Fraudulent transaction in my Kotak account

Please HELP me for a Problem of Deficiency/Fraudelent in Service.

I have been cheated/fraud done upon by INDIA INFOLINE SECURITIES PVT. LTD.& its working staff in Delhi.

SEBI Registration No.INB 231097537 & INF 231097537-NSE & INB 011097533-BSE.
A national level stock broking house,an its major co. is listed on national bourses too with the name of INDIAINFOLINE LTD.

Registered with an office address:-Bldg.24,1st Floor,Nirlon Complex,Goregaon(E) Western Express Highway,Mumbai-400063

I have been trading into stocks since March 2004 as an registered client of 5paisa.com(india infoline securities pvt. ltd.)broking subsidiary in New Delhi.

My Trader Terminal Id with 5paisa.Com is MOHIGUPT.

On 13th April 2007,i had traded Short-Sell 867 Shares of Tech Mahindra @1452<avg.-Cash-Nse-Intraday>

During the mid-course of trading hours i covered 103Shares of TM leaving behind 764 Shares still in Short Position,

At that moment connection to my TRADING TERMINAL server got broken,due to some problems at IndiaInfoline end.

So,in order to Buy-Cover my left over short Shares i Called up my RM in indianfoline Mr.Parul-Gupta(Posted @Kirti Nagar-Delhi Branch),i sincerely told him to BUY-COVER 765 Shares of TECH MAHINDRA for me @ the MARKET PRICE.

**Within seconds over the phone he told me that my order has been covered.**

Surprising facts are:-

1)I got to know instead of buying required qty. of stocks he/(RM-Dealer) mistakenly OR Intentionally Short 765 Shares@1489 more taking my Toll of Shorted shares to 1529Shares(Amounting >Rs.22.5Lacs)and market closed thereof.

2)How can they trade that much amount on one side of trade(Sell/Buy) in my trading account,when my account don't have that much margin funds available or ineligible for the amount of trade executed.

3)Next day,when i saw my contract note for (13/04/2007),i was shocked to see my trading account freezed and its in SHORT of 1529 Tech Mahindra Shares.

3)Immidiately i called up my RM,Mr.Parul Gupta,he told me that yes he know what has happened & accept that this was done due to a fault by trading dealer@ office,and he will do whatever he can to rectify the problem(wrong/fraudlent trade executed).

4)On 15th April,My RM Mr.Parul Gupta told me that he has saved me from penalties of AUCTIONING OF SHARES(for mistake which i have never committed)& sounding like threatning me for no good cause.

5)Now My RM Mr.Parul Gupta(IndiaInfoline Securities Pvt.Ltd. Employye) is saying that he can't do anything.
Whatever has done can't be changed.
Now not even picking my repeated phone calls.
---------------------------------------------
Now ,i don't have any other option out for saving myself from this severe unbearable loss of Rs.1,25,000(Approx.) caused by DEFICIENCY IN SERVICE OF INDIA INFOLINE SECURITIES PVT. LTD.
---------------------------------------------
Also,this tends to bring a severe Toll on me in form of Mental Trauma ,Stress caused due to many unslept(highly depressed) days & night.
********************************************
As,i am a young age man,Aged just 22+.

I am involved in several other acts like,i am studying MBA-Finance(DLP) from ICFAI Hyderabad.So,i am not able to work on any front,neither study nor work.

I have took Stock Market Trading as an career option for myself with my studies going on secondarily,
I opt out from regular MBA option just to pursue my most fascinated Technicals,Stocks,Number crunchers,charts,financial statements Balance sheets etc..

But,where would i move now?

But,now i am starnded in nowhere,as all my money is being vanished by aforesaid FRAUDLENT trade done on part of India Infoline Securities pvt. Ltd.
adding to my mental agony as i don't have
more capital to start afresh.(as suggested by Mr.Parul Gupta RM-Indiainfoline)
Its seems my career is RUINED mid-way.
I have no other way to look for help.

I would like to raise a case against INDIA INFOLINE SECURITIES PVT. LTD. in National Consumer Forum,New Delhi also for the unbearable mental agony caused,and fear created for loss of career ,livelihood & financial compensation.

These big private broking houses thinks that an common man can't sue them as they have all well prepared with big Lawyers etc.

Now,i am in such a depressed situation thinking what would i do,if i don't get justice.

Where would my most passionate(technical stock market trading)work moves from here?

Still i believe in esteem INDIAN LAW.

HELP ME FOR JUSTICE!!!!

In hope of earliest consideration!!

