Sharekhan no consent before buying

R

ronit.ggg

New Member
#1
#1
Dear One I started trading with Sharekhan on 15th July 2014 and it was agreed over calls(not sure if they were recorded) that we will trade for less. For some days the trader traded in 20k and suddenly started to trade in lakhs and crores intra-day. I called him and said it is not good but he said he is doing it only because market is bullish. After a few days of some profit he suddenly took a delivery of 7.5 lakhs of LT and told me that it will zoom on Monday after results and market is good but stock zoomed down I had transferred money(By taking from my brother) with the hope that stock will zoom up. Same repeated with Tatasponge and SBI and he bought SBI for 20 lakhs to which I asked him whats the cue he got to buy this much to which he said he will call later. later on after a week I asked him what cues he got to buy this much for SBI he said he will call later and disconnected the call. I have lost almost 3 lakhs in this way. Now I am in a big depression and dont know what to do. Lt(7.5 lakhs) and tata sponge(3.4 lakhs) are like 20% down and SBI is 7% down. What actions can I take? SBI was at a stage where it was just 40 rs. in loss and we could have come out but he said sir u wait and watch after Raghuram's meet it will surely come up. He never called me before buying LT, TATASPONGE or SBIN.

Now I need advice on when to exit them.
What actions can be taken against Sharekhan.
 
M

mastermind007

Well-Known Member
#2
#2
ronit.ggg said:
Dear One I started trading with Sharekhan on 15th July 2014 and it was agreed over calls(not sure if they were recorded) that we will trade for less. For some days the trader traded in 20k and suddenly started to trade in lakhs and crores intra-day. I called him and said it is not good but he said he is doing it only because market is bullish. After a few days of some profit he suddenly took a delivery of 7.5 lakhs of LT and told me that it will zoom on Monday after results and market is good but stock zoomed down I had transferred money(By taking from my brother) with the hope that stock will zoom up. Same repeated with Tatasponge and SBI and he bought SBI for 20 lakhs to which I asked him whats the cue he got to buy this much to which he said he will call later. later on after a week I asked him what cues he got to buy this much for SBI he said he will call later and disconnected the call. I have lost almost 3 lakhs in this way. Now I am in a big depression and dont know what to do. Lt(7.5 lakhs) and tata sponge(3.4 lakhs) are like 20% down and SBI is 7% down. What actions can I take? SBI was at a stage where it was just 40 rs. in loss and we could have come out but he said sir u wait and watch after Raghuram's meet it will surely come up. He never called me before buying LT, TATASPONGE or SBIN.

Now I need advice on when to exit them.
What actions can be taken against Sharekhan.
Click to expand...
If you gave them consent to trade for you in writing, your oral permission is not at all required.

But still give them a complaint in writing and forbid them to trade anymore.

Fortunately the companies you've traded in are good ones and chances that they will rise exists.
 
R

ronit.ggg

New Member
#3
#3
But I also told them on two occasions on call to stop trading after 2 stocks intra-day but they still kept buying and I was flloish enough not to shout but just raise a concern in an tone....I called up Sharekhan and they have told me that we have to give a call to you before buying I asked them the same thrice to customer care....the only POA I signed is that if account is in debit Sharekhan can sell...

Can you please try to tell me the time it can rech back to its cmp...LT 1700, Tatasponge 1162, SBI 2484
 
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O

oilman5

Well-Known Member
#4
#4
ronit.ggg said:
But I also told them on two occasions on call to stop trading after 2 stocks intra-day but they still kept buying and I was flloish enough not to shout but just raise a concern in an tone....I called up Sharekhan and they have told me that we have to give a call to you before buying I asked them the same thrice to customer care....the only POA I signed is that if account is in debit Sharekhan can sell...

Can you please try to tell me the time it can rech back to its cmp...LT 1700, Tatasponge 1162, SBI 2484
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U have every right to get full return of your loss ,as its a fraud case. Only thing u have to prove - u have not given buy order.
Intimate Sharekhan Compliance officer. The branch ,where its traded, name of dealer.
I dont know ,u r from which city.
I guess the dealer is not authorised, nor he has written permission from u to buy /sell.
i repeat-Intimate Sharekhan Compliance officer.
Lodge complain ,as early as possible, normally its within 48 hr,after trading
U must have bill/invoice with u & no voice recording of ur buying instruction.
Hope it clarifies.
 
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classifiedindian

classifiedindian

Active Member
#5
#5
My friend used to work in sharekhan as a dealer. I was told that sharekhan' dealers are incentivised to place orders for their clients.
This way, they are very eager to place orders on behalf of new clients as most of the time, new clients think that the dealer has inside info on the market. The dealers try to make use of this and specifically target new customers.
In fact, they are asked to call make outbound calls to new clients.
 
O

oilman5

Well-Known Member
#6
#6
All places its like that . They get the commission, but to be a dealer /data puncher on stock- person has to pass some compliance exam/nse module. Then he atleast knows he is doing fraud.
Even in many places, transfered money to others a/c.
New clients must know his right- whether follow it or not.
Here its the client will lose -if he has not complained within stipulated time.
IGNORANCE IS CRIME IN TRADING/FINANCIAL WORLD
 
classifiedindian

classifiedindian

Active Member
#7
#7
Does anyone else think that incentivizing dealers to place trades is against the interest of the client?
Obviously, you are lured into buying /selling when you're doubtful
 
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ronit.ggg

New Member
#8
#8
Dear OILMAN5 I never gave any buy order , I was confirmed the quantity in evening ...I have written to their grievance cell but again again RM calls back....and sometimes BM ...I have compained after 48 hours....what do u suggest
 
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oilman5

Well-Known Member
#9
#9
ronit.ggg said:
Dear OILMAN5 I never gave any buy order , I was confirmed the quantity in evening ...I have written to their grievance cell but again again RM calls back....and sometimes BM ...I have compained after 48 hours....what do u suggest
Click to expand...
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Talk to grievence cell/compliance officer.
1.Name of dealer
2.Branch
3.Concerned branch Head
.....................................
ur complain must be against all 3, So min level to complain is to HEAD/Director of sharekhan
Report to him with Trade details as early as possible.
Even FIR , u can do . .....(as per u , they have traded in ur a/c ,without consent )
 
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