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Fraudulent transaction in my Kotak account

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  #1  
Old 19th December 2006, 02:56 PM
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Default Fraudulent transaction in my Kotak account

Hi,

I hold an account with Kotak Securities. On 26th June 2006, they bought some 1000 Nifty put options in my account without my knowledge. The same were automatically squared off on expiry thus setting me back by 2.35 lakhs. The transaction does not appear anywhere on my order or trade book and they never ever issued me even a contract note towards that transaction.

Repeated mails/calls to Kotak Customerservice have not elicited any response.
I have also written e-mails to NSE (ignse@nse.co.in) and the Chairman of Kotak securities but again with no response.
I have also lodged a compalint on SEBI's website. No response from there either.
I have also recently written to pehredar@moneycontrol.com

Now, I am at my wits end now not knowing how to recover the money. Can anybody please help?



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  #2  
Old 19th December 2006, 04:00 PM
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Default Re: Fraudulent transaction in my Kotak account

You in any case have already gone to SEBI and they will give you a chance to appear before them or hold an arbitration hearing to take care of such a problem.

The broker in such cases will have to produce proof that the trades have been placed by you as a client and they will have to produce a log file proving the same. Similarly, since you are an internet client they will have to produce proof of having delivered an e-contract to the mail id that you would have given at the time of account opening.

I would suggest that you go and ask Kotak to give these proofs to you if you dont want to wait for the arbitration date wih SEBI, which could take as long as 5-6 months. (have had to fight a couple of such cases with 5paisa and a regional broker in Kerala. Won both the cases :-)) As a corporate broker they will be forced to take your complaint seriously.
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Old 19th December 2006, 04:25 PM
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Default Re: Fraudulent transaction in my Kotak account

Quote:
Originally Posted by systemtrader View Post
You in any case have already gone to SEBI and they will give you a chance to appear before them or hold an arbitration hearing to take care of such a problem.

The broker in such cases will have to produce proof that the trades have been placed by you as a client and they will have to produce a log file proving the same. Similarly, since you are an internet client they will have to produce proof of having delivered an e-contract to the mail id that you would have given at the time of account opening.

I would suggest that you go and ask Kotak to give these proofs to you if you dont want to wait for the arbitration date wih SEBI, which could take as long as 5-6 months. (have had to fight a couple of such cases with 5paisa and a regional broker in Kerala. Won both the cases :-)) As a corporate broker they will be forced to take your complaint seriously.

Stop writting mails & do some action...
Catch your RM or go to the manager & fire himmmmmmmm.
Just do it....
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  #4  
Old 28th January 2007, 11:33 PM
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Default Re: Fraudulent transaction in my Kotak account

did u get any compensation for the cases which u won???
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  #5  
Old 2nd February 2007, 11:29 AM
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Default Re: Fraudulent transaction in my Kotak account

Won the 2 arbitration cases and the brokers di pay up based on the arbitration award. Though i did not get my full claim, i did get the amount for the actual losses that occured
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  #6  
Old 3rd February 2007, 09:46 PM
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Default Re: Fraudulent transaction in my Kotak account

well,i wrote that this has happend to me too with kotak securities,i have already posted that in this investors grieviences section.They didn't even deliverd any contract note,once they billed me twice and other time they included a trasaction which i have not done and same was not indicated in contract note.

kotak securities staff are of bunch of idiots because they simply sing same song with out understanding what the problem is.

The problem lies in kotak securities software,i say it with full confidence because i know what has happed on that week on kotak securities website,it kept on showing all errors in balance and also trade value error and margin utilized.all calculations shown are errors.

please note who ever trading with kotak securities has to look into trade details,and balace every day.if you see any errors means,some one going to get hammerd this way.

Unless SEBI punish them with hefty fine,they will not come out clean.

Guide lines to protect yourself :
1)check your balance every day
2)save all the trades orders
3)keep safe all contract notes deliverd to you.
4)check billing carefully...(extra billing has done to me irrespective of my contract value)
5)check your quatity of shares and scrips with out fail in your dp

never lose hopes,Fight with them till you get back your money ...not just money...one should make them pay same interest as they charge for margin utilised for absorbind money illegally. and trauma caused by there mistake.
i am still fighting the same .

suba
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  #7  
Old 6th February 2007, 07:24 AM
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Default Re: Fraudulent transaction in my Kotak account

Suba,
I am using kotak for over a year and faced many problems with them. Though I have not faced any financial fraud as you have, But I have not seen people who don't want to improve their service.

