Beware of BMA Wealth Creator Pvt Ltd.

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shrividhya srinivasan

Active Member
#31
#31
goombaj said:
If your stock broker BMA Wealth Creators have conducted unauthorized trades in your account, you are not alone. In fact, in percentage terms BMA Wealth Creators gets six times more complaints than any other stock broker as per the report 1c filed by NSE in the following links: http://www.nseindia.com/invest/content/arbitration_reports/report_1c_2012_13.htm, http://www.nseindia.com/invest/content/arbitration_reports/report_1c_2011_12.htm.

If you calculate (No of complaints received against the TM/No of UCCs at the beginning of the year)*100 for every trading member you will find that the statistic for BMA is an outlier for last 3 years.

Now the question is why NSE ignores such a repeat offender ? Perhaps because they have on NSE Executive Committee Mr. Anubhav Bhatter Managing Director & CEO, BMA Wealth Creators Ltd. http://www.nseindia.com/content/us/us_ec.htm

How to act when BMA Wealth Creators Ltd has conducted unauthorized trades in your account ?

1. Write a letter to BMA informing them that trades have been conducted in your account without your consent.

2. Complain to SEBI through their online complaint portal http://scores.gov.in/Complaint.aspx?flag=n .SEBI will forward your complaint to NSE. Do not complain to NSE directly because NSE is not under the ambit of RTI.

3. File an FIR with the police. Remember BMA is a habitual offender and are tough nuts to crack.

4. BMA Wealth Creators Ltd must reply to NSE within one month as per the SEBI circular: http://scores.gov.in/Complaint.aspx?flag=n. However, chances are you will not get any reply from them. File reminders through SEBI SCORES website. NSE maintains an online audit complaint trail. If no reply comes within one month file an RTI application with SEBI demanding what action has been taken on your complaint. This speeds up the normally inactive NSE ISC department. Write a letter to SEBI why no penal action is taken against BMA for not replying within one month as per the above circular..

5. If the amount involved is very big, hire a lawyer and file a suit with the high court.

Remember that you are not only up against BMA but BMA + NSE. Act fast. If you have also been cheated by BMA and have any suggestions please share here so that others may benefit.
Click to expand...

EXCELLENT WORK. Keep it up......Thanks once again
 
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goombaj

New Member
#32
#32
Adding to the list of things to do :
1) As soon as you realize that trades have been done in your account by BMA Wealth Creators, write to your mobile phone network service provider to procure your sms logs for the disputed period.
2) When you write complain letters post them by registered/speed post with acknowledgement.
 
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RAVI1952

Member
#33
#33
Sorry to learn that you were cheated by BMA. This broker is a crook. I wrote in my posting about a year ago. The worst is that even NSE and SEBI does not act. Infact ,in my experience I realised that NSE staff is having some underhand dealings with rogue brokers and SEBI dances to the tunes of NSE. The end result is that rogue brokers are having hey time and investors are paying the price of corrupt practices.
 
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goombaj

New Member
#34
#34
Ravi, please note that NSE does not act because Mr. Anubhav Bhatter, MD and CEO of BMA, is in the executive committee of NSE. How can the NSE ISC act impartially against its own executive committee member? However, people who have been cheated by BMA, must lodge a complaint with police and SEBI because beyond a point, if SEBI and NSE continue to ignore investor's interests they will themselves face the music when an honest officer finally decides to act as per law.
 
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reme0710

New Member
#35
#35
BMA is creating wealth for them......... Pl don't join with this broker. I had very bad experience with them.They are FRAUD! Their employees sell/buy from your account without your knowledge. They have made me debit balance of Rs.19000/- without my knowledge. After some time they sold my stocks and recovered the money. I complained to customer care and concerned agencies. Nobody replied. They are in practice of doing the same with every clients. One of my friends also experienced the same. My kind request to all that kindly do not join BMA. If you are holding any stock with this broker, immediately transfer your DP with any other better brokers.:annoyed::(:(:annoyed:
 
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