Unauthorised operated dmate a/c
vishnukumar gandhee
(Querist) 15 October 2011
This query is : Resolved
sir/madam
i am a lawyer but i now a days i faced the problem that my father now a days he is out side of india (austalia) his dmate a/c with religare securities ahmedabad branch the operator know me and he has my mobile no also. so he trade in dmate a/c everyday sale and buy and intraday tranjections. very first trade i received the call for confirmation than i denied that and not giving confirmation than operator calls me and said that it is smple don't worry it has no problem to make confirmation and if don't receive that i am in problem with my job. than i am weeling to say ok for confirmation call but very next day he made loss of 500 to 1000 in intraday tranjection so i am immediately inform my father that i have no knowledge of market so give intimation to operator that not make any tranjections i am not in a country. than and that person reeiving telephonic intimation but he makes tranjections and receiving confirmation by me. the a/c goes in a loss one day he call me so many times in one and half days to receive the cheque for fulfill the loss which he made. my father giving me a cheques for his lic and bank loan and any other payment of bills so i give him a cheque of 40000 and he give me assurance that he give me back in one or two days. i make this type of tranjection with your father so i am in good faith and never suspicious for that person because of my father but already he makes big tranjection and a/c going to big loss. and than i inform my father that i give him a cheque of 40000/- than he told me that this wrong he can not operate himself and resulting loss approx 175000/- rs. the company takes all shres and leveled the a/c. the result is this the a/c has almost 00.00 which has 150000/- rs shares and 40000/- he collect from me.
the company and his operator, manager and comliance officer said that the confirmation giving by you it is enough and company can not pay you or any person is not liable for that. the problem is that i am a lawyer and no knowledge of market but third party makes confirmation is valid though my father already given him a intimation that do not make atranjection. the operator, manger is liable for that the cheque given by me after he countinously call me and asking for cheque. in this matter i want make solutuion and i prove that i am not interested any time to make tranjections i am not giving him a order to make buying or selling. so third party confirmation is valid ? i am not in common residence with my father i am hving own residence and the fathers house is closed now a days. so please masters help me and if u want any other more information please mail me thanks i am so helpless being a advocte it is rudiculous.please reply me
Shonee Kapoor
(Expert) 15 October 2011
You made a mistake.
Stop giving any confirmation now and bear the loss.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Arun Kumar Bhagat
(Expert) 16 October 2011
You shall have to initiate in-house arbitration proceedings conducted by NSE or BSE wherever the transactions were done.Your case appears to be weak one since you never lodged any complaint with Religare Securities about unauthorised trading.
Sailesh Kumar Shah
(Expert) 16 October 2011
They are done unauthorised trading on your account. you need not to bear a single penny. As advised by Shri arun kumar bhagat, you shall have to initiate in-house arbitration proceedings conducted by NSE or BSE.
and also write to the SEBI for this irregularity. SEBI would also take necessary action.
visit at http://scores.gov.in/#
Raj Kumar Makkad
(Expert) 16 October 2011
You being an Advocate are expected to know the meaning of your confirmation. Wrong doer is definitely liable but you every time confirmed each and every transaction so how can you deny having made no transaction when every time you confirmed on your cell? You even issued a cheque of Rs. 40,000/- as margin money.
Shouldn't have to taken the help of this forum or some other known person when you were making confirmations and were issuing cheque?
It is not easy for every one to bear loss especially when he is either innocent or even remains to be innocent but every incident gives a lesson. I think you have learnt a lesson but by spending more than Rs. 2 lakh.
Immediately close your account so that losses may be stopped further more. market is not good these days.
vishnukumar gandhee
(Querist) 16 October 2011
my problem is that i am third party and cheque of margin is not mine he want to change liability or acccountibility he made all the tranjection without any prior order
prabhakar singh
(Expert) 16 October 2011
The question is how will you prove all that you say ,why you consented on his suggestion"let it go i shall bear"?How to prove there was no order??
In the existing circumstances either go for in-house arbitration proceedings conducted by NSE/BSE;
OR wait for their law suit with out paying any penny.When suit come set your defence and prove that by evidence.
