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
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