Beware of MyValueTrade

#1
Guys, please beware of myvaluetrade.

I recently opened trading account with them
and told them to subscribe me for their simply trade plan of Rs.10/Trade
and after few days, change to Monthly Plan of Rs.1000 when I am ready for that.

But they opened my account directly under Rs.1000 Plan and dedecuted Rs.1000 from my account without my consent.

and after repeated tries of follow-up, they denied to roll-back the charges
and they are behaving very rudely.
 
#2
Guys, they are not stopping their cheating attitude.
After my rigorous follow-up and complaints,
now they have started charging Rs.10/order to me
but they have not refunded the monthly charges that they have deducted.

They had deducted Rs.1145 (Rs.572.50 in Equity & Rs.572.50 for commodity).

Is there anyone on Traderji who can suggest me,
how to recover these undue charges from this cheating broker.

Plz help, guys.

The person who contacted me to open trading account in MyValueTrade is Mr. Manoj Rawat.
After account opening, he is not picking up my calls and
when I sent him messages on WhatsApp regarding the issue,
he gives excuses that he is in hospital as his cousin is serious.

Beware of Mr. Manoj Rawat. I think he is the main culprit.
and company is also not interested in giving resolution.

Mr. Arif, the technical guy, solved the back office problem,
but denied to change the brokerage plan.

Mr. Jatin, the service guy, talked rudely and
denied to reply me on e-mail.

All the staff of this company is behaving un-professionally.
 
Last edited:

cloudTrader

Well-Known Member
#5
I have lodged a complaint on SEBI's website SCORES, but one of my friend told me that it takes a lot of time to resolve the issue through that.
You should stop trading with such guys at once. Even if the complaint process takes time do not budge & keep reminding the authorities with follow up emails. Also if you can write an e-mail to the highest officer of the Brokerage house then do it , send them the copy of the complaint e-mail which you have sent to SEBI. Tell them that you will carry on with complaints to all the possible channels.
 

suri112000

Well-Known Member
#6
Long time back when I opened trading account with Sharekhan. The brokerage offered was 0.02 ps. One day i was informed that my account is opened and i can trade as much as i want as the brokerage is low.

Since the brokerage was percentage basis, i did not pay attention to the brokerage charged for few days. One day I realised that brokerage is eating into my profits. Then i tried to calculate the brokerage percentage, and i found that i was charged 0.04 ps instead of 0.02 ps as negotiated.

I called up RM and told the issue. He said he would take up the matter with their central office to change it. I did not trade until the confirmation came. Even after confirmation, i traded narrowly and confirmed it to be 0.02 ps as negotiated.

But, the additional brokerage they charged by their fault, is not refunded.

When i enquired with my friends who are RMs, they said that they do it deliberately to take more brokerage on the pretext of "by mistake" clause/excuse.

As in your case, the same old story is being rolled over again.:D:D
 

mudraatrader

Well-Known Member
#7
IMO, you have 2 options now, either you should stop trading with these guys OR you should forget the amount cheated by them. The choice is yours. If you want to continue with them, then no need to increase bitterness (my opinion only, many may differ from me). They can trouble you in many ways, if you are an online trader.

I have found that that in this line of brokerage, most may be in the same boat, from A to Z ( BTW, A and Z are initials of some discount brokers). Either they will not accept their mistake, or even if they accept their mistake (very rare they will) they will not refund your amount on one pretext or other.

I have faced such instances. A big named broker (famous in TJ) cheated me an amount (though not small) on the pretext of NSE penalty, though I know it was their calculation mistake, but they never accepted it and so I stopped my trading with them.

Similarly, the other broker, with whom I have monthly brokerage, cheated me of some 300 R, because of some confusion, but refused to refund it on one pretext or other. I am still continuing with them but I am more aware now.
 
#8
You should stop trading with such guys at once. Even if the complaint process takes time do not budge & keep reminding the authorities with follow up emails. Also if you can write an e-mail to the highest officer of the Brokerage house then do it , send them the copy of the complaint e-mail which you have sent to SEBI. Tell them that you will carry on with complaints to all the possible channels.
My Value Trade is part of Mastertrust who are present in this forum, and the director Mr Singhania used to interact regularly.
 

aryan.

Active Member
#9
they said that they do it deliberately to take more brokerage on the pretext of "by mistake" clause/excuse.
Same story with Indiabulls, the RM promised me brokerage 0.25% for delivery but when I checked the contract note, the brokerage was 0.5%. I went to his office and told him WTF, he said there is some mistake at our end we will correct it asap.

I knew it was not mistake, he thought I wont check the contract note.
 

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