Sharekhan sold my shares WITHOUT MY PERMISSION

AmritaBasu · #1 24th September 2006, 08:30 AM

Hi everyone! Can someone please tell me how to go about this issue ? On Thursday 21 Sep 2006 Sharekhan sold my shares (100 Satyam) at 9.57 am @ 850 without asking me .And another 50 RIL shares @1138 without even asking me. I am new to trading and am very angry upset and lost . Do you think SEBI will help if I report to them? Who else can I report to ?PLease advise as I am unemployed and I cant afford to lose money through such irrational behaviour by a broking agency just to earn a brokerage

Any suggestions are welcome.AND THIS IS NOT THE FIRST TIME THEY HAVE DONE THIS. The last time they did this I let them go once my broker apologised. SO PLEASE SPREAD THE MESSAGE ABOUT WHAT SHAREKHAN DOES TO NOVICE TRADERS. I pay a high rate of brokerage, have suffered HEAVY LOSSES THROUGH THEM DUE TO ILL ADVICE and now THIS. WHO DO I APPROACH FOR REDRESSAL ?

adeep_b · #2 24th September 2006, 10:35 AM

Amrita Basuji,
I wud like to bring in your notice some imp. things,
1. Ur broker has every rights to sell ur shares without ur consent since u had signed an agreement with them. So there is no point to complain. Nothing can happen to a broker.
2. The question arise why they sold ur shares. There is a reason for it. Ur account must be in risk. U might have taken more shares than ur delivery exposure or ur share prices have fallen down by a particular percentage. So in this case a broker's duty is to intimate u before selling. But nowadays these brokers might not call u since they have lot of clients & they focus only on a selected few(brokerage geneartors). So in this case I urge u to keep full knowledge about ur shares on a daily basis. Calculate the % of ur margin money required to keep u out of risk. This will prevent u from ur shares being sold.
3. Being a novice to the market, never ever overleverage ur positions...

Regards
Adeep B.
Branch Manager Indiainfoline
Mob. 9870151512

beginner_av · #3 24th September 2006, 12:12 PM

Dear Amrita,
Adeep is absolutely right in his comments. First u should determine why they have sold your shares. Then may be we can help you out. In case they have sold your shares without any reason, you can definitely send a grievance to sebi even if you have signed the agreement.
This is the complaint form.
investor.sebi.gov.in/iNVESTOR%20Complaint%20form.pdf

But if they are doing it without reason, why are you sticking with them? See the threads on brokerage and demat matters with exhaustive stuff on brokerages.

aca_trader · #4 24th September 2006, 12:40 PM

Quote:

Originally Posted by adeep_b

Amrita Basuji,
I wud like to bring in your notice some imp. things,
1. Ur broker has every rights to sell ur shares without ur consent since u had signed an agreement with them. So there is no point to complain. Nothing can happen to a broker.

Regards
Adeep B.
Branch Manager Indiainfoline
Mob. 9870151512

The relationship between a broker who has rights to transact into a customer's account and the customer is a relationship of trust. If the broker's actions are not in line with the fiduciary duties imposed upon him, anything can happen to him. Let's distinguish between an action in line with the right and arbitraray action.

The broker is safeguarded only if he has acted in line with the directions/coomunications/his own contract with the exchange/SEBI or to comply with any other law. In all other cases, he might be guilty of breach of trust.

My suggestion in such cases is to take action on both fronts namely with the regulator as well normal criminal proceedings of fraud.

Best Regards,
--Ashish

AmritaBasu · #5 24th September 2006, 02:09 PM

Quote:

Originally Posted by aca_trader

The relationship between a broker who has rights to transact into a customer's account and the customer is a relationship of trust. If the broker's actions are not in line with the fiduciary duties imposed upon him, anything can happen to him. Let's distinguish between an action in line with the right and arbitraray action.

