Sharekhan - force to sign POA

rickyric_ny · #1 23rd December 2007, 04:10 PM

*************beware of brokerages!!!*****

Planned 2 start a account with sharekhan. called up sharekhan rep. after studying their guidelines, i striked some which was not suited for me, eg: some clause say, "sharekhan can selll my securities without informing me about that" . there are no. of clause like that, which i striked. those sharekhan rep. started shouting stating he cant start the account unless i accept all the clause and that bugger forcing me 2 sign POA. unless i sign i cant trade...i just asked that bugger to get out from my place and not int. 2 trade with sharekhan anymore......... members kindly read each clause before u sign...

vignesh120 · #2 23rd December 2007, 07:09 PM

u ll have to sign a poa

vignesh120 · #3 23rd December 2007, 07:19 PM

every broker will ask u to sign a poa

logmein · #4 23rd December 2007, 08:43 PM

Want to be able to know ...... as to why some broker would do that.

Is it to clear off any liabilities the account holder might have?

rickyric_ny · #5 23rd December 2007, 10:17 PM

Dear Mr. Vignesh,

if its a must to sign POA. why is that there are 2 fees structure given on with POA and Digital CN is Rs.300/- and without POA and digital CN is. Rs.500/-. When i asked that fellow whether is it a must to sign POA. that fellow said YES, then I asked to write and give... so that i can clarify with SEBI, that bugger refused to talk to me regard on this matter...

logmein · #6 23rd December 2007, 11:56 PM

Quote:

Originally Posted by rickyric_ny

Dear Mr. Vignesh,

if its a must to sign POA. why is that there are 2 fees structure given on with POA and Digital CN is Rs.300/- and without POA and digital CN is. Rs.500/-. When i asked that fellow whether is it a must to sign POA. that fellow said YES, then I asked to write and give... so that i can clarify with SEBI, that bugger refused to talk to me regard on this matter...

Rick

Why don't you take it up with some of Sharekhan's senior officials? I bet they have some explanation to this.

P.S: Other similar posts in Traderji reflect the same issue with Sharekhan; that of selling off shares, and that too for customers who are in good credit. Strange though, do you have a form number or something?

Perhaps, if we are gonna go legal with this, contact another Sharekhan guy posing as a new customer and try getting a copy of this darned form ..... wud be a great start

rickyric_ny · #7 24th December 2007, 07:46 AM

dear mr. log,

sharekhan senior fellow spoke to me that i hv. to sign POA, unless i sign POA he cant trade. its better to stop arguing with these buggers and taking the issue to SEBI. As u said, brokerages will sell their sec. coz, they would hv. unknowingly signed these clause.. which i mentioned....

VasanSuccess · #8 24th December 2007, 12:57 PM

As I understand, POA is needed for Online Trading, as You have to accept Sharekhan/icici direct or any borker as ur agent. You cant escape from signing POA.

But can restrict on what cases, he has right to sell your share and other stuff.

POA cannot be avoided with any online trading is my understanding, May be I am wrong, but thats the info I collected

svrane · #9 24th December 2007, 01:40 PM

Can go for ICICI Direct... No POA but charges are bit high.

ppathakwealth · #10 25th December 2007, 08:38 PM

in sharekhan , I only see my shares listed under NSE not in BSE even I trnasfer to BSE ??? Any clue ??