Unauthorized Without Consent Trade Transaction(F&O) in BMA Wealth Noida

[deba72]

The most crucial part of the entire thing is the voice log they have given to NSE. If you are sure of the exact conversation you had with them, ask for a copy of the same from NSE and then prove it to NSE that you have not asked them to execute these trades.

 

[navneet_ficci]

Thanks bro,
NSE has asked me provide comment if any till 6 Jan 16. I am confused how to reply them.

 

[natjay]

That's a very tricky, cunning and oversmart broker response. Don't back down now, and don't let them confuse you.

Spend the weekend drafting a very clear and firm reply to the broker's response.

If you remember the timeline of events that led up to the unauthorized trades then list them in your response and send them to NSE.

Clearly emphasize the fact that nowhere has BMA provided proof of voice calls / logs to show that you've authorized those trades. Also emphasize that, in addition, the said broker has taken trading calls without sufficient margin available in your account.

The sum total of these two simple facts should tilt the case in your favor:

1. No verifiable audio call logs.
2. Insufficient margin to take trades.

 

[vijkris]

hi, they do send client margin emails. i do get it regularly.
i think u should ask for the call log. as far as i know in case of shortfall of margins, they can sell shares in demat to recover the shortfall. go through margin statements whether there was any shortfall.
since there was multiple trades, u hav to authorise each buy/squareoff trades(alongwith qty to buy/sell), for that they should hav multiple call records. i m sure they wont have it, since u did not ask them to do the trades.
so insist on call records for each of the buy/sell transaction done.
regards.

 

[meet444]

IMO voice call log can put this in favour of you.
As you didn't gave them authority to trade. That call you received from them and you didn't called them. It clearly shows that broker had the intention to trade on your account as you didn't called them first. And it's impossible to trade 514 lots with such money. Do get margin reports and contract notes of 30/11/ 2015

 

[meet444]

Friends, yesterday I filed online complaint to Both NSE's investor helpline and SEBI Score.
I did upload all documents to NSE's website. But there is no option to upload documents like ledger, contract note, Dmat statement in SEBI score.
I dont know how they will enquire and verifiy the facts.

Attach and upload in PDF format and send it by email inform them you have send email as proofs. Upload voice record if you still have.

 

[navneet_ficci]

Attach and upload in PDF format and send it by email inform them you have send email as proofs. Upload voice record if you still have.

I do not have voice recording. I have post paid mobile itemized bill showing call logs date and time only.

One more thing friends...what is the role of NSE here. Is it a kind of Judge in court. Where both parties submit evidence, it decide what is right or wrong. The two main complaints are

1) Trading instruction originated at BMA terminal without my written/verbal approval and with out any account margin (balance was only 1478. without any information or permission they them self increased limit due to collateral and traded total 514 nifty lot)

2) Excess brokerage charged (from Rs 40/lot to Rs 100/Lot).

I have attached below margin statement and old contract note (40 Rs/lot) and latest contract note (100 Rs/lot).

can anyone pls guide me as these two documents are enough to justify my case or i need more evidence ?

 

[deba72]

Bro, please understand only proof you need is the voice log they have submitted to NSE. If the voice log proves that you have not asked them to execute these trades then you win this case. It is as simple as that. Don't be more confused. Just go ahead and ask NSE to play the recording in front of you.

 

[meet444]

I do not have voice recording. I have post paid mobile itemized bill showing call logs date and time only.

One more thing friends...what is the role of NSE here. Is it a kind of Judge in court. Where both parties submit evidence, it decide what is right or wrong. The two main complaints are

1) Trading instruction originated at BMA terminal without my written/verbal approval and with out any account margin (balance was only 1478. without any information or permission they them self increased limit due to collateral and traded total 514 nifty lot)

2) Excess brokerage charged (from Rs 40/lot to Rs 100/Lot).

I have attached below margin statement and old contract note (40 Rs/lot) and latest contract note (100 Rs/lot).

can anyone pls guide me as these two documents are enough to justify my case or i need more evidence ?

Bro, please understand only proof you need is the voice log they have submitted to NSE. If the voice log proves that you have not asked them to execute these trades then you win this case. It is as simple as that. Don't be more confused. Just go ahead and ask NSE to play the recording in front of you.

Voice call is the core Evedence.

 

[shekharinvest]

I do not have voice recording. I have post paid mobile itemized bill showing call logs date and time only.

One more thing friends...what is the role of NSE here. Is it a kind of Judge in court. Where both parties submit evidence, it decide what is right or wrong.

The two main complaints are

1) Trading instruction originated at BMA terminal without my written/verbal approval and with out any account margin (balance was only 1478. without any information or permission they them self increased limit due to collateral and traded total 514 nifty lot)

2) Excess brokerage charged (from Rs 40/lot to Rs 100/Lot).

I have attached below margin statement and old contract note (40 Rs/lot) and latest contract note (100 Rs/lot).

can anyone pls guide me as these two documents are enough to justify my case or i need more evidence ?

NSE has a very limited role it can ask it members - here brokers- for an explanation and if it feels that some wrong has been done, it can order (?) for a refund / corrective steps. Broker may comply if the amounts are small just to remain in business and make money some where else. At most NSE can suspend / cancel their membership.

SEBI is one level higher authority recently Govt has increased there powers too, how effective they are time will tell.

Do you remember MCX case where total swindling was more than 5000 crores, no refunds have been made by brokers and influential clients. (unaware of the present status though)

You have another avenue and that is Criminal prosecution. You may file a complaint with police under various sections of IPC and IT act for cheating and unauthorized operation of your account, consult a lawyer. Here also you wont get money but they will face trial for the offence and if charges proved will get a jail term. To recover money you need a civil suit.

I hope BMA don't wish to shut shop and will comply with the NSE/SEBI directive as and when it comes. Don't loose heart you will get your money back it will take time keep pursuing.