Thats a pity! I thought he still had the SBi shares in his ac.
Its normal in smaller towns for sub brokers to take people for a ride. Why smaller towns even in Mumbai IIFL guy got my friend's dad to open a trading account with 1 lakh deposit by telling him that commodities will return good money. Broker had authority to trade via the account. In 4-5 months, 1 lakh was reduced to 3,000/- by betting on Natural Gas. When this gentleman called and questioned IIFL, they said "market kharab ho gaya sir hum kya kare". Much later when i saw account statements, I noticed they were all mostly short trades NG gone bust.