to Green park branch and his manager agreed that it was my RM's fault and I have that recording too, could some one please suggest how I can pursue this case because they are not giving me any satisfactory answer.
Please refer the attachment for detailed information, and I can provide the recording as well
Thanks
Ubaid
9871793393/9910352514
mohd.ubaidd@yahoo.com
Devajyoti Barman
(Expert) 17 January 2011
Yes the financial institution can definitely be booked under criminal proceeding along with civil case for recovery of money as well.That apart several other measures could be taken against the company.
SAANJAAY GUPTAA
(Expert) 17 January 2011
You can file F.I.R against the RM and the Branch Manager for cheating your hard earned money for their benefit and also file civil suit for recovery of money but after lodging the f.I.R
Advocate. Arunagiri
(Expert) 17 January 2011
I differ.
The clients who are dealing with sahres used to give authorisation to the company executive, to transact on their behalf. In that situation the entire risk is on the client only. The company is not responsible for the losses. It may be true that the company executive is not talented, but he can not be booked under 420 or 406.
In other case the client will not give authorisation to the company, but he will personally place orders. For this the company will have the telephonic record for the orders. That record will be maintained for few months. If the client denies his order, the record will be proof. If the telephonic order (proof recorded message) was not executed deliberately, the company can be booked for 406.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 17 January 2011
Transection by any body on behalf of a client not allowed by SEBI, there are stringent penalties.
Please immediately complain to to the NSE OR BSE on whose platform the transections have been done. They take quick action since they have records.
Also file a criminal complaint.
Mohd Ubaid
(Querist) 17 January 2011
Thank you all for your expert advise.
One more question please.
If I don't have the capacity or I don't want to spend any more money can I be appointed a Lawyer by court?
Ajay Bansal
(Expert) 17 January 2011
See A.I.R. Manuals also.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 17 January 2011
NSE BSE DO not charge any money from you and in most of cases once the notice is given to other side there will be compromise if your facts are all right.
Amit Minocha
(Expert) 17 January 2011
agree with Mr Shashikumar. but ake co. also as an accused besides RM and BM
Abhishek Marvi
(Expert) 17 January 2011
I AGREEE WITH BERMAN and also complaint file before S.E.B.I.
Mohd Ubaid
(Querist) 17 January 2011
Hello experts,
Please take a look at the this SEBI circular.
As per SEBI circular - CIR/MRD/DMS/13/2010 - Dated April 23, 2010
Under General Guidelines
The POA shall not facilitate the stock broker to do the following:
Point No.15. Execute trades in the name of the client(s) without the client(s) consent.
Religare Securities specifically Green Park Branch (I am not sure of any other branch), function in a way where they don't take client(s) consent when executing trades.
Please advise.
Thanks
