Trades Done in IIFL without my consent.

soft_trader

Well-Known Member
#1
I have a trading account with IIFL. With only 1K in that account.

I haven't traded in my account for last few month. I have completely stopped trading in that account due to high brokerage.

Now, today while checking my mail, I got an ECN from IIFL. I was shocked to see that 57 lots of Nifty Fut was traded in my account in Friday. I was never informed for these trades, and I can't understand how with a margin of 1K such a huge quantity of Nifty Fut was traded in my account.

And the most shocking thing is that Rs. 9614.22/- is due to them.

I have contacted IIFL branch for these trades, they are simply not responding. They are telling that the orders for these trades has been punched by me. :mad: Called up the customer care. The CC guys are telling me to contact the branch.

Please advice me seniors, what to do now. :confused:
 

adityasaraf007

Well-Known Member
#2
The only medium you should opt is emails.... You shouldn't ever call them up over Telephone....

First of all, lodge your complaint over email to their Customer Care as well as to their Grievance Address (if they have any)..... If you don't receive any reply within 3 days, send another email as Reminder clearly stating that necessary action would be taken if the complaint stands unresolved in the next 2 days....

If the complaint stands unresolved, lodge an Online Complaint with NSE over here.... (This works only with Internet Explorer).... In the claim amount, make sure that you mention about the losses incurred as well as any ancillary charges which you might incur because of Debit Balance in Ledger and trades executed with Short-Margin.... Once you lodge an Online Complaint, NSE would ask you to submit the relevant documents through email.... Send a copy of all the emails sent to IIFL, copy of Contract Notes, copy of Ledger, copy of other emails received from IIFL regarding the trades done, other relevant documents (if any)...

Once the complaint reaches NSE, it should be resolved within 2 days... Once the complaint is resolved, don't forget to follow up with NSE stating that it has been resolved... :)

Note: If IIFL guys call you up, make sure that you send an email containing the summary of your conversation to their Customer Care and Grievance Address...

Simple enough!!!!!
 
#3
The only medium you should opt is emails.... You shouldn't ever call them up over Telephone....

First of all, lodge your complaint over email to their Customer Care as well as to their Grievance Address (if they have any)..... If you don't receive any reply within 3 days, send another email as Reminder clearly stating that necessary action would be taken if the complaint stands unresolved in the next 2 days....

If the complaint stands unresolved, lodge an Online Complaint with NSE over here.... (This works only with Internet Explorer).... In the claim amount, make sure that you mention about the losses incurred as well as any ancillary charges which you might incur because of Debit Balance in Ledger and trades executed with Short-Margin.... Once you lodge an Online Complaint, NSE would ask you to submit the relevant documents through email.... Send a copy of all the emails sent to IIFL, copy of Contract Notes, copy of Ledger, copy of other emails received from IIFL regarding the trades done, other relevant documents (if any)...

Once the complaint reaches NSE, it should be resolved within 2 days... Once the complaint is resolved, don't forget to follow up with NSE stating that it has been resolved... :)

Note: If IIFL guys call you up, make sure that you send an email containing the summary of your conversation to their Customer Care and Grievance Address...

Simple enough!!!!!
Yes keep everything on paper (or email), Once you make a written complaint they will tend to stall you by making verbal promises . . . just don't believe in anything they tell you keep asking them to reply to your email, keep sending reminders and escalating your grievance till it is resolved to your satisfaction.
 

soft_trader

Well-Known Member
#4
Thank you Aditya And PT_Trader,

The process might be simple but i am going under mental stress. I will do everything you have told me. Thank you for your support. :thumb:

The only thing I can't understand, is that how will I give proof to NSE that those orders has not been originated from my terminal?

IIFL is telling that because they want to avoid the call recording process. So that I may not ask them for the recording over the phone. That's thy they are telling that I have entered those orders.

