pls give assisstance

[shefeek]

:thumb:kk sir

Dear shafeek,
Am too keralite...don't jump in to new well ...i can try to help you ...add me vjay.3333 at yahoo.in...
NB:Not any hidden agenda....just try to help my near one

 

[VJAY]

Even if they have enchashed the cheques, he can get it back if he successfully proves that he was not at fault.

Now the question is - How did they directly land up at his home? No phone calls, emails?

And in the first place, how did they allow such an order to go through?

Assuming that they are asking for Rs. 2400 as initial margin per lot of USDINR futures, to incur a M2M loss of 6 lacks, he would need to short around 500 lots. With Rs. 10000 in clear balance/margin, he could trade only 4 lots at most, and even if his broker provided any "leverage", it is beyond understanding how he could acquire an exposure of 500 lots. At most, it would have been 10 lots, that too for intraday.

shefeek - Post your contract notes here. We will verify the trades from NSE's trade verification if possible. Please do not delay as records are available only for a few days.

In the back of my mind, I smell something fishy. I just hope this is not a fraud where the broker is trying to cover up some embezzled funds or trying to cover losses for another client using this person's money.

shafeek - if you are seriously interested in getting your money back, please keep us updated and post the contract notes here. We are sure you will get your money back!

Thanks bunny for taking this issue as personal.....:clapping:
Shafeek...Please give details as early as possible.......you may get your amount back...as bunny bro ready for help.....

 

[sibu3168]

Dear shefeek,

I feel sorry for your condition. First, you have deposited 13000/- as margin money. That means please tell me, when that order executed what was the balance amount in your account. If it is 13000/-, then simply do not pay them a single money. In case of any harassment, then lodge your complain at SEBI (Investor Grievance Cell) and at NSE. If they still threaten you then file an FIR against them at your police station. Don't worry, nothing will happen to you.

Thanks

 

[Stock trendy]

all odin softwares have default setting will surely reject orders more than the limit even it is just above 1.00..i do not now how that huge order got executed

 

[4candles]

Hi Shefeek

you say you have opened a ne account, & after that approxmately how many trades have you done? Document all your contract info.

I believe after you have asked for a ODIN the person responsible for setting up your account limits must have entered wrong margin details.

I suggest you document each and every paper that you can lay your hand upon that relates to this account. Most importantly dont share these originals with the broker or anybody you dont trust.

I agree with bunny & sibu3168 's advise.
You have done right thing by giving a stop payment order. And I think it would be a good idea if you be in touch with VJAY, he could help if there is any communication gap and also technical terms.

All the best and regards

K

 

[mastermind007]

Hai...
I have opened a offline account with kotak.i deposited 13000 in my account.later i requested to online trading facility..as per they said submitted form for ODIN password and software. i am new trader i was not aware of F&O.when i was trading in currency options it was first time am trading in currecy I negligently entered 1000 in the space of quantity i didnt know that it was in lot size.but that order got executed totaly it cost near 6laks but i have only less than 10000 as margin.21/06/2013 two officials from kollam {kerala}branch came to my home and discussed about it.at that time i got information about the transaction.This made huge loss near 5 laks.they said that it was wrong from my side. i have to pay the money .And compelled threttend me and collect my 2 checks..After i searched details Its a clear violatio of all rules .. what i do resolve this issue.?many times contacted local branch bt they didnt give any right informatino...

Kotak?

I should have guessed that. Issue a stop payment on cheque first thing 2moro morning. File a police complaint of extortion against them (both individuals and company) and then approach consumer court if you have to. Do not under any circumstances yield to their pressure. Also complain to SEBI. If you search for Kotak on this forum, you will find many more such stories of them.

 

[bunny]

Shefeek, do post the contract notes here. Further, you are losing against time because the trades are not available for verification after a certain period of time.

 

[VJAY]

Dear Shefeek,

We request you to share your client id & contact details with us at [email protected] so our customer care executive can get in touch with you and address your concern at the earliest.

Regards,
Team Kotak Securities

Nice to see you here...hope the poor shafeek can get some help.....I too personally known many who cheated by RM of Kotak.....

 

[bunny]

Dear Shefeek,

We request you to share your client id & contact details with us at [email protected] so our customer care executive can get in touch with you and address your concern at the earliest.

Regards,
Team Kotak Securities

Why just email? I want this entire escalation to be discussed here in full public view, including the resolution. The whole incident sounds like a fraud by some employees to cover up some embezzlement or proprietary losses. It will be good for your reputation as well if you process this escalation in public. And I don't care a minuscule about your company policies. There are a number of official regulatory machinery to put you under the microscope. I will go deep into this. This incident is outrageous, to say the least. This is not a "civil" matter, but a "criminal" matter. So you be warned that not everybody is a sleeping dog. It is brought to your notice that you may not be fully aware of the implications of this incident.

 

[rajgreenpeace]

Why just email? I want this entire escalation to be discussed here in full public view, including the resolution. The whole incident sounds like a fraud by some employees to cover up some embezzlement or proprietary losses. It will be good for your reputation as well if you process this escalation in public. And I don't care a minuscule about your company policies. There are a number of official regulatory machinery to put you under the microscope. I will go deep into this. This incident is outrageous, to say the least. This is not a "civil" matter, but a "criminal" matter. So you be warned that not everybody is a sleeping dog. It is brought to your notice that you may not be fully aware of the implications of this incident.

:thumb::thumb::thumb::thumb: