case of Fraud in NSE Arbiteration

Mr. Bhardwaj, 

There is no need for confusion. For the fraud and cheating you should file a criminal complaint with the Economic Offence Wing of the Police. In case during the investigation police could link the money earned by fraudulent means, the money lying in the bank account can be seized by the court, pending trial. Separately

you can take the arbitration course for the dispute and explore the possible of amicable settlement as well.

vasudevan

Mr. Bhardwaj,

       Please do not commit the mistake of going in for arbitration in NSE.  A large number of  Arbitrators retained by NSE, are biased in favour of Stock Brokers, they are corrupt and are cheats.  They do not care for documentary evidence but give awards for some 'other considerationbs'.  According to a recent survey, over 80 percent cases go against the investors.  Once you go in for arbitration and get a negetive award, you will be looser.  Do not waste time and hire some good criminal lawyer and file a case under 156(3) Cr.PC and section 200 private complaint.

       As a victim myself, I know it from first hand. Please do not apply for arbitration. File a criminal case as advised by some other member in this forum.  If you want a personal advice, I am available in New Delhi.

K.L. Wadhwa

 09871150407

Thanks, for your guidance. Now  we have made a forum where we are filing an FIR in the Economic Offence Wing  ( Crime Branch ) as the matter is involving more than a crores of Rupees and we know that it is just a tail of the elephant. Now, We are already  10 victims / complainant and i am sure more will join at the time of Investigation / Case.  If you know someone  you can also refer to join  us in  the fight against the Religare. We are also in the process whereby we will be involving the Media also in the exposure of the Religare Scam.   Together we can fight  and will be in strong position to win the case as well.   We would like tp take up the matter in the civil as well as criminal court. 

But i think it will be quite time consuming. It has also come to notice, in past experiances, that Crime branch officials also do not usually go against the broker and are engaged in supressing the facts and accept bribes from the big hands of broker.

 Your advice will help us a long way. You are victim of Religare or  Advocate.   Thanks,

Sachin 

Dear Mr. Sachin,

         I am not an Advocate but a victim of another stock broker, Sharekhan Ltd.  My complaint for criminal breach of trust, cheating and cyber crime is being investigated by Cyber Cell of EOW of Delhi Police.  I am a victim of unauthorized trading by a sub broker of Sharekhan from my password protect internet account.  The unauthorized trading took place while I was abroad.  I am staying in South Delhi.

       Thanks

K.L. Wadhwa   9871150407

You can lodge a criminal complaint in the matter and also you should go for arbitration. In case you feel that the arbitrator is not fare in proceedings and is prejudice, you can move to High Court having jurisdiction in the matter u/s 11 of Arbitration and Conciliation Act, 1996 for change of arbitrator.

in Arbitration proceedings, you can seek remedy for the monetary loss suffered by you and u can also ask for compensation for the fraud committed by the company. if the fraud is proved in the arbitration proceedings, may be you can win. apart from punishing the company by filing criminal complaints it is also necessary to seek remedy for your loss. 

it is not necessary that the arbitrators favour NSE.  one of my client initiated arbitration proceedings against NSE and claimed relief of Rs.35 L in the arbitration proceedings and he was awarded five laksh along with interest. other reliefs were dismissed as time barred. so you can very well initiate arbitration proceedings. 

Mr wadhwa you got wrong information about NSE arbitration , it is quick amd cetainly fair.

Pl give instance actual case where arbitrators have cheated at NSE.

               It only shows you have not gone through the texts of various arbitration awards put on NSE official website or may be you, as an advocate,  have been defending only stock brokers before NSE Arbitrators.  Please find me a single award which is fair and has gone in favour of a constituent whereas you will lfind hundreds of awards that are unfair, biased and smack of arbitrary decisions far away from the facts.

I am also sufferer of a NSE Arbitrator Award, although the Ashlka Stock Broking could not provide the documents  which was I asked to provide and that was also Arbitrator mentoned in miniutes of hearing.

but at the time Award Arbitrator not botherd that broker firm had not provided documents which was asked to provide in support of their so called cliam and reward was given in favour of broking firm

Radhe 

This is issued in Public Intrest and to request the investors to choose Arbitrators wisely :

Please have a Look at the data from NSE Website regarding Broker Religare Securities ltd. and the Arbitrator - Justice M A Khan (Retd.)  which will proove how M A Khan is biased towards broker and is passing Awards against Investors. Intrestengly he  knowingly avoids the NSE / SEBI rules regulations and Byelaws and  the Awards passed are arbitrary. He was the Presiding arbitrator in my Arbitration Case in NSE and i was so much terrified by the awards passed by him (although he always pretended that he is favouring me and is in  favour of investors) that i requested him to withdraw from my Proceedings and the Tribunal withdraw from my case. 

Sachin Bhardwaj

M: 8802229962

Dear Mr sachin, 

any further developemnt on this case .. can you please update me , we are also victims of this . need help in fighting a big broker from Delhi . 

Mr sachin,  I was also checking the statistics of awards given on NSE and also BSE . 90 % awards are in favour of the brokers . with investors being left high and dry . 

Dear Mr. Sachin,

I would like to know what happened to your case against Religare. Did you get justice? 

I know its been nine years. But I hope you are on it..

Please reply back.