transaction in sharekhan

[aravinthrajm]

I have almost all of my savings in my sharekhan account in the form of shares that I own and cash that I use for trading.

After reading this thread, I am really worried. In fact I am already planing to transfer the shares that I plan to hold for long term to my HDFC securities account.

samazaz, I suggest that you take the help from a good lawyer and send a legal notice through your lawyer to sharekhan head office in Mumbai. It will cost you a few thousand rupees.

They will likely ignore your emails but can't ignore legal notice sent by a proper lawyer.

startrade,

Nothing to worry. You must be having your backoffice login to access your DP and trading a/c. Check once in a while. Moreover, NSDL started sending SMS to client directly if shares are getting debited in their DP a/c. If your mobile number is not updated in NSDL, inform your broker to update the same immdtly. Brokers as such are not wrong ppl. Its only the dealers and allied persons who are corrupt and motivated by some incentives they do all these non sense.

Anyways, better safe than sorry.

 

[rostocker]

Your story terrified me and i hope you do get your money back
i still don't understand how can any sensible person at the shsrekhan HQ let an RM access the accounts of their clients. Pls update your progress.

 

[rajeabc]

samzaz,

Sorry to hear your loss. I am more sorry to see your post here. Being in your place I would have filed cheat case with relevant authority. And as few members told, authority will not have any problem in handling the issue . THey can see details of IP address , hope you were not in their office at that time . They (sharekhan) will have to show permission from you to do trading from your a/c.

Otherwise also, Indian law will favor you. Do delay start process soon.

Good luck.

 

[naga_thetrader]

Most of the brokers send an SMS when trades take place and even sharekhan does it. Why don't you have an habit of watching email everyday so that you will get to know what was happening. when he incurred a loss of 22k in 2 trades, you should have asked him to stop trading for you.
If you go leagally, you will end up spending more money. RM/Dealers do trade in clients a/c for the incentive they get for achieving the targets. you will not be in a position to prove that he did it him self with out your concent, you cancel the POA (if u do it, intraday exposure will not be given and you should place orders yourself without calling them.)
The chances of you getting money back is very remote in this case. since brokers draft the agreement to keep their risks at the lowest. it is always the investor who end up losing. The only way is to speak to the high level concerned person of sharekhan's HO and demand atleast 50-60% of you losses and tell softly that the bad mouthing will damage the reputation of the firm and later on they can cover it from the RM's salary/incentive or book it as bad debt etc. Take personal number of that person and keep calling him every now and then and also in midnight. but remember never be rude while speaking with higher authorities.

 

[kthakker0]

First thing first, don't you guys check your a/c on a daily basis, if you come to know that some else is mis-using your trading a/c. y do u allow them to operated in your a/c second time without protesting. You guys should storm your respective brokers office along with some friends and create a huge HUE and CRY as to why this illegal trading has happened. And you have to catch hold of that person who traded in your account without your knowledge and the person who sits on the NSE or BSE terminal to put the trade, as both of them know each other very well. I don't know how you guys can sit ideal by loosing 000's and lakhs of Rs.

 

[sameer999]

I hav heard about this case before also many times with sharekhan on CNBC awaaz. I dont know if sharekhan is a reliable brokerage company?
why make account with them, plz also shift to some othe reliable company after u get your money back.

I would request that people should post their experiences and start a new thread if they had any same case with any other brokerage company so we should know.

 

[uncleji]

anybody facing same problem with sbi demat also?

 

[vikrant005]

Illegal transaction in Bonanza Account:

I left India on 14th of November and since then I am not in contact with bonanza where I opened the account and the bonanza people did lot of trading without my permission and now reported a loss of some 2.5 lack rupees and sold out some of my shares in order to bridge the loss let me know what to do here.

I asked them that provide me the Phone Log details where I called them to buy and sell the shares.

They are not able to provide the details and not even responding on this issue.

will SEBI do the process.

 

[bangerabs]

For faster and effective remedy, pl. approach NSE or BSE.

 

[mfrahman]

Hi all eperts,

I have all my Savings into Sharekhan A/C,I dont want this to happen with me, can we remove the authority to use our A/C by the RM,i.e only by Me I can operate the account.

Thanks & Regards,

MFRahman.