Sharekhan Forcing Client to Sign POA....*** WILL SEBI take action against***

#1
any one help needed?. whom to complaint? will there be immediate response.?
Yesterday I called up Sharekhan to start a Demat + trading account....I signed up all except some clauses & POA. but the rep. said without signing all the papers he could not start a demat account. I started arguing him that I have signed all Clauses except Voluntary & POA. that fellow called by his manager he instructed him to get sign in all papers else the NSE & BSE will reject the Application. I asked him to give a written statement as what he said. that fellow refused, I sent him away.***** WILL SEBI take action against these PEOPLE **** whom to complaint? will there be immediate response.? not only this brokerage ALL the brokerages asks to sign POA forcefully..... The Worst part is 6th clause Clearly specifies that the Client agrees & authorises the stock broker SELL OR BLOCK ANY SECURITIES.IF THE ORDER GETS EXECUTED FULLY OR PARTIALLY THEN THE SOLD SECURITIES WOULD BE TRANSFERRED TO THE STOCK BROKERS ACCOUNT how to deal with these people need advice from senior & not brokers???...people Kindly read once or twice all the AGREEMENTS clearly before sigining
 
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pkgmtnl

Well-Known Member
#2
any one help needed?. whom to complaint? will there be immediate response.?
Yesterday I called up Sharekhan to start a Demat + trading account....I signed up all except some clauses & POA. but the rep. said without signing all the papers he could not start a demat account. I started arguing him that I have signed all Clauses except Voluntary & POA. that fellow called by his manager he instructed him to get sign in all papers else the NSE & BSE will reject the Application. I asked him to give a written statement as what he said. that fellow refused, I sent him away.***** WILL SEBI take action against these PEOPLE **** whom to complaint? will there be immediate response.? not only this brokerage ALL the brokerages asks to sign POA forcefully..... The Worst part is 6th clause Clearly specifies that the Client agrees & authorises the stock broker SELL OR BLOCK ANY SECURITIES.IF THE ORDER GETS EXECUTED FULLY OR PARTIALLY THEN THE SOLD SECURITIES WOULD BE TRANSFERRED TO THE STOCK BROKERS ACCOUNT how to deal with these people need advice from senior & not brokers???...people Kindly read once or twice all the AGREEMENTS clearly before sigining
K, wat compels u to keep ur account with ShareKhan?
If u dnt like their terms & conditions, Leave them and get new account opened with a new broker....
Leaving them is in ur hand, isnt it?
 
#3
Dear Friend,

Signing to POA is not a problem , it gives broker to sell and buy share with your authority , if you have online trading account and you are out of station and need urgent to sell or buy share , the broker will do it for you .
Need more help mail me at
yogeshymohite@gmail
 

AW10

Well-Known Member
#4
any one help needed?. whom to complaint? will there be immediate response.?
Yesterday I called up Sharekhan to start a Demat + trading account....I signed up all except some clauses & POA. but the rep. said without signing all the papers he could not start a demat account. I started arguing him that I have signed all Clauses except Voluntary & POA. that fellow called by his manager he instructed him to get sign in all papers else the NSE & BSE will reject the Application. I asked him to give a written statement as what he said. that fellow refused, I sent him away.***** WILL SEBI take action against these PEOPLE **** whom to complaint? will there be immediate response.? not only this brokerage ALL the brokerages asks to sign POA forcefully..... The Worst part is 6th clause Clearly specifies that the Client agrees & authorises the stock broker SELL OR BLOCK ANY SECURITIES.IF THE ORDER GETS EXECUTED FULLY OR PARTIALLY THEN THE SOLD SECURITIES WOULD BE TRANSFERRED TO THE STOCK BROKERS ACCOUNT how to deal with these people need advice from senior & not brokers???...people Kindly read once or twice all the AGREEMENTS clearly before sigining
Signing POA is part of borker-client relationship..Plz refer to investor section of NSE site.
There is FAQ in PDF format on POA. This document will help u understand what type of conditions you can sign and what u need to avoid.

And if you are not happy with some conditions of Sharekhan, then u can very well walk away from it. But don't be surprised when u see same conditions with other brokers too.

Happy Trading
 

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