need legal guidance

[NOMINDTR]

Now sub-broker says that by default he had rights to do so.

ASK him to explain how? Ask him in letter to reply by post

 

[sonalikk.27]

Thanks Vijay
I got a lot confidence only becoz of you.
I have decided to do as per ur guidance.
Before launching a complain should I retrieve all signed agreements/documents from Reliancemoney, is it necessary? or doesn't matter?

.....



Dear Sonali,

If you can get your documents it is fine, otherwise too I do not think it makes much difference, as Reliance Money's agreement for all the clients is standard. Currently documents should be with Reliance Money, and a sub-broker cannot temper with it now. Hence ask for duplicate of documents, write directly to Reliance Money; if possible visit Reliance Money's Customer care centre (I do not know where it is, but you can search on their website).

On the second issue, there use to be time limitation of six months from the date of dispute. But SEbi vides its circular No. CIR/MRD/DSA/24/2010 of 11/08/2010 & CIR/MRD/DSA /29/2010 of 31/08/2010 have extended this time limit from six months to three years. Here is the excerpt for your ready reference "The arbitrator should be appointed within 30 days after receiving the arbitration reference by the exchange. Arbitration claims can also be filed after six months under the new framework since the limitation period for arbitration has now been modified to three years as prescribed under the Limitation Act, 1963. An award should be passed within four months after appointment of the arbitrator."

In your case, I do not know from which date it will be counted (but definitely it is not from the date of the last transaction). However, recently SEBI had come out with more qualitative changes too, apart from change in the time period. They have made it more stringent based on the nature of a case. Hence time limitation will not apply in your case as it is a matter of breach of trust. I am confident you will get your shares back. Please let me and this forum know when you get it back. Markets are good and I feel you will get better value, by the time they are back with you. And one more thing if you want you can claim the highest price of the stocks during the period when shares were lying with your broker until you get your verdict ( I am not sure, but you may get the verdict in your favour).

Cheers!!!
VDT

Dear Vijay
Regarding time limitation for filing arbitration
(1) I read both circular ( CIR/MRD/DSA/24/2010 of 11/08/2010 & CIR/MRD/DSA /29/2010 of 31/08/2010 ) but I didnt get such direct wording that mention extension of time limit from six months to 3 year. just mentioned governed by the limitation act 1963.I also read limitation act 1963 but didnt get exact period. why didnt SEBI directly mention about limitaion period in its any of circulars?Please elaborate

(2) To lodge complain , are there any special lawyer for arbitation or civil court lawyer can do? becoz civil lawyers to whom i met were not having enough knowledge about stock market business/process & SEBI rules.

Thanks for your time & consideration

 

[VijayDT]

Dear Vijay
Regarding time limitation for filing arbitration
(1) I read both circular ( CIR/MRD/DSA/24/2010 of 11/08/2010 & CIR/MRD/DSA /29/2010 of 31/08/2010 ) but I didnt get such direct wording that mention extension of time limit from six months to 3 year. just mentioned governed by the limitation act 1963.I also read limitation act 1963 but didnt get exact period. why didnt SEBI directly mention about limitaion period in its any of circulars?Please elaborate

(2) To lodge complain , are there any special lawyer for arbitation or civil court lawyer can do? becoz civil lawyers to whom i met were not having enough knowledge about stock market business/process & SEBI rules.

Thanks for your time & consideration

Dear Sonali,
Firstly, I feel there would not be any issue on the time barring front, having said this, you need to act fast.
Secondly, for the legal people, I would suggest you visit NSE personally and check with them list of people who can fight your case. Alternatively, ask for the list of arbitration cases which got recently concluded. Check, who had fought the cases on client behalf, and shortlist the ones where the cases were won in favour of client. Within that if you come across cases against Reliance Money, you should heir that lawyer, as s/he must be well versed with Relaince Money's (mal) practices.
I hope this helps, all the best.
Regards,
VDT