The broker is safeguarded only if he has acted in line with the directions/coomunications/his own contract with the exchange/SEBI or to comply with any other law. In all other cases, he might be guilty of breach of trust.

My suggestion in such cases is to take action on both fronts namely with the regulator as well normal criminal proceedings of fraud.

Best Regards,
--Ashish

Hi people thanks for responding. They sold my shares for no reason. My account was not overdrawn. I had specific instructions to my broker not to sell or buy without my consent. He told me he did it to do "jogging" and then missed the chance. As per my agreement with the trader the trader cannot sell or buy unless there are accounts/ moneymatters that I have to settle with him. So how could he sell my shares unless I asked him to do so ? Please explain. I am a novice but I know that he had no right to sell my shares. In fact the branch manager said " madam galti ho gayi ". What is this ?

AmritaBasu · #6 24th September 2006, 02:10 PM

Hi people thanks for responding. They sold my shares for no reason. My account was not overdrawn. I had specific instructions to my broker not to sell or buy without my consent. He told me he did it to do "jogging" and then missed the chance. As per my agreement with the trader the trader cannot sell or buy unless there are accounts/ moneymatters that I have to settle with him. So how could he sell my shares unless I asked him to do so ? Please explain. I am a novice but I know that he had no right to sell my shares. In fact the branch manager said " madam galti ho gayi ". What is this ?
Sorry about posting this in Ashis's comment.

beginner_av · #7 24th September 2006, 02:33 PM

Immediately file a complain with Sebi. Ask sharekhan for compensation. DO NOT GO INTO ARBITRATION as they will tell u to do that. ARBITRATION is always loaded towards the broker. Try over the counter settlement. If ur broker told u galti ho gayi over your cell phone...rejoice. All calls made over cells are recorded by the companies for a certain period. A criminal complaint can trace the recorded call with which you can catch the broker for negligence.

AmritaBasu · #8 24th September 2006, 02:46 PM

I have already registered a complaint with SEBI and I am awaiting their response.I used the investor complaint form. And the broker called me from his cellphone to tell me galti ho gayi madam. So can I retrieve that conversation from hutch if need be.

aca_trader · #9 24th September 2006, 04:35 PM

Quote:

Originally Posted by AmritaBasu

I have already registered a complaint with SEBI and I am awaiting their response.I used the investor complaint form. And the broker called me from his cellphone to tell me galti ho gayi madam. So can I retrieve that conversation from hutch if need be.

No conversation is recorded by the telecom companies. They only have called number details. No hope on that matter. If you would have called up the customer care of Share Khan then the call might have been recorded.

And yes, if everything was ok in your account, he cant sell your shares. Ask your broker for compensation and if h does not agree file an FIR with the police of fraud?

Best Regards,
--Ashish

swagat86 · #10 24th September 2006, 04:38 PM

Quote:

Originally Posted by AmritaBasu

I have already registered a complaint with SEBI and I am awaiting their response.I used the investor complaint form. And the broker called me from his cellphone to tell me galti ho gayi madam. So can I retrieve that conversation from hutch if need be.

Just call up the Hutch cutomer service no 111 and ask them bfore they delete it from there data base. Do it now. u understand. DOn let these wicked ppl take money out of ur hands. Its not a joke. These guys are thievin u. Its challenge Amrita. Go ahead at once.

Sharekhan

Chorna nahi salo ko.

Similar Threads for: Sharekhan sold my shares WITHOUT MY PERMISSION
Thread	Thread Starter	Forum	Replies	Last Post
Sharekhan!	bangerabs	Investors Grieviences	2	18th September 2006 07:14 PM
SOLD NIFTY call3400,Tell me which way to go? Nifty options	rvlv	Options	2	5th September 2006 06:24 AM
Sebi permission to net site	Ganesh	Equities	7	31st July 2006 11:36 PM
ShareKhan	gold_ranjit	Brokers & Demat Matters	12	5th September 2005 06:32 PM