Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Day ?

Rkji

Well-Known Member
#11
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

dear ganesh

it feels sad to know what happened to your position.

well, ganesh i am with sharekhan and fully satisfied with their services.

ganesh, usually i just browse traderji these days since my idol is offline, but i wished to bring this to your attention :-

1) always keep your brokers mobile & landline phone numbers handy, in case anything happens to your terminal you can call them and get the trade squared off in no time

2) square off all positions by or preferably before 03:20 pm, you still have 10 minutes to call your broker if something happens to your terminal .
notice what happens to all scrips between 03:10 & 03:20 pm usually.


3) some brokers have online websites where you can put orders, stay logged in to them, till the time you have open positions for added safety

4) last but not the least, keep cleaning your computer junk files like temp internet files and other junk to keep your pc or laptop running in top condition after all thats your tanker to fire every single day, also defrag your drives occasionally

regards
rishi



I am using online trading services of Angel Broking .

On 4th January I short sold 57 shares of tatamotors @820 rupeese

........

So Beware Angel Broking Can Cheat You If You Leave Open Short Position For Next Day ?
 
#12
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

Its not any fraud or cheat by angel, i guess may be they couldnt explain u in better way or u might have made a mistake in hearing, its normal rule. beware next time, aution contaions heavy penalty & some time script struck in circit, and it leads to huge losses :(
 

Ganesh543

Active Member
#13
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

While I understand that you had to buy 7 shares in auction,I cannot understand why you were advised to buy the shares from the market.It is only the broking house,in this case Angel Broking, that participates in the auction. I think there may be an error in the perception of what you were advised to do.
Further,most brokerages adjust shares from some other account if you have sold short and not covered.This depends on the scrip and its availability with the broker and your value as a client.Which means that your shortfall does not go to auction and they later simply buy the scrip from the open market and recredit to whichever account they took it from.Not legal but common practice.
Dear Tony

I was also shcoked why Angel broking asked me to buy 7 shares from cash market when they were to be brought from auction market so what Angel broking and other similar mischevious concern do is for following reasons

1)Say I short sold share at 820 rupeese next 3 days price fell to 770 rupeese Angel broking sold me the share with LTP of 770 rupeese @870 rupeese and said they r from auction market which were basically from companies account in my opinion and they earned almost 130 rupeese on a share plus two way delivery brokerage

2)they asked me to buy share from cash market again they have chance to earn delivery brokerage


So this is how broking firm befools people who have relatively less knowledge about stock market like me for whom stock market is like a dream that needs to be discovered lol yes ..........

Take Care

Ganesh :)
 

Ganesh543

Active Member
#14
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

Its not any fraud or cheat by angel, i guess may be they couldnt explain u in better way or u might have made a mistake in hearing, its normal rule. beware next time, aution contaions heavy penalty & some time script struck in circit, and it leads to huge losses :(

Dear I lost almost 1800 rupeese in this case and I talked to 5 people of angel broking before buying 7 shares from cash market and all 5 misguided me and said it is good to buy shares so that u only need to pay difference

At suitable time I will close my account with Angel broking and it was very tough for me to caught them red handed these r the case we take as if we did some mistake but its broking firm which cash on our ignorance and lack of knowledge

Hare Krishna
Ganesh
 
#15
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

I am using online trading services of Angel Broking .

On 4th January I short sold 57 shares of tatamotors @820 rupeese

On 4th January their application Angel diet stopped working at 3:27 pm and it did not allow me to squareoff 7 short position of Tatamotors @ 820.I was lucky to buy rest of 50 shares back on 4th January 2010 out of total 57 shares before 3:27 pm .

As the application stopped working at 3:27 pm I had no option left but to carry forward the 7 short position of Tatamotors for next day that is 5th January 2010

On 5th January 2010 I was advised by Angel Broking to buy 7 shares back from cash market and I brought 7 shares at 830 rupeese on 7 th January I found that Angel broking credited 7 shares @870 rupeese on 7th January 2010 saying me that these are shares you brought from cash market on 5th January and price is of auction market so dont confuse it with price you are charged 830 rupeese for shares you brought on 5th January and 870 for those 7 short shares brought from auction market .

That means Share with LTP of 785 was sold to me by Angel broking @ 870 rupeese saying its auction market price

And Angel broking even misguided me to purchase back 7 shares next day in lieu of 7 short position finally crediting those shares to my demat account at 830 rupeese as delivery shares .

Even today I have 7 share of Tatamotors in my account with last traded price of 692 I kept them with hope Angel broking will take these shares back but it refused after initial assurance and I m facing loss of 830-692 *7=966

I m lucky that I was able to buy back rest 50 shares else I need to multiply it by 50 .

Just see how mischeivious and misguidance Angel broking do to earn money from its clients so beware and never leave short position if you have account with Angel Broking as it is likely to cheat you and put you in double sided losses as it did to me

It was my first time I ever left short position open that too since their application stopped working at last moments of market .