Thanking you

With Regards

Mohit Gupta
Small Trader-Investor
R/o:-
Meena Bhawan,27/29,
Street no.9,
Vishwas Nagar
Shahdara
Delhi

Cell:- +91-9811803656
Cell:- +91-9313424339
email:- mohitgupta_2001@*****.com
mohitgupta_2001@*******..com

Please HELP me for a Problem of Deficiency/Fraudelent in Service.

I have been cheated/fraud done upon by INDIA INFOLINE SECURITIES PVT. LTD.& its working staff in Delhi.

SEBI Registration No.INB 231097537 & INF 231097537-NSE & INB 011097533-BSE.
A national level stock broking house,an its major co. is listed on national bourses too with the name of INDIAINFOLINE LTD.

Registered with an office address:-Bldg.24,1st Floor,Nirlon Complex,Goregaon(E) Western Express Highway,Mumbai-400063

I have been trading into stocks since March 2004 as an registered client of 5paisa.com(india infoline securities pvt. ltd.)broking subsidiary in New Delhi.

My Trader Terminal Id with 5paisa.Com is MOHIGUPT.

On 13th April 2007,i had traded Short-Sell 867 Shares of Tech Mahindra @1452<avg.-Cash-Nse-Intraday>

During the mid-course of trading hours i covered 103Shares of TM leaving behind 764 Shares still in Short Position,

At that moment connection to my TRADING TERMINAL server got broken,due to some problems at IndiaInfoline end.

So,in order to Buy-Cover my left over short Shares i Called up my RM in indianfoline Mr.Parul-Gupta(Posted @Kirti Nagar-Delhi Branch),i sincerely told him to BUY-COVER 765 Shares of TECH MAHINDRA for me @ the MARKET PRICE.

**Within seconds over the phone he told me that my order has been covered.**

Surprising facts are:-

1)I got to know instead of buying required qty. of stocks he/(RM-Dealer) mistakenly OR Intentionally Short 765 Shares@1489 more taking my Toll of Shorted shares to 1529Shares(Amounting >Rs.22.5Lacs)and market closed thereof.

2)How can they trade that much amount on one side of trade(Sell/Buy) in my trading account,when my account don't have that much margin funds available or ineligible for the amount of trade executed.

3)Next day,when i saw my contract note for (13/04/2007),i was shocked to see my trading account freezed and its in SHORT of 1529 Tech Mahindra Shares.

3)Immidiately i called up my RM,Mr.Parul Gupta,he told me that yes he know what has happened & accept that this was done due to a fault by trading dealer@ office,and he will do whatever he can to rectify the problem(wrong/fraudlent trade executed).

4)On 15th April,My RM Mr.Parul Gupta told me that he has saved me from penalties of AUCTIONING OF SHARES(for mistake which i have never committed)& sounding like threatning me for no good cause.

5)Now My RM Mr.Parul Gupta(IndiaInfoline Securities Pvt.Ltd. Employye) is saying that he can't do anything.
Whatever has done can't be changed.
Now not even picking my repeated phone calls.
---------------------------------------------
Now ,i don't have any other option out for saving myself from this severe unbearable loss of Rs.1,25,000(Approx.) caused by DEFICIENCY IN SERVICE OF INDIA INFOLINE SECURITIES PVT. LTD.
---------------------------------------------
Also,this tends to bring a severe Toll on me in form of Mental Trauma ,Stress caused due to many unslept(highly depressed) days & night.
********************************************
As,i am a young age man,Aged just 22+.

I am involved in several other acts like,i am studying MBA-Finance(DLP) from ICFAI Hyderabad.So,i am not able to work on any front,neither study nor work.

I have took Stock Market Trading as an career option for myself with my studies going on secondarily,
I opt out from regular MBA option just to pursue my most fascinated Technicals,Stocks,Number crunchers,charts,financial statements Balance sheets etc..

But,where would i move now?

But,now i am starnded in nowhere,as all my money is being vanished by aforesaid FRAUDLENT trade done on part of India Infoline Securities pvt. Ltd.
adding to my mental agony as i don't have
more capital to start afresh.(as suggested by Mr.Parul Gupta RM-Indiainfoline)
Its seems my career is RUINED mid-way.
I have no other way to look for help.

I would like to raise a case against INDIA INFOLINE SECURITIES PVT. LTD. in National Consumer Forum,New Delhi also for the unbearable mental agony caused,and fear created for loss of career ,livelihood & financial compensation.

These big private broking houses thinks that an common man can't sue them as they have all well prepared with big Lawyers etc.

Now,i am in such a depressed situation thinking what would i do,if i don't get justice.

Where would my most passionate(technical stock market trading)work moves from here?

Still i believe in esteem INDIAN LAW.

HELP ME FOR JUSTICE!!!!

In hope of earliest consideration!!

