Unauthorized Without Consent Trade Transaction(F&O) in BMA Wealth Noida

#1
I have opened trading and D-mat account with BMA Delhi branch in August 2010. On 29 November 2015, account balance was just 1479 Rs. On 30 November 2015, In my account 257 Lots of Nifty option were bought and sold in 63 transaction incurred loss of Rs 65,000.

Moreover, I was on official travel complete day and was not in a position to even think about markets. They themselves called me on my mobile and forcefully insisted to trade in nifty lots based on some confirmed internal news. I never said yes. Then Mr Vaibhav, Noida, BMA himself allocate the limit to my account on behalf of my invested D mat securities (mkt worth 80,000 Rs).

During the last 5 years or my entire trading journey with BMA or even with NSE, I have never traded in such erratic and high frequency pattern. In fact, Since last few months I buy stocks for long term future savings purpose.
I filed a complaint to BMA compliance officer. They replied back to me” But in our way of investigation we found that the concerned trades were done under your implicit knowledge, you were completely aware of all your transactions, as well as your account position at all points of time.”

Please advice me seniors, what to do now as I am totally screwed....:confused:
 

vijkris

Learner and Follower
#2
Hi, i m now even more scared reading ur post, i also have bma account. my branch was even closed after 4-5 clients complained abt unauthorised trading.
luckily they didn touch my account .
nowadays they have recording machines installed. if it is there then u can demand proof of ur authorisation, if no recording means ur case is stronger in my opinion.(benifit of doubt).

u hav to contact the regional head.
If they also refuse u should definitely complain to sebi.
regards.
 

shekharinvest

Well-Known Member
#3
I have opened trading and D-mat account with BMA Delhi branch in August 2010. On 29 November 2015, account balance was just 1479 Rs. On 30 November 2015, In my account 257 Lots of Nifty option were bought and sold in 63 transaction incurred loss of Rs 65,000.

Moreover, I was on official travel complete day and was not in a position to even think about markets. They themselves called me on my mobile and forcefully insisted to trade in nifty lots based on some confirmed internal news. I never said yes. Then Mr Vaibhav, Noida, BMA himself allocate the limit to my account on behalf of my invested D mat securities (mkt worth 80,000 Rs).

During the last 5 years or my entire trading journey with BMA or even with NSE, I have never traded in such erratic and high frequency pattern. In fact, Since last few months I buy stocks for long term future savings purpose.
I filed a complaint to BMA compliance officer. They replied back to me” But in our way of investigation we found that the concerned trades were done under your implicit knowledge, you were completely aware of all your transactions, as well as your account position at all points of time.”

Please advice me seniors, what to do now as I am totally screwed....:confused:

First of all you must ask on what basis they have reached the conclusion and secondly ask for the recording of conversation between you and their executive. They must be having in their records.

They are not absolved of their responsibility by saying that you had an implicit knowledge. They need to prove.

Take the complaint to SEBI/ NSE immediately. Never Loose an opportunity to complain it keep them on a tight leash.
 

shekharinvest

Well-Known Member
#4
On 30 November 2015, In my account 257 Lots of Nifty option were bought and sold in 63 transaction incurred loss of Rs 65,000.


Please advice me seniors, what to do now as I am totally screwed....:confused:
63 trades in a day ! They can't prove that you instructed them to take 63 trades all in a day, you need to make atleast 63 calls to execute those orders. Call for Mobile records too.

My advice is don't loose heart take the matter with SEBI /NSE this firm is in a soup big time.
 

Rish

Well-Known Member
#6
Hi, i m now even more scared reading ur post, i also have bma account. my branch was even closed after 4-5 clients complained abt unauthorised trading.
luckily they didn touch my account .
nowadays they have recording machines installed. if it is there then u can demand proof of ur authorisation, if no recording means ur case is stronger in my opinion.(benifit of doubt).

u hav to contact the regional head.
If they also refuse u should definitely complain to sebi.
regards.
This is not strange in BMA Wealth Creators..so many loop holes...be careful...

Moreover, as a trader...we should also bit careful..before opening account..

Simple example..BMA is allowing using your Equity A/c Money to trade in Commodity...this is a serious violation.....but, we appreciate the facility...

This is not a facility..this is violation...any broker violating the statutory norms...can't be relied upon..
 

vijkris

Learner and Follower
#9
How can we safeguard ourselves when opening a new account? What all things should we be careful about before signing?
hi,
I think b4 opening one must see the review, no. of pending complaints from nse/sebi website. While opening they wil definitely say positive things, we should be careful.
regards.
 
#10
Hi Friends, thanks for your response. Can i response to them on two grounds 1. My call post paid call records regarding 63 trades. 2. Background history ( my full a/c ledger or my entire trading history that i never behave like that. I have saved many similar complaints on internet against the same Mr. Vaibhav of BMA Noida. can i attach that to prove that they cheat quite often.

After submitting my response to them, should i immediately file complaint to NSE BSE SEBI or wait for its response.
 

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