I do welcome any advise or comment from your side
Hare Krishna

Ganesh






















So Beware Angel Broking Can Cheat You If You Leave Open Short Position For Next Day ?
I have opened an A/c with Angel Broking in Jan 2010 with a deposit of 1.2 Lacs worth of shares. Initially I used to trade personally and for any queries I was informed to contact Mr. Amit Jadhav who was relationship Manager.

Then, Amit who was our coordinator started trading for me telling that he would trade for my shares and will confirm the purchase and sale transaction of shares with me. I had informed him , before any transactions please confirm with me, for the first few days he had coordinated with me however, later on he started trading without my knowledge and prior consent. I had requested Amit to share with me the
exact details about the status of my trading account. However, he replied that he will contact the backend and will revert but I never received any reply from him. He started informing me about the trade
transactions only if he makes profit.

By mid March over the phone, I had informed Mr. Amit to not to carry out the transactions from my trading account, as I was not getting clear status of my trading account and also I was not getting any confirmation calls for transactions being done from my account. He informed me that there were no losses in my account and further there are certain non approved shares which needs to be spooled from the backend and will provide the details ASAP. I had suspected some fraud at that time and asked Mr. Amit to provide with the contact details of his seniors. He said that he handles the team and he is the only point of contact for me for this trading account. As I was not receiving the details, my husband had visited your Vishal hall branch on Sunday, 4th April, 2010 and spooled the data of my trading account, in which brokerage of around 40k was debited from my trading account. Same day we had informed Mr. Amit again to stop the trading completely from my trading account and asked for the contact details of his seniors. He again reiterated that he is the sole point of contact for us in Angel and he will soon update us with all the details of transactions done including the shares which are not visible in the account at that point of time. According to him, around 80-85k worth shares including non approved shares were lying in my account after deducting brokerage of Rs. 40k. In May 2010 Amit said that he had met with an accident and he is on leave. After a week later, I had received a call from some other executive from the company asking me if I am interested in trading of any shares. I had clearly informed her that I had already told Amit Jadhav long back to stop trading and assuming that I have about 80-85k
worth of share into my A/c including non approved shares according to Amit which were not shown in my A/c. Even in May 2010 I had asked for reports of my A/c but he always avoided saying that he will get it
from back office and will give it to me. In mid June I got a call from Ms. Shimoli from your Andheri (E) branch and she informed me that there have been losses into my trading account; however at the time I was out of Mumbai. Hence, I had informed her that I will get back to her once I am back in Mumbai. On
31st July, 2010 I had gone personally to your Andheri (E) branch to sort out the matter. At the same time, I had also called online support on chat and asked him how to access non approved shares in my account. He informed me that there is only two companys shares worth Rs. 21k are lying in my account. In a sudden shock I was informed that only shares worth Rs. 21K are lying in my account and there is no any concept of non approved shares. I told Ms. Shimoli that we were informed by Mr. Amit that there are around 60-65k worth shares which were not visible in May 2010 and will soon be updated in my account, as those were non approved shares. Ms. Shimoli informed me that Amit Jadhav has been sacked as he had done losses in several A/c's. I had explained her all the facts that Amit was not calling us before doing any trading and he was on his own using our money and he made losses of about Rs. 1 Lac which we had saved to buy a home. I had requested Shimoli to inform these facts to the Branch head and refund all the losses incurred in my A/c, however she said that refund of losses is not possible even though she is aware that all the trades were not authorized by me.

I am co-ordinating the seniors of Angel Broking but not getting a satisfactory response.
 

bunny

Well-Known Member
#16
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

Sad to know what has happened with you. Unfortunately, this is quite rampant. The trick they use is to indulge in large value transactions frequently(get in and get out). They selling price may not be far away from the buying price, but the transaction value ensures that brokerage is generated.

Coming to your case, you will need to prove that the orders were not feeded by you. If I am not wrong, brokers are supposed to preserve tape records telephonic orders for around 2 years(SavantGarde may know better). If you can prove that the orders were not legitimate, you should file a grievance with NSE investor cell or SEBI.
 
#17
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

I have opened an A/c with Angel Broking in Jan 2010 with a deposit of 1.2 Lacs worth of shares. Initially I used to trade personally and for any queries I was informed to contact Mr. Amit Jadhav who was relationship Manager.

Then, Amit who was our coordinator started trading for me telling that he would trade for my shares and will confirm the purchase and sale transaction of shares with me. I had informed him , before any transactions please confirm with me, for the first few days he had coordinated with me however, later on he started trading without my knowledge and prior consent. I had requested Amit to share with me the
exact details about the status of my trading account. However, he replied that he will contact the backend and will revert but I never received any reply from him. He started informing me about the trade
transactions only if he makes profit.

