I was a client under
bonanza subbroker. he had promissed me to give 20 percent annually on any money that i invest. i had invested 50K rs in it. acc was on my name. they did the trading for whole year themself i never interfared . i didnt interfare becose they promissed me that they will give me margin wiith 20% even if they make loss of all my money and they will give it from their pocket . but i had no written commitment about that , only verbal commitment about 20% i had. they had given this commitment to many people and fraud around 50 peoples 8lakh rs. they made loss of everybodys money,whenever i asked y you are loosing money they had proommised me to make it back or alse will give from their pocket. now the one year is over they made my 50K into 8K and payout all 8K and now refusing to give remaining money. they said the form you signed confirms that all loss that happens on your acc you are liable for it. now what can i do i dont have any written commitment about that 20% guarranteed income with margin. only few sms where they have said a little about it. where should i complaint about them bonanza, mcx( because they traded in only commodity) or sebi or police and how?
me and many investors are suffering because of them. we have lost their hard earned money for bonanzas brokrage
when i cheked at my place i came to know that many brokers have alredy made such frauds about giving monthly percentage yearly percentage commitment and made loss of people and got clean, some are out of it and some cases are in court
pls guide all traders investors and brokers
First, you do not have any right to blame them only yourself.
Believe me, from my past experience I've seen such type of instances many times. Even in my own branch. Now I explain everything to you. Our so called traditional broker house appointment marketing people to attract new client. Now tell me how many new client a person can add to a brokerage house. In three to four month time frame he brings almost all his clients to the company. Now he being unable to bring more clients to the company but feels pressure to meet his monthly target. In fact most of the clients he brings to the company are either dormant or trades in less frequent manner. So when the company's boss or senior personnel notice the idleness of these accounts, then they pressurise the marketing people to motivate the clients to do more trades. Now question arises how they will do it? In fact, they succumbed to the inside pressure and start trading on their own in those accounts with false promise of return. In this matter, the in house research team comes to rescue them and they motivate them to trade on their call.
In that way within two to three months timeframe, they lost everything and finally lost their job also. Since there was no written document in this matter, so a client can not do anything but blaming the brokers.
You will be getting surprised, if I tell you a country head, a research head of a brokerage house where I was working before had lost huge amount in client's account, in broker's own account & in accounts in branch levels in the name of false return.
After the advent of discount brokers, I've found it more hasslefree and more entertaining than these so called traditional brokers house. Because interference in these discount brokerage houses are almost nil.
So my only suggestion to you is try to meet the main broker of Bonanza and tell him the total story in a firm voice, although no result will emererge from this discussion, but it will atleast give you some mental peace.
Simply close your account with them and open with any discount broker (if you want further trading and you must have a laptop and internet connection). otherwise, keep your account with them and give a written application stating that this account should be traded be you only. Also keep a copy of that application duly signed by an authorised person of that company. Daily check your account statement after the trading hour. If you notice any descripacy, then immediately bring it to the notice of concerned person or higher authorised person.
In your above case, in my view, you can not do much but be careful for future.
Wish you all the best for your future.
