Alice Blue: cheating complain in NSE

#1
Note to Admin/Moderator: Please dont delete this thread. Let people to know real facts. I will update it.


2 months before I complained to NSE regarding malpractices by Alice Blue. Complains regarding:
1. Cheating customer in name of Auction settlements
2. Selling of delivered share script without customer permission
3. Non-delivery of buyed shares into customer demat account
4. Charging interest on debit amount


For last 2 months AB was unable to justify their wrong doing with any proof and so this complain went to IGRP(Investor Grievance Resolution Panel) panel for resolution.
NSE fixed 12th May to come for face-to-face interaction with Alice Blue representative in IGRP meeting.

Outcome of meeting:
1. IGRP panel told Alice Blue to pay me Rs17500 which I refused to accept as settlement amount and refused to sign on settlement paper.
2. Then Alice Blue representative was asking me 40k for settlement(closing of all issue) which I denied as I asked for 100k in settlement.
3. Since IGRP meeting failed to come to any conclusion so now this case moved to next level.

My questions to NSE in complaint:
1. Since Alice Blue is breaking one rule after another and no fear of any regulatory body so I asked NSE to put penalty and also tell their stand on all rules that AB is breaking.
2. Why free hand is given to Alice Blue? What is reason of protecting Trading member rather than protecting investor?
3. Govt is spreading slogan “Jago Grahak Jago” for awareness program to customer. When as an active customer/investor have reported issues/malpractice related to Alice Blue (trading member) then why NSE still sleeping and not able to impose penalty and expel them?

My Action:
1. I already lost money to AB and now I do not have to loose any thing then why I compromise with AB on low settlement amount, I made complaint to NSE in order to expose AB.
2. I advocated for expulsion and termination of their Trading member status.

Other pending Issues to raise in next meeting with NSE:
1. Excess brokerage charged by Alice Blue
2. Putting wisdom-capital as sub-broker without having certificate from NSE

According to NSE, All Sub-Brokers are required to obtain a Certificate of Registration from SEBI without which they are not permitted to deal in securities. SEBI has directed that no Trading Member shall deal with a person who is acting as a Sub-Broker unless he is registered with SEBI and it shall be the responsibility of the Trading Member to ensure that his clients are not acting in the capacity of a Sub-Broker unless they are registered with SEBI as a Sub-broker.
 

ram2010

Well-Known Member
#2
Note to Admin/Moderator: Please dont delete this thread. Let people to know real facts. I will update it.


2 months before I complained to NSE regarding malpractices by Alice Blue. Complains regarding:
1. Cheating customer in name of Auction settlements
2. Selling of delivered share script without customer permission
3. Non-delivery of buyed shares into customer demat account
4. Charging interest on debit amount


For last 2 months AB was unable to justify their wrong doing with any proof and so this complain went to IGRP(Investor Grievance Resolution Panel) panel for resolution.
NSE fixed 12th May to come for face-to-face interaction with Alice Blue representative in IGRP meeting.

Outcome of meeting:
1. IGRP panel told Alice Blue to pay me Rs17500 which I refused to accept as settlement amount and refused to sign on settlement paper.
2. Then Alice Blue representative was asking me 40k for settlement(closing of all issue) which I denied as I asked for 100k in settlement.
3. Since IGRP meeting failed to come to any conclusion so now this case moved to next level.

My questions to NSE in complaint:
1. Since Alice Blue is breaking one rule after another and no fear of any regulatory body so I asked NSE to put penalty and also tell their stand on all rules that AB is breaking.
2. Why free hand is given to Alice Blue? What is reason of protecting Trading member rather than protecting investor?
3. Govt is spreading slogan “Jago Grahak Jago” for awareness program to customer. When as an active customer/investor have reported issues/malpractice related to Alice Blue (trading member) then why NSE still sleeping and not able to impose penalty and expel them?

My Action:
1. I already lost money to AB and now I do not have to loose any thing then why I compromise with AB on low settlement amount, I made complaint to NSE in order to expose AB.
2. I advocated for expulsion and termination of their Trading member status.

Other pending Issues to raise in next meeting with NSE:
1. Excess brokerage charged by Alice Blue
2. Putting wisdom-capital as sub-broker without having certificate from NSE

According to NSE, All Sub-Brokers are required to obtain a Certificate of Registration from SEBI without which they are not permitted to deal in securities. SEBI has directed that no Trading Member shall deal with a person who is acting as a Sub-Broker unless he is registered with SEBI and it shall be the responsibility of the Trading Member to ensure that his clients are not acting in the capacity of a Sub-Broker unless they are registered with SEBI as a Sub-broker.
One good thing- traderji members will be aware of alice blue here after.
My best wishes for your struggle.
 

amsin21

Well-Known Member
#3
Yes Aliceblue is completely a fraud company. I am totally agree with you.

Just check this

Beware of Aliceblue Broker. They are cheat people.
If you are trading with them please close your account as soon as possible. Otherwise they will theft your entire money. I am victim of Alice.
If you don't trust just check this :

https://www.google.co.in/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=aliceblue+cheating

http://www.consumercomplaints.in/al...tment-amount-criminal-breach-of-trust-c934041
You have posted links of Google search and a link to consumercomplaints.in posting under Suresh guru's name. Where is you complaint link? Where you have complained? What evidence of yours', you can show to TJ members?

Share the same for other TJ members safety.
 

iTrade

Well-Known Member
#6
I dont understand...what makes people approach these brokers and open dmat and trading accounts with them and then risk their money. Why not stick to reputed brokers? Or is it the low brokerage causing them to take the high risk ? We are already trading is share market..isn't that risk enough :lol:
 
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Biker

Active Member
#7
Whether new or reputed, financial markets (especially stock broking and insurance) have become like a street prostitute. SEBI, NSE, etc are just doing time pass, unless their own money is involved.

The biggest culprit is signing of power of attorney. Never do that.
 
#8
Whether new or reputed, financial markets (especially stock broking and insurance) have become like a street prostitute. SEBI, NSE, etc are just doing time pass, unless their own money is involved.

The biggest culprit is signing of power of attorney. Never do that.
what has power of attorney got to do with this? A broker can trade on your behalf without any POA. So basically it can happen with any broker.

The only way is to ensure that you are with a reputed broker, and also make sure to update correct email and mobile number on Exchange. As soon as you get to know that any trade has happened without your consent which should be ideally same day, you need to close the account with that brokerage.
 

Raj232

Well-Known Member
#10
Aliceblue Online Charges are as follows : It is "per lot" and NOT per executed order:



The F20 plan still does not show in their agreement in spite of choosing F20 .. !! what !!! .. they say its a glitch :confusedd::confusedd::confusedd:
I said, I'm not signing the Client Registration Form with incorrect charges !!!






The sad part is these guys seem like outright cheats : Even after selecting F20 plan (Rs 20 per executed order) it does NOT show that in the online document ... instead it shows Rs 10 per lot . and therefore I wont be signing it :)):)):))
 
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