By mid March over the phone, I had informed Mr. Amit to not to carry out the transactions from my trading account, as I was not getting clear status of my trading account and also I was not getting any confirmation calls for transactions being done from my account. He informed me that there were no losses in my account and further there are certain non approved shares which needs to be spooled from the backend and will provide the details ASAP. I had suspected some fraud at that time and asked Mr. Amit to provide with the contact details of his seniors. He said that he handles the team and he is the only point of contact for me for this trading account. As I was not receiving the details, my husband had visited your Vishal hall branch on Sunday, 4th April, 2010 and spooled the data of my trading account, in which brokerage of around 40k was debited from my trading account. Same day we had informed Mr. Amit again to stop the trading completely from my trading account and asked for the contact details of his seniors. He again reiterated that he is the sole point of contact for us in Angel and he will soon update us with all the details of transactions done including the shares which are not visible in the account at that point of time. According to him, around 80-85k worth shares including non approved shares were lying in my account after deducting brokerage of Rs. 40k. In May 2010 Amit said that he had met with an accident and he is on leave. After a week later, I had received a call from some other executive from the company asking me if I am interested in trading of any shares. I had clearly informed her that I had already told Amit Jadhav long back to stop trading and assuming that I have about 80-85k
worth of share into my A/c including non approved shares according to Amit which were not shown in my A/c. Even in May 2010 I had asked for reports of my A/c but he always avoided saying that he will get it
from back office and will give it to me. In mid June I got a call from Ms. Shimoli from your Andheri (E) branch and she informed me that there have been losses into my trading account; however at the time I was out of Mumbai. Hence, I had informed her that I will get back to her once I am back in Mumbai. On
31st July, 2010 I had gone personally to your Andheri (E) branch to sort out the matter. At the same time, I had also called online support on chat and asked him how to access non approved shares in my account. He informed me that there is only two companys shares worth Rs. 21k are lying in my account. In a sudden shock I was informed that only shares worth Rs. 21K are lying in my account and there is no any concept of non approved shares. I told Ms. Shimoli that we were informed by Mr. Amit that there are around 60-65k worth shares which were not visible in May 2010 and will soon be updated in my account, as those were non approved shares. Ms. Shimoli informed me that Amit Jadhav has been sacked as he had done losses in several A/c's. I had explained her all the facts that Amit was not calling us before doing any trading and he was on his own using our money and he made losses of about Rs. 1 Lac which we had saved to buy a home. I had requested Shimoli to inform these facts to the Branch head and refund all the losses incurred in my A/c, however she said that refund of losses is not possible even though she is aware that all the trades were not authorized by me.

I am co-ordinating the seniors of Angel Broking but not getting a satisfactory response.

ravi_sangam,

If you have proof of your dealing with the concerned broker's agent then you should draft a letter to the following agencies giving the facts, (in this there is a mistake on your part also by not sending registered letter to the broker not to trader on your behalf instead of just verbally telling on phone). Please send your complaint to the following: with cc to the brokers, also stating that the amount should be collected from the broker's agent and credited to your account.

[email protected],
[email protected]
[email protected]
[email protected]
[email protected]

Please ensure that you state all the facts and also suggest in your email that you will take legal action against the brokerage for not filing police complaint against the employee who has done share trading without your permission. Please also note that since there are lots of verbal communication with you and the broker, it might be a problem to make the authorities doubt your case. After you send the email, Then see how they come back to you. Please do keep this forum updated so that others do not fall into the trap.
 
#18
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

@all - short selling in india is allowed...just that general public traders r not aware of it and also discouraged from it. short selling is handled on a case by case basis, and u have to go and talk to ur broker personally so that he may arrange stocks temporarily for u to short sell. that really takes sum work on broker's part(legal documentation, borrowing actual shares for u from sumbody's else's acct, re-transferring after u have closed the short position, their own record keeping, many transactions, etc.).. thats y brokerages wont agree to short selling by retail traders as they dont want to do all that work just for a few shares...and if a lot of small traders start doing it, it wil be too tedious & hectic for them......so typically it is for bigger customers who go short for millions and crores of rupees... bigger players can short a stock just by a phone call..
 

Capricorn

Well-Known Member
#19
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

@all - short selling in india is allowed...just that general public traders r not aware of it and also discouraged from it. short selling is handled on a case by case basis, and u have to go and talk to ur broker personally so that he may arrange stocks temporarily for u to short sell. that really takes sum work on broker's part(legal documentation, borrowing actual shares for u from sumbody's else's acct, re-transferring after u have closed the short position, their own record keeping, many transactions, etc.).. thats y brokerages wont agree to short selling by retail traders as they dont want to do all that work just for a few shares...and if a lot of small traders start doing it, it wil be too tedious & hectic for them......so typically it is for bigger customers who go short for millions and crores of rupees... bigger players can short a stock just by a phone call..
So why not use FNO???:confused:
 
#20
Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da

there r only 180 stocks available in FnO....what about the rest 1500-2000 stocks? in general, a big player can short any listed stock if their broker(s) can arrange those stocks for him....but small retail traders can only short stocks in FnO segment... this often is a double edged sword coz this limits the stocks u can take a short call on, and often half chances r acted upon by retail traders coz they dont have much options. there always exist better short sell opportunities in other stocks, but alas!, not for a small trader..!