Angel broking cheat me

A

aryashro07

New Member
#1
#1
Can a broker suspended user id without informartion?Pls suggest me.I had debit on friday and broker sold out my all shares on Wednesday to clear debit by keeping user id suspended.Is it right or wrong?
I was agree to sold shares or providing a checque before market close.I am located 45 km far away the broker house.But during trading hour at 15:10 hrs he suspended my user id without information and sold out all shares in fallen market and left some debit further now he is aking me to clear debit before closing account.
As i know we can hold shares on debit upto 5 working days,but he sold out on 4th day.If it was necessary to sell shares then why keep user id suspended/no information given and sell on particular time in whole day (When market fallen sharply) rather than morning.Also left a debit.However it is of Rs 3512 and my loss is much bigger than this.I can pay debit but i am not satisfied his way of procedure.

Please suggest me what i will do.
 
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V

VijayDT

Active Member
#5
#5
aryashro07 said:
Can a broker suspended user id without informartion?Pls suggest me.I had debit on friday and broker sold out my all shares on Wednesday to clear debit by keeping user id suspended.Is it right or wrong?
I was agree to sold shares or providing a checque before market close.I am located 45 km far away the broker house.But during trading hour at 15:10 hrs he suspended my user id without information and sold out all shares in fallen market and left some debit further now he is aking me to clear debit before closing account.
As i know we can hold shares on debit upto 5 working days,but he sold out on 4th day.If it was necessary to sell shares then why keep user id suspended/no information given and sell on particular time in whole day (When market fallen sharply) rather than morning.Also left a debit.However it is of Rs 3512 and my loss is much bigger than this.I can pay debit but i am not satisfied his way of procedure.

Please suggest me what i will do.
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Dear Aryash, with all due respect to you, it appears that you are new to the market, and I am sorry to say that your perception that you can hold the position with debits in your account for five days is totally wrong. I believe that broker can sq off client"s position, with information to him, as soon as there is a margin shortage. And why should one wait until twelfth hour to transfer funds, if you wanted to keep position you should have transferred money as soon as you got the first margin call... why wait to check when patience of the broker will get over, and one be left with the debits and a story to write to get sympathy. Let's be responsible and practical, and not rely on the regulator to help us to get a compensation for our mistakes and greed.
 
rajeabc

rajeabc

Well-Known Member
#6
#6
aryashro07 said:
Can a broker suspended user id without informartion?Pls suggest me.I had debit on friday and broker sold out my all shares on Wednesday to clear debit by keeping user id suspended.Is it right or wrong?
I was agree to sold shares or providing a checque before market close.I am located 45 km far away the broker house.But during trading hour at 15:10 hrs he suspended my user id without information and sold out all shares in fallen market and left some debit further now he is aking me to clear debit before closing account.
As i know we can hold shares on debit upto 5 working days,but he sold out on 4th day.If it was necessary to sell shares then why keep user id suspended/no information given and sell on particular time in whole day (When market fallen sharply) rather than morning.Also left a debit.However it is of Rs 3512 and my loss is much bigger than this.I can pay debit but i am not satisfied his way of procedure.

Please suggest me what i will do.
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I don't think there is much option for you. Broker sold in loss because it could have gone in more loss and he would not have been to recover his cost.
Market closes @ 15:30 and if you did not turn up till 15:15 how will he know that you are coming?
Other thing , when you opened your a/c you would have given him authority to do so in such cases.
 
V

vin2044

New Member
#7
#7
They wont show professionalism, they will cheat us by comitting better brokerage and then they will put high brokerage, later the account opening person vanishes. so never open with Angelbroking.
 
V

vinay_talks

New Member
#8
#8
I agree, they recently closed my online a/c staying that i did not trade for 3 months. No where in the terms and conditions is it mentioned that the a/c can be closed if u don't trade in 3 months.

Well personally I'm not really bothered about a/c closure but what i did not like is the lack of professionalism, they could have just send me a email or a call to tell me that they are closing my a/c.

Professionalism talks a lot about a broker or broking house.
 
P

Poulomi

Member
#9
#9
Hey Aryash, the issue that you have described is a very common practice among all brokers and not just Angel broking. Taking positions on limit is an additional advantage or you can say service that a broker gives you. Here, a client’s duty is to ensure that he pays the funds within time. No broker would ever wait after t+4 day as their own money is at a stake and they cannot afford to bear such losses with the view to maintain a relationship with their clients. As a client you should take this as an advantage given to you where broker gives you an additional time to arrange for the funds. But at the same time a client cannot expect the broker to wait till infinity for the client to produce funds. I would suggest, in future do not let you position cross the 3rd day.
 
S

sham_share singh

Member
#10
#10
vinay_talks said:
I agree, they recently closed my online a/c staying that i did not trade for 3 months. No where in the terms and conditions is it mentioned that the a/c can be closed if u don't trade in 3 months.

Well personally I'm not really bothered about a/c closure but what i did not like is the lack of professionalism, they could have just send me a email or a call to tell me that they are closing my a/c.

Professionalism talks a lot about a broker or broking house.
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Iguess they do not close the account, but shift you to offline mode. Later on if you start trading again, they will again shift you back to online mode.
 
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