Unauthorized transactions by Share Khan

#1
I am posting this on behalf of my parents who have a trading account with ShareKhan. My parents are light investors and had traded less than Rs 1 lakh till June 2007. They were shocked to see Rs 3 lakh worth of transactions one day in July. The company convinced my parents that it would be taken care of once my parents give a cheque to cover the outstanding.

But even after this incident, between July 9 and 17, there were Rs 38 lakh worth of unauthorized transactions by ShareKhan!! After repeated complaints, the agent incharge of the account was fired, but the unauthorized investments were showing a loss of Rs 87,000. My father has repeatedly emailed ShareKhan, and he has never received a written reply.

Finally ShareKhan has offered a sum of Rs 50,000 instead of Rs 87,000 and have asked my father to bear the rest. This is blatant disregard of professionalism and flouts all legal norms. I have already lodged a complaint in SEBI. I have a list of all unauthorized transactions, and copies of emails that my father had sent.

What would be the best/speediest recourse at this point? Does this come under the jurisdiction of consumer courts?

Best regards
Rahul
 
#2
What would be the best/speediest recourse at this point? Does this come under the jurisdiction of consumer courts?

Best regards
Rahul
The speediest process ofcourse is to use Consumer Forums. The case falls in the jurisdiction of the District Consumer Forum.

Best Regards,
--Ashish
 

bangerabs

Active Member
#3
Dear Aca,

U hv suggested Consumer Forum for Speedy settlement of dispute. As I would like to pull up Hathway Internet for their refusal to refund the deposit, I wish to approach the Consumer Forum. May I know how fast it may be settled?. What is the proceedure?. I am from Mumbai (Kandivili) and wish to take action against Hathway.
 

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