JRG Securities cheated me by trading in my account

[ambalam]

Hi,

I am from Chennai. I invested 1 lakh rupees in JRG Securities ltd. I believed in a dealer working for this company. Therefore I forgot to watch my ledger balance often. After two months when I checked my balance, it was only 40,000 rupees. When I called up the office, the dealer has resigned from his position. When called the dealer on his mobile, he said that the branch manager has traded in my account and made this loss. Branch manager is blaming the dealer and dealer blaming branch manager. I have not placed any of these orders.

Please let me know how can I complain and recover my lost money? Thanks for your information.

Thanks,
Raj

 

[manoharpillai]

This kind of goes on in all most all broking office branches i think there should be a consumer forum to address this atrocious act.

 

[Rish]

In chennai JRG securities, Mr.Pra...na is the Manager, is almost cheating so many clients, be aware.

 

[anuragmunjal]

hi..

I shall try n throw sum light on how the system works... in the process hope that people who are new to the mkt. go thru this post and gain some insight..
a dealer or RM is working on salary... he has to generate a brokerage income of 2-3 times his salary to justify his salary..it is cutthroat competetion.. 1 or 2 months if he cannot justify his salary, he would be chucked out...therefore they make false promises of big profits to clients, so that the client may allow them to trade his account. In some cases as has happened with u, he may also use ur account without ur knowledge..
what is important is to understand that 99% of these dealers are not competent enough to trade...if he was..he would be trading his own ac. nor is his motive to make money for u..his only motive is to generate max. brokerage so that he can justify his salary..
in almost all the cases where a dealer/rm is trading fr u.. ur capital would be wiped out..
as thumb rule, a bad dealer would destroy ur account in 1-2 months where he would loose 90% of the amount in the mkt..and only probably 10% goes to the broker as brokerage...and a good dealer would wipe out ur account in 6 mths-1 year, where 90% of the amount goes to the broker and mayb 10% to the mkt..
hence if u are trading with any broker..
a. do not get into the trap of the dealer's sweet talk of major profits and allow him to trade ur account.
b. keep checkin ur account regularly and if u find any unauthorised trades in ur account,close ur account immidiately and withdraw ur amount...
c. a threat to go to Sebi works wonders at times...but if ur broker has been sending u contract notes, he would have a strong case that u did not take any action at that point in time if the trades were unauthorized..

regards

 

[prakash2010]

Report it to 'Times of india ' channel , so that whole world will know this scam which is going on in all the brokerages.

It is your mistake.
you should have checked your ledger balance everyday.
Always go for online trading.

 

[nisha.dhar]

I totally agree with the above posts!!!

that is the reason i never never never call & trade or trade at the dealing desk, these this happen its risky! and its all about hard earned money!
you just cant trade without doing your own research and just by going on advices of ur dealer... but it is essential that you take some advices from your brokers daily analisys for eg reliance is my broker and he gives me daily report on market lens and morning note... so i know what i can do... i can trust them because i know they are good... but my own analysis n research is a must!

i along with the above mentioned posts would suggest
1. PRIME RULE trade online
- but your brokers trading platform must be powerful enough
2. Listen to your brokers WRITTEN advices
- But self analysis is a MUST!!!
3. Learn the basics of the market before you start trading
4. dont be greedy to earn.. set up a point and exit at that point
4. book your losses too, know your bearing and to what extent can u bear a loss

I trade with a very powerful platform of reliance securities.. i trade only online.. i trust their research but my own analysis too.. they help me great in advicing booking profits & losses... but i have my own analysis...

Trade smart mate!:thumb: