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

[navneet_ficci]

Just had concall with Broker. He repeat his same standard statement.

Excess brokerage: Due to change in lot size, brokerage has been increased (40 Rs to 100 Rs /lot). Broker said he send sms to everyone regarding this and change in brokerage.

Limit/Margin Increase: Broker said it was according NSE rule otherwise exchange will penalize it.

Unauthorized Trading: Broker said trades were executed as per my instruction (voice log). NSE courier CD of voice log to me since NSE could not sent it by email.

When i started to reply, NSE represented stopped me and asked broker if there is any chance of settlement. Broker said No and said Broker will soon send notice to recover lost amount from me.

Then, NSE representative they will forward this matter for IGRP. Anyone have idea about IGRP and what they do ?

 

[monkeybusiness]

Just had concall with Broker. He repeat his same standard statement.

Excess brokerage: Due to change in lot size, brokerage has been increased (40 Rs to 100 Rs /lot). Broker said he send sms to everyone regarding this and change in brokerage.

Limit/Margin Increase: Broker said it was according NSE rule otherwise exchange will penalize it.

Unauthorized Trading: Broker said trades were executed as per my instruction (voice log). NSE courier CD of voice log to me since NSE could not sent it by email.

When i started to reply, NSE represented stopped me and asked broker if there is any chance of settlement. Broker said No and said Broker will soon send notice to recover lost amount from me.

Then, NSE representative they will forward this matter for IGRP. Anyone have idea about IGRP and what they do ?

Wait for CD for couple of days, else higher a lawyer and file criminal case against both Broker and NSE.

 

[monkeybusiness]

Just had concall with Broker. He repeat his same standard statement.

Excess brokerage: Due to change in lot size, brokerage has been increased (40 Rs to 100 Rs /lot). Broker said he send sms to everyone regarding this and change in brokerage.

Limit/Margin Increase: Broker said it was according NSE rule otherwise exchange will penalize it.

Unauthorized Trading: Broker said trades were executed as per my instruction (voice log). NSE courier CD of voice log to me since NSE could not sent it by email.

When i started to reply, NSE represented stopped me and asked broker if there is any chance of settlement. Broker said No and said Broker will soon send notice to recover lost amount from me.

Then, NSE representative they will forward this matter for IGRP. Anyone have idea about IGRP and what they do ?

Their is one investor grievance forum run by Kirit Somaiya MP

kiritsomaiya.com /investors- grievances- forum/

 

[natjay]

Anyone have idea about IGRP and what they do ?

IGRP = Investor Grievance Resolution Panel

Details here: http://www.nseindia.com/invest/content/IG_res_panel.htm

More: http://www.nseindia.com/content/circulars/ISC24762.pdf

I just remembered one more thing. Try contacting Sucheta Dalal of the Moneylife Foundation (specifically their Legal Resource Centre). They have a team of lawyers and experts who have long experience in dealing with issues related to investor problems. They are also known to take up unresolved issues directly with the regulator. This is just one more avenue that might help your case. All the best!

 

[navneet_ficci]

I got the CD today from NSE. it contain just 54 sec recording of Trade confirmation log after closing mkt closed 3.33 pm. BMA Executive informed me trades done. In the last I said to him: "Kuch mat karo aap, men aa ke dekhunga, phir baat karunga".

They is not recording in CD where i instruct them to place buy order/sell order and more importantly increase limit/margin due to collateral.

 

[vijkris]

I got the CD today from NSE. it contain just 54 sec recording of Trade confirmation log after closing mkt closed 3.33 pm. BMA Executive informed me trades done. In the last I said to him: "Kuch mat karo aap, men aa ke dekhunga, phir baat karunga".

They is not recording in CD where i instruct them to place buy order/sell order and more importantly increase limit/margin due to collateral.

hi, I m not an expert in these affairs. But as I said b4, they r supposed to prove that u asked them to buy . since that is not in recording, u should win the case.
all the best
thanks

 

[deba72]

I got the CD today from NSE. it contain just 54 sec recording of Trade confirmation log after closing mkt closed 3.33 pm. BMA Executive informed me trades done. In the last I said to him: "Kuch mat karo aap, men aa ke dekhunga, phir baat karunga".

They is not recording in CD where i instruct them to place buy order/sell order and more importantly increase limit/margin due to collateral.

The case will go in your favour undoubtedly. Go ahead and press your case. Also lodge a FIR with Police against BMA immediately.

 

[navneet_ficci]

The case will go in your favour undoubtedly. Go ahead and press your case. Also lodge a FIR with Police against BMA immediately.

Bro, Police complaint or consumer court would be better ??

 

[deba72]

These brokers don't care about consumer court. But they fear police complaints , especially in the name of their senior management. File complaint against the dealer, Branch Manager and also their CEO..

 

[monkeybusiness]

Bro, Police complaint or consumer court would be better ??

File criminal prosecution in the name of CEO directly, that will bring them down.