transaction in sharekhan

#1
Dear All,
I am not very active in trading. But,once I did a mistake of buying good numbers of shares and end up bringing more money into the sharekhan account. Seeing all this, the sharekhan relationship manager called me up and told me that he can help me in doing trading. But, in few days, i saw that he was trading from my account without my permission and incurred losses to me. when I asked him about this, he said that all losses will be recovered in few days. By this time, he had already done a loss of 74000 Rs. He told me that he will recover the losses in a week or two. But, without my permission, he kept on trading from my account and ended up when almost no money is left in my account. I have incurred a loss of 4.2 Lakh rs in just 1 month.
Kindly suggest me what all legal actions I can take against sharekhan.
Thanks and regards
Pratap
 
#2
Legally it is a problem sir. You do not have any proofs for allowing him to trade or there are no records that he had traded in your a/c. Probably if the coversations between you both are recorded then it is a solid proof.

First call that concerned RM personally and speak with him finally. Do not give him time. Tell him that he wants to speak to someone in the HO. See his reactions. Then write a complaint to Sharekhan Legal department seeking a rescue. But HO ppl will be lathargic in these kinds of complaints as you wont be possesing any proofs for these transactions done by RM. If they are not responsive, write a complaint to SEBI investor grievances cell and mark a CC to Sharekhan Legal department.

BTW, has the RM given the contracts/account statements/DP holdings/SMS confirmations to you? Let me know the progress. I can guide you to the best of my knowledge.
 
#3
I came to know about the transactions only after it has been done. I incurred losses n he promised to cover it up. He agrees that he has done without my prior approval. But, he says that I came to know after it has been done. But, after incurring the losses, how does it matter and his promises to cover it up... I am totally screwed up. He has done from his terminal in sharekhan. Please suggest what can be done.
Thanks and regards
sam
 
#4
Call him once personally and speak to him boss. Taking this matter to SEBI or Sharekhan Legal dept can be a tiring job and no 100% chance of recovering money. HO will always try to save themselves as this would spoil their image if they are going to reimburse.

Speak to the RM once personally without giving any time for settlement. If he is not responsive take the issue to next stage. Dont tell him that you will complaint and all. They will be smart enough to do everything.

Once you file a complaint with SEBI then their judgement shall be final. My suggestion would be to try recovering as much as possible from the RM. Bit critical situation though, we can handle it with care.

Basic Thumb Rule to remember - NEVER ALLOW EVEN YOUR SHADOW TO TRADE IN YOUR A/C.
 
#6
I did not provide him the password or anything....
The sharekhan guys have access to all account and they can do anything with that....
I did not open account with him... he came to me as a relationship manager....
I didn't ask him to trade on my behalf...... he told me that he will pass me the info that he had.....
But, he did trading n bankrupted me.....
please help.... what legal actions i can take against them ?
 
Last edited:

rinku4142

Active Member
#7
same happedned with me 2years back when my motilaloswal broker one day called me and said by mistake a lot of nifty futrure has been bought and then nifty fell down he had to sell a lot and took loss of 5000rs he told me not to worry and he will covered all the losses in few days after 15days when i login by backoffice account i saw a i had a loss of 22000 rs i checked contract note and found two days back he traded in rcom future and took loss of 17000 rs then i called him and he replied he will give me my money but after 2 months i recorded a phone call in which he was assuming to give me money and telling it happens all over broker make mistakes and innocent small trader has to bear and after two months he said he can't do any thing and what would if first 5000loss was 5000 profit? so he told me to take all the losses and he denied that he was ever called me and said some losses he had to take because of his mistake and it was i who allowed him to trade future, motilal sold my 40% shares to recover their money at last i closed my account i sent complaint email to sebi,nse and bse but none called me back atlast i closed my account even today i have that call which i recorded on my phone
 
#9
jdm,

Even with ip records they will say that client had come to trade in their office. We dont have enough proof to say that RM traded in our friend's a/c.

As I have already experienced it, I would suggest to milk maximum from the RM politely than taking legal actions. Legal action as said by rinku will be in junk mail. That too cases like this they will easily close off.

samazaz... Speak to him and find out when he will give the money and get the work done.

Legal action is the last resort. BTW, when these trades were done? SEBI will give 6 months from the date of transaction to file a case. See that too.
 

jdm

Well-Known Member
#10
being polite to whom? a felon who just robbed me. why should i "milk maximum". i have been robbed and seek justice. "milk maximum" is no good. nobody will help you unless you help yourself.

sebi nse is not the only last resort. once can always go the consumer court where things are valid till three years.