Thanking you

With Regards

Mohit Gupta
Small Trader-Investor
R/o:-
Meena Bhawan,27/29,
Street no.9,
Vishwas Nagar
Shahdara
Delhi

Cell:- +91-9811803656
Cell:- +91-9313424339
email:- mohitgupta_2001@*****.com
mohitgupta_2001@*******..com


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I can understand your pain and trauma which you might be undergoing...but don't lose heart my friend.....

as they have crossed margin of available fund ...you can fight on that point at least you can save your self to that level.

i am not sure of whether there will be any proof of recovery done by the broking house on behalf of you....that is, which prove instead of you it was broking house which carried it,if any such exist then you can fight for the whole amount of error trasaction done by them.

when ever any problem arises one should write it down and submit compalint ..to the broking house first..and also take proof of compalint submitted copy from them......never talk... do it on paper paper paper..

atleast now you should write a request to your broking house where you hold trading account asking them to explain how and why the margin limits are crossed,insist them to reply it on paper not by words.

There words and way of explanation can save you may make you sit on safe side when you file complaint with SEBI....patiently ask them to give reply on paper only.

and please find out ...will there be any specific proof that it was them who carried out transaction on behalf of you.

http://www.sebi.gov.in/investor/investadd.pdf
please check this weblink find out which one is near to your house..and go in person and explain your problem to them they may guide you very well ...

don't worry of what broking houses have ...do your best ...atleast you will be able to recover something if not full amount ...i am 100% sure of some amount of recovery can be done...although it may take time.

please remember ....Go in person and try things by putting everything on paper.

i hope people who has faced this kind of problem will help you and guide you ...more in this forum

The more seriously you purse and create pressure on this broking house the fast and better result you will see.

so try try try ...don't lose heart.

suba

Hi,

I 100% agree with wat suba said. You must give a personel vist to the broking branch and first speak with there senior or branch manager available and ask them to give you reply on paper. If nothing works and these people don't listen don't move out of there office till they don't reply you on paper you have to show them that you are very serious. Don't move an inch stand there and talk to them. Once you get a reply from them on paper as suba told go to the sebi office available in Delhi and explain them. The fault lies in there system they traded above your margin level. Not your fault and do keep posting what ever updates you receive from them so that senior and other members can give you proper guidence to you.

Wish you a very best of success in this.

RN@Equity

A similar incident happened last week with me but it had a happy ending.
I had 300 nifty 4100 CE @ 16 Since I had to attend a wedding I told my RM to SELL 300 nifty @30 but he instead bought 300 nifty @ 30. When I received the contract note in he evening i was shocked and immediately called my RM. He told me that he misheard me and bought instead. He told me that he will squareup in the morning. I told him not to do any further transactions and I will personally sell it. Luckily next day the nifty was up and sold the entire 600 @ 44
Even though I made an extra profit of Rs 8400 henceforth I have decided to dial the call centre (where they say that the calls are recorded) instead of my RM. Hope nobody goes through this ordeal as i did have a Sleepless night thinking what if the market crashed ?

thanks
ashish

PS I have heard that RM's earn more if the client generates higher brokerage.

Mohit_gupta2001,

What type of HELP you desire ? We all are here to put a digital signature on any kind of signature campaign protest to SEBI or concerned authorities.From Kolkata ,cant even meet u.
Appealing to all our Delhi boarders to call Mohit & extend all support.
All infoline client's plz do not wait for 3.28pm (they dont have Auto sq off).

Asish

N.B: Had the same experience with 5 paisa ,8 yrs back ,in Kolkata.Amont involved 12k.Contacted BM next morning & one Mr. Lahiri & other (HNI) backed this green horn trader ,Mr Venkat (now Director of India Infoline) was repeatedly called by them & problem was sorted out by 10 days time.From that time ,if have to place order over tel. every 15 / 30 mins verify the position over tel.

Thanks to all senior members who replied to my post.
I am taking note of all steps you mentioned in order to sue the company legally.
I will follow it by firstly going to co. with all written on paper documentary proof of fraudelent trade and let you knw the status what co. is saying?
I will definitely fight for the same and will make co. to face court for mentally harassing me over the period of last 45 days.

thnks to all.

Mohit there is another thing you can try.From what you have written it seems to be a clear case of fraud and cheating.You can lodge a police complaint against your RM and the branch manager.You could also name the chairman of the company in the complaint. I assure you that will bring them to their senses.Further since you are in delhi,I would suggest you meet some MP'S when parliament is in session and give them a copy of your complaint.Ask them to write to the finance ministry asking for the company's license to be cancelled or ask them for a covering letter.Send copies of the covering letter to your broker and just keep hounding them wherever you can.

hi,
have u settled such cases with the above said broker? If yes,I would like to know how?pls reply(PM)