Fraudulent transaction in my Kotak account

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.

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)