Can a broker sell shares from demat without consent

A

akl

New Member
#1
#1
I trade online with nirmal bang securities pvt. Ltd on 11.10.2012 he sold some of my shares in my demat account without my consent. I had debit balance but that is not new because it has been so for the last two years and he had been charging interest in the name of delayed payment surcharge and was holding double the amount of shares in value wise with him in pool account . But he chose to sell my long term holding where i would suffer the maximum loss. Please advice
 
S

SEVEN STAR

Well-Known Member
#2
#2
akl said:
I trade online with nirmal bang securities pvt. Ltd on 11.10.2012 he sold some of my shares in my demat account without my consent. I had debit balance but that is not new because it has been so for the last two years and he had been charging interest in the name of delayed payment surcharge and was holding double the amount of shares in value wise with him in pool account . But he chose to sell my long term holding where i would suffer the maximum loss. Please advice
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What was your debit balance and what category of shares you are holding in your A/C is the criteria for the broker to cut position from account.
They give limit to trade for intra day as well taking delivery.
They start cut your position when the ratio goes down (holding share prices goes down) according to your debit balance.
 
A

akl

New Member
#3
#3
my debit balance was around 10.40 lacs and the broker was holding stocks of more than 23 lacs including stocks like 500 ril , 400 tata steel and many frontline stocks like 90 icicibank etc. in pool account but he deliberately chose the stocks from demat account where the loss was maximum. i have lodged a complain with sebi on its website scores
 
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