Help me..

#1
i was trading in NSE future & options few yrs ago through
bonanza portfolio ltd.initially i had invested around 3 lakhs,
and in sometime i proliferated the amount to around 5 lakhs
by trading.later whenever i asked them for the profit which i made
they say your cheque is getting ready and u'll be getting it in a day's time.
but that day is yet to come and still i haven't got a cheque from my account and
finally now they say your account is in debit and you need to
deposit 1.5 lakhs within 15days.
what can i do now ??don know how to deal with this..waiing for some legal advise..
thankyou
 
Last edited:

NOMINDTR

Well-Known Member
#2
i was trading in NSE future & options few yrs ago through
bonanza portfolio ltd.initially i had invested around 3 lakhs,
and in sometime i proliferated the amount to around 5 lakhs
by trading.later whenever i asked them for the profit which i made
they say your check is getting ready and u'll be getting it in a day's time.
but that day is yet to come and still i haven't got a check from my account and
finally now they say your account is in debit and you need to
deposit 1.5 lakhs within 15days.
what can i do now ??don know how to deal with this..waiing for some legal advise..
thankyou
Dear friend,

First, did you get the contract note from them?
Did you check your transactions?
If not yet, please do it first. If your broker don't give you your trading details, you make a complaint. Check SEBI site for guidance.

If you find anything wrong with them, you can always place complaint against them. Though I am not one who is very know the procedures very clearly, I am sure that you can make it by consulting some people who have experience in it. I suggest you to go thru entire SEBI site for how the system protects investors and how to make complaints. I hope you can even send a complaint from their site (though don't know how good it would be)

Majority of market participants face many problems with brokers just for the reason that they don't educate themselves as they educate themselves on technicals and other trading strategies. Educating yourself about regulatory system or at least having a basic idea about it is vital to carry on your trades smoothly. Have only the surprises the market gives. Don't invite surprises brokers give.

Take Care
 
#3
Hi,

First of all I am sorry to hear what happened with you. It really pains to see such thing happens with Investors. Bonanza companies like this cheat well too bad.

gsalvadi is right.

Check your contract notes first. Its imp after you do a trade this has to be mailed to you.

Check your total transcations what you did ask them for printed copies.

Go to there Branch and talk what ever they say about trading tell them to give the details in printin like your contract notes transaction statement etc..

If POA is involved then there can be a problem but personally visit them and see what the problem is.

incase they don't coperate you can check on Sebi website for complaints.

http://www.investorhelpline.in you can go to this site and register your complaints.


Keep posting your progress here so that other members can pool in advice.

All the best
 
#5
Thnks for ur info guys gsalvadi & Yash...but the problem is its my dad
who's been trading with this account..he started trading frm aug 2005
and rite from day1 he hasn't got any contract notes..the bonanza guys
they dint even bother to take his mail id..al they insisted was to put
his signature in the account opening form..tats it..&whenever asked
bout the contract notes they said it'll reach u through post..
but notin of tat sort has happend till now..


now guys what am askin is..in future & options its the responsiblity of the brokeing
agency to square up and suspend the account whenever u r running out of fund..??
many of the other brokeing agencies does tat..


the F&o rules states tat the client cannot hav a claim on their funds
incase of any incidental or accidental loss incured by your broking agency..tats true..but the rule
never says tat u can trade without sufficient fund..and u r liable for compensation..
its upto the brokering agency's discretion to allow an account in debit..but
they couldn't seek compensation for tat..i don think v have signed any aggrement asking them to allow
us trade in debit..??
 

NOMINDTR

Well-Known Member
#6
rite from day1 he hasn't got any contract notes..
According to a SEBI circular, broker must send contract note in electronic form within 24hrs of trade.

now guys what am askin is..in future & options its the responsiblity of the brokeing agency to square up and suspend the account whenever u r running out of fund..?? many of the other brokeing agencies does tat..
A broker can do that if there is no sufficient fund for MTM. For this they use get authorization. If it had been happened the days following black monday, you can register a complaint with SEBI, I remember a notice asking public to do so. Check it.

And, allowing clients to trade by giving them much exposure or loan is against law and if the collect interest for that, SEBI has a special section to sue them.

Go ahead and make a complain whatever the case. At the least you can know what is what.

Take Care
 

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