broker is not returning the money

#1
hi all
plz help me out
my subbroker suddenly decided that it wants to change its broker and therefore asked each of client to close the account , most of the clients closed the account and moved to other subbrokers but me along with couple of other clients took little longer , now our broker is not returning the cheque because apparently my broker and subbrokers have some issues related to money.
my subbroker directs me to broker and vice versa when asked for the cheque.
i have already made a complaint to SEBI against the broker.

is there anything else that i should do ,
please guide me

thanks a lot
 

NiftyFantasy

Well-Known Member
#2
hi all
plz help me out
my subbroker suddenly decided that it wants to change its broker and therefore asked each of client to close the account , most of the clients closed the account and moved to other subbrokers but me along with couple of other clients took little longer , now our broker is not returning the cheque because apparently my broker and subbrokers have some issues related to money.
my subbroker directs me to broker and vice versa when asked for the cheque.
i have already made a complaint to SEBI against the broker.

is there anything else that i should do ,
please guide me

thanks a lot
Go to a lawyer and issue a first warning notice to him... along with KALAR PAKAD KE GHASITO....:p
It is clear that he can not be treated in a mannered way...
 
#3
Go to a lawyer and issue a first warning notice to him... along with KALAR PAKAD KE GHASITO....:p
It is clear that he can not be treated in a mannered way...

well I am in a job , so i was wondering if there is any other way other than going through pathetic legal system .

i would like to know how efficient is SEBI in getting justice to investors ,
is complaining to SEBI enough.

please write something.
 
#6
i will not comment regaring the issue u r addressing
but please note that henceforth while opening an account open it with companies head office or main branch in your city in case if ho is located in other city
head office has control over the branch

do not go with subbroker or franchise

head office has control over the branch
 

PIL

New Member
#7
Sub: Sub- brokerage with SIC Stocks & Services Pvt. Ltd., Ground Flr, # 2 & 4, Kedia Arcade, # 92, Infantry rd., Bangalore 560001 of Pansys Infotech Ltd., 24, II Flr, K.R. Colony, Domlur Layout, Bangalore 560071.

With regard to the above, we had taken sub-brokerage by duly fulfilling all the statutory and financial requirements in the month of September 2009.

We were promised SEBI registration and sub-brokerage registration within one month after submission of the forms which we complied with in the month of September, 2009. We made a payment of refundable deposit as follows based on their letter dated 17.09.09:
1. Deposit of Rs. 90,000/- towards V – Sat connection
2. Deposit of Rs. 2,50,000/- towards BSE trading Exposure
3. Deposit of Rs. 2,50,000/- towards NSE trading exposure
We neither received SEBI registration nor sub-brokerage registration intimation or information about the same until end of Jan. 2010. We decided to terminate the sub-brokerage arrangement with SIC Stocks & Services Pvt. Ltd. For non compliance of their promises and we also faced huge losses due to their lack of support and incompetent guidance.

When we requested SIC to settle our deposit they delayed the matter for over 2 months and finally SIC paid us a sum of Rs.4,07,577.14/- although the above amt of Rs.5,90,000/- was taken as refundable deposit. We have not recd the refundable deposit taken for V sat connection although the V Sat equipment has been shifted from our premises in the month of March, 2010. They deducted the brokerage and bad depts. amt of Rs. 37,422.08 without giving us any detail. After giving SIC business for 4 months our small earning of sub-brokerage charges was deducted from our refundable deposit under the pretext that our sub-brokerage was not registered till the date of settlement of our dues in March, 2010. There was no bad debt as SIC was recovering their bad debt dues promptly from time to time. SIC has deducted sum of Rs. 35, 000/- towards rental for V Sat for 6 months plus dismantling V Sat charges of Rs. 5,000/- In addition SIC has also till date not refunded the Rs. 90,000/- paid by us towards refundable deposit for V Sat connection.

We have been cheated by SIC to the extent of Rs. 1,80,000/- and are refusing to settle this amt due to us. SIC directors, Mr. Siddharth Handa, Col. Handa and their associate Mr. Ashok have misbehaved with us and threatened us of dire consequence if we make any complaints and further they also chased us out of their office by saying that BSE or NSE or other related exchange will not do anything in helping us to get our balance amount.

We were approached by Mr. Siddharth and Col Handa to take up their sub-brokerage with tall promises and apart from paying SIC deposits we have incurred huge losses by way of office equipment and staff and incidental expenses for which there is no compensation. SIC asked us to invest in KIOSKs too.

SIC directors have taken undue advantage of our ignorance with respect to stock market and exploited us thoroughly. Lastly they cheated us of Rs. 1,80,000/- too.

Our humble request to you is help us obtain our amounts at an early date.

Thanking you,

Truly,
For Pansys Infotech Ltd.


Lalitha Sharma
Director

CC to: The Dept. Membership Services
BSE Ltd., P.J. Towers, I Floor
Dalal Street, Mumbai 400001.
 
#8
Why do not you disclose the names of such brokers involved so that others can be cautious? You want help. You should help others.
the reason I did not disclose the name of the broker , because i wanted to give him benefit of doubt , I wanted to give one more chance .
now I have got my money back last week.

thanks to all of you for showing interest in my problem.
 
#10
Lalitha sharma,
Bust & but hard their buttocks & spread this message to all who have been cheated. I tell u this is the only solution.Make group of say 100 cheated innocent people like u & me and force them to surrender.
Keep on raising yur voice & attack and threat them in group -we will win.
sueing & dragging to court/consumer forum must also be done.But first is to get immediate relief.
Ish kumar
9649591000
 

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