Thank you :)
 

adityasaraf007

Well-Known Member
#5
Thank you Aditya And PT_Trader,

The process might be simple but i am going under mental stress. I will do everything you have told me. Thank you for your support. :thumb:

The only thing I can't understand, is that how will I give proof to NSE that those orders has not been originated from my terminal?

IIFL is telling that because they want to avoid the call recording process. So that I may not ask them for the recording over the phone. That's thy they are telling that I have entered those orders.

Thank you :)
Don't worry about it..... As far as I know, all the Orders which reaches the Exchange contain information if the Order has originated from Client's Terminal or from Broker's Terminal..... If it is so, you would win the case Hands Down.....

And the fact that the trades were executed with only Rs 1000/- in the account, gives further proof that it is done by the Broker himself.... It's just the matter of complaint reaching the Exchange - and IIFL would be found with its Pants Down....

You just shouldn't worry about it..... You should rather enjoy the action/drama which is going to follow.... :)

Edit: You should confirm what I have stated in 1st Para with Sachin of Zerodha..... That would be the best thing to do...
 

soft_trader

Well-Known Member
#6
Don't worry about it..... As far as I know, all the Orders which reaches the Exchange contain information if the Order has originated from Client's Terminal or from Broker's Terminal..... If it is so, you would win the case Hands Down.....

And the fact that the trades were executed with only Rs 1000/- in the account, gives further proof that it is done by the Broker himself.... It's just the matter of complaint reaching the Exchange - and IIFL would be found with its Pants Down....

You just shouldn't worry about it..... You should rather enjoy the action/drama which is going to follow.... :)

Edit: You should confirm what I have stated in 1st Para with Sachin of Zerodha..... That would be the best thing to do...
Thank you.... thank you so much for your suggestion and kind support. :)
 

mrkanitkar

Well-Known Member
#7
First thing.
1. download ledger balance, statements in pdf format.
2. Send mail to them with all details and ecn nos. etc and request to solve in 2 days, also explain verbal discussion.
3. Also register it with http://www.nse-investorhelpline.com/EIS/
4. Also use this http://www.scores.gov.in/
Let broker RM know, you will take it with Exchange and even Sebi.
 

sr114

Well-Known Member
#8
And the fact that the trades were executed with only Rs 1000/- in the account, gives further proof that it is done by the Broker himself.... It's just the matter of complaint reaching the Exchange - and IIFL would be found with its Pants Down....

You just shouldn't worry about it..... You should rather enjoy the action/drama which is going to follow.... :)
57 lot of nf trade with 1k - this is only possible via the broker/broker+rm. u cannot simply trade any stock with this amount of money , nf is of far reach

u sud'not let this bugger ( iifl) go scot free this time.

they sud be punished for this action of them. iifl regularly does this with the clients

do what ever is necessary for this


regards
sr
 
#10
I have a trading account with IIFL. With only 1K in that account.

I haven't traded in my account for last few month. I have completely stopped trading in that account due to high brokerage.

Now, today while checking my mail, I got an ECN from IIFL. I was shocked to see that 57 lots of Nifty Fut was traded in my account in Friday. I was never informed for these trades, and I can't understand how with a margin of 1K such a huge quantity of Nifty Fut was traded in my account.

And the most shocking thing is that Rs. 9614.22/- is due to them.

I have contacted IIFL branch for these trades, they are simply not responding. They are telling that the orders for these trades has been punched by me. :mad: Called up the customer care. The CC guys are telling me to contact the branch.

Please advice me seniors, what to do now. :confused:
thr was a case in banglore where the RM, jst to do his monthly trgt bought options trading at 5paise of nifty to the highest limit, and the client had a debit amounting to the stt and brokerage.

wen u open an account u sign a POA form. so u give the authority to the broker.

so u cant do anything, but when these guys come to get the rest of the payment, jst tell them to send a recording for the options trade that was done when u called up the broker. as thr will be no recording so you dont have to pay the debit.

i am sorry, please forgive if it hurts, but forget the 1K in ur a/c.
 

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