Share market cheating by agent
Querist :
Anonymous
(Querist) 23 November 2011
This query is : Resolved
i had invested in share with india infoline since 2010, and they would do the trading on my behalf,they would not call and tell me that which share they are buying and at what rate they are selling it was there duty to phone and tell about each and ever step what ever share they are taking, i had invested around 37ooo plus there were some payout done and the last transaction was showing that 22 sept 2011 one of the share that was taken for an amount 24,342/- and this amount is not showing on the account,i have a transaction on papers that is contract note about the share that was taken and sold on the same day,and that amount disappears and does not show in the ledger account only the profit of 3rs is shown......i have not given them any thing in writing nor any mail was sent to them to purchase or sell the share on our behalf........can any thing be done without any authorization the account was being operated without any letter nor any mail from me,i was just promised that i will get alot of profit from this,a false gaurantee was given telling that every month you will earn at least 2000 but this was said verbaly.................
Devajyoti Barman
(Expert) 23 November 2011
The thing is it is very difficult to prove that the sub-broker operated your account without your instruction as most of time the instructions are made through telephone only.
Any way if you have proofs of their misfeasance you can file a case in Consumer Forum for deficiency of service.
Rajeev Kumar
(Expert) 23 November 2011
I TOO AGREE WITH BARMAN
Shonee Kapoor
(Expert) 24 November 2011
Nothing to disagree.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Sailesh Kumar Shah
(Expert) 24 November 2011
Make online complain at Indiainfoline:-
https://ttweb.indiainfoline.com/trade/Login.aspx?callback=helpdesk.aspx
After their response come again with detail. After lodging complain they takes 24 hrs only.
mahendrakumar
(Expert) 24 November 2011
usually buying and selling instructions to the brokers are given by phone.
however,for releasing the shares on your account,unless you have signed any agreement for virtual transactions,you have to issue signed delivery notes.
at the time of opening demat a/c,you might have signed lot of papers without realising the contents.
You can make complaint to NSE and BSE too apart from making a consumer complaint.
Advocate. Arunagiri
(Expert) 24 November 2011
Usually the share brokers used to record the telephonic orders from the clients. you may check with the your brokers policy.
If any transaction is not shown, but, the profit alone is credited in your account. You demand for your detailed account. without transaction, no profit will come.
No reputed brokers will say that you will get a standard income from share trading.
You have not mentioned what is your actual loss if any, because of this issue.
Send them a letter/notice.
Guest
(Expert) 24 November 2011
Nothing to worry,
As per SEBI guidelines, the transaction weather buy or sell of any security (share) can be done Strictly obtaining Client permission, either on phone or or personally.
as u said that neither any such instruction were provided y u and if the co. said that the client make some order/ instruction via phone then the "telephonic conversation recording" is mandatory as per SEBI guidelines - JUST CHECK THAT OR DEMAND THE SAME.
or if u didn't signed any "POA" then no co. is authorize/ entitle to sell/ buy on ur behalf until unless u handed over "Demat Slip" (duly signed y u)to them. (otherwise it get auction - as per SEBI rule), so here u also CHECK UR DEMAT SLIP or DEMAND THE SAME. (check auction as well)
and if these above things are in ur favor, then simply talk them to compensate ur loss otherwise send them Legal notice & also complain the same to SEBI and pull them before the consumer court.
IN SUCH MATTERS, SUB-BROKER NSE/ BSE/ MCX (or whatsoever) LICENSE ALSO GET CANCELED
EXPERT'S PLS CHECK ME, IF IAM WRONG!!
ajay sethi
(Expert) 24 November 2011
when u opened an account did you sign any agreement .
did you authroise them to operate account on your behalf .
did you sign a power of attorney?
in any c ase account statement confirmation is sent daily . if you ahve not received the same and account operated without your consent issue them a legal notice /make complaint to SEBI