Whenever I used their customer service, I always get totally vague response. Even a small child can write better response and explain their situation. For example When I asked them about reducing Option brokerage rate as per NSE Rules, Their response was "we wish to inform you that brokerage calculation in options currently is {(premium + strike price) x quantity} x brokerage.". I am asking them to comply with NSE rules, and they are responding with what is brokerage rate.

The delays in the customer service response easily takes between 3-10 days and at the end you get such foolish responses.

I think these guys are still having a mindset of 1986. I had stopped working using their service at all. Think investment lost, think kotak.
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  #8  
Old 6th February 2007, 08:05 AM
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Default Re: Fraudulent transaction in my Kotak account

This should serve as a warning to other online traders to use a good spyware. I am posting some definitions which I came accross in the Paretologic website:

Keylogger
Records keystrokes into a log file and may transmit or e-mail the file to an intruder. Keyloggers can record passwords and logins, allowing intruders to access passworded programs and web sites, including online banking accounts. Most keyloggers log ALL keystrokes.

Spyware/Surveillance
Designed to collect data for a variety of purposes, true Spyware (or surveillance) applications record personal or private information and transmit it to a third party. Often this data is used for market research and advertising, but more malicious Spyware programs attempt to steal passwords, logins, banking details and credit card information.

Dialer
Programs that access a user's phone line via a phone-connected modem. Dialers can make unauthorized calls to pay-per-minute phone services, costing the user hundreds of dollars in phone charges.

Chartecteristic:
Records Personal Data / Keystrokes
Spyware programs specialize in recording personal data about the user or the user's computer. Spyware programs called keyloggers record all keystrokes to a log file, which can often be automatically e-mailed to a third-party or third-party Web server. Surveillance programs can record data about a user's Internet activity, program usage, and security settings. Some surveillance programs can even capture images of the user's desktop and send them to a third-party, allowing him or her to see what the user is doing. Password Capture programs focus on stealing passwords and logins from the user's computer. By definition, Spyware collects information about a user's web activity, which may include personal or sensitive information, for the benefit of a third party. A program that covertly records data that should be kept private is likely a threat to the user's privacy and security.

It is possible to place these spywares into your computer when you download .exe files from unknown websites.
NOTE: MOST VIRUS SCANNERS DO NOT RECOGNIZE THEM.

The best anti-spywares I've known are:
1) Webroots spysweeper
2) Ad-Adware
3) Xoftspy
4) Counterspy
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  #9  
Old 27th April 2007, 08:57 PM
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Default Re: Fraudulent transaction in my Kotak account

I understand you all..I have also faced the same problem during 200 tech boom. Before market crashed I have placed order on phone with my broker to sell HCL infosys at 600. He confirmed me on phone that it is sold. Then the market crashed & withing 1 minth HCL was trading at @ 180. After another month my broker said he didn't sell my stock & its til lying. Heavy loss on my account. I told him to pay for his mistake but he didn't. A month later by mistake his acountant added 500 shares of Himachal Futuristic in my account. When I saw additional shares, I immediately sold them thru some other broker. Month after that previous broker told me that by mistake they added some stocks in my demat account & asked for it. I told him to get lost & do whatever he can do. He wen to courst & send me notice which I never accepted from post man. I gave him 500 Rs to make it lost. And things worked. He got tired of asking me for those share. Finally as nice person I paid him the difference (that too after lot of thinking). I was really lucky to get my money back & tech him lesson.
Lesson Learned: All brockers are chor. We have to be always careful. Keep checking out accounts. Ask for trade confirmation everytime. B/c of all these I like icicidirect a lot. I know when there will be issue, it will be very tough to deal with them. But till date I have no issue.

Jignesh
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  #10  
Old 28th April 2007, 09:30 PM
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Default Re: Fraudulent transaction in my Kotak account

Quote:
Originally Posted by mohitgupta_2001 View Post
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@yahoo.com
mohitgupta_2001@hotmail..com


PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>PLEASE HELP ME>>>>>>>>
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


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