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| Discuss HELP! Broker fraud...redressal mechanism? at the Brokers & Demat Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hello, I invested in good faith with a BSE broker named SIC Stocks & Services(INB ... |
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#1
27th October 2007, 07:47 PM
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HELP! Broker fraud...redressal mechanism?
Hello,
I invested in good faith with a BSE broker named SIC Stocks & Services(INB 0111180339) about 6 months ago. I signed up with this brokerage on the recommendation of a friend. Boy! was that a mistake! I started noticing transactions where the broker was doing day trades on my account and making commission while I was losing money. When I tried to close the account and recover the money, he sent me a closing statement with transactions on stocks that were priced much above the trading prices at any time during the last six months the account was active! When I ask for contract notes and explanation he simply refuses! What is the redressal mechanism for dealing with an uncooperative broker like this? I am afraid I am not the only case...How do I recover my money and at the same time put this broker out of business? Suggestions extremely appreciated! Last edited by kashok_2003; 30th October 2007 at 09:51 AM. 
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#2
29th November 2007, 08:41 PM
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Re: HELP! Broker fraud...redressal mechanism?
Lodge complaint with SEBI,NSE & BSE first.
Customer grievances redressal cell looks after such matters. visit nseindia.com,sebi.gov.in & bseindia.com. After that,take some cosultation from expert counsel for going to consumer court and lodging a case of 420 against the broker.
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#3
1st December 2007, 03:46 AM
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Re: HELP! Broker fraud...redressal mechanism?
Inform media and don't be scared to take the name of broker. This will help other investor's to avoid the broker. INDIAINFOLINE is also one of such kind of broker. Avoid it.
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#4
1st December 2007, 05:39 AM
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Re: HELP! Broker fraud...redressal mechanism?
Thanks for the replies. I was getting ready to file for arbitration and the broker turned around and quickly settled! I guess it's cheaper/easier to settle with troublesome clients then going through the arbitration route
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#5
6th December 2007, 12:45 PM
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Re: HELP! Broker fraud...redressal mechanism?
hi bro
i appriciat your courage, law and truth is your side and you will get justice, you can charge him on the 420 basis aslo and ask compansation too, GOOD LACK " SATY MEVA JAYATE" - Ali
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