Unfortunate experiences with renowned brokers

#1

Rish

Well-Known Member
#2
Posting an article which shows an example of malpractices in broking industry. Has anyone shared a similar experience as that of this Retired Defense Officer?
(The old fellow, (had cancer), lost his life savings)

(Note: The district consumer forum ruled in his favor. Yet, Sebi and even MoF haven't done their duty, all in the UPA era)

Wiped out by Motilal Oswal, shunned by a callous SEBI & ministry, the 78-year old's fight continues
Whether it is UPA or NDA.......common people suffering a lot....SEBI will bend on FII's...

Example......our Nifty is Trading in Singapore.....for only FIIs....

In 1991...we use to get Primary Market IPO at Rs.10....now company is looting via Book Building Methos....and promoters are settling down...with Hefty profit...this is how...our system works....

We have to live with that....

We should protect ourselves........

Sometime law helps us....not most of the times...
 

suri112000

Well-Known Member
#4
SEBI is proved to be an eye wash for the investors especially when it comes to protection of investor interest.

The nexus between brokers and SEBI is time and again evident in many instances.

SCORES is SEBI's redressal system which is automated. When I made a complaint, they simply sent me a routine reply which clearly evidences SEBI is no more interested or working for investor protection. SEBI does not even know the fact that the connecting details need to be digged by themselves as they are empowered to know, instead of that they are seeking details from investors who cannot supply with details as they are not empowered.

No more SEBI to be investor protection agency. SEBI is now turned to be protector of Brokers leaving its aim of protecting investors behind.
 
#6
Whether it is UPA or NDA.......common people suffering a lot....SEBI will bend on FII's...

Example......our Nifty is Trading in Singapore.....for only FIIs....

In 1991...we use to get Primary Market IPO at Rs.10....now company is looting via Book Building Methos....and promoters are settling down...with Hefty profit...this is how...our system works....

We have to live with that....

We should protect ourselves........

Sometime law helps us....not most of the times...
@Rish - I hope things are/will get/ting better under NDA.

Nifty trading in Singapore, is beyond SEBIs control. Nifty iShares trade in US exchange, too. Also, IPO etc today may have taken away opportunities, but to play with someone else's money without any authorization (and dangerously, with fabricated authorization - which should be a crime U/S 420), is a different ball game.

@Charles - I asked the magazine the same question on twitter yesterday, response awaited.

@Suri - what was your complaint about?

@travi - any other incidence you know about?
 

Rish

Well-Known Member
#7
@Rish - I hope things are/will get/ting better under NDA.

Nifty trading in Singapore, is beyond SEBIs control. Nifty iShares trade in US exchange, too. Also, IPO etc today may have taken away opportunities, but to play with someone else's money without any authorization (and dangerously, with fabricated authorization - which should be a crime U/S 420), is a different ball game.

@Charles - I asked the magazine the same question on twitter yesterday, response awaited.

@Suri - what was your complaint about?

@travi - any other incidence you know about?
I am noway concerned NDA or UPA...both are useless...politicians are criminals...

Beyond Control....?...what for SEBI is established...killing mother investors and taking care of FII's.......after 3.30..why they should allow trade in Nifty..when I don't have option....SEBI is for us or foreigners...

Anyway...I am no way concerned about SEBI...or bla...bla..

I know only one thing...how to protect my trade and gain...
 

deba72

Well-Known Member
#8
Someone someday should ask SEBI Chairman this question -- " What is your view on the de-growth of cash market volumes over last 10 years ... ?"

Regarding the unauthorized trading.. here are few points ...

1. No matter how suave and investor friendly the Oswals,Jains,Kotaks, Rathis etc. seem when they appear in television... have they ever explained why they follow the practice of an incentive structure for their dealers / RMs based on the turnover they generate for the month... In most broking houses, dealers / RMs have to generate 3/4 times their salaries just to earn their full salaries and then be eligible for incentives...

2. Its a common 'unwritten' rule in most broking firms.." Clients would ultimately lose money in trading; so instead of losing that money in exchange, let it come to the broking houses in the form of brokerage.."

3. Because of all these things, normal people are fearful whenever they hear the term "stock market".....

4. And by putting in a irrational and nonsensical cost structure, we have also ensured most FIIs trade index futures in SGX.. and it makes the job of ( moving index with pretty low volume ) easier for few "chosen and selected" punters... !

"The more the things change, the more they remain same.." - Jean-Baptiste Alphonse Karr
 
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suri112000

Well-Known Member
#9
@Rish - I hope things are/will get/ting better under NDA.

Nifty trading in Singapore, is beyond SEBIs control. Nifty iShares trade in US exchange, too. Also, IPO etc today may have taken away opportunities, but to play with someone else's money without any authorization (and dangerously, with fabricated authorization - which should be a crime U/S 420), is a different ball game.

@Charles - I asked the magazine the same question on twitter yesterday, response awaited.

@Suri - what was your complaint about?

@travi - any other incidence you know about?
I complained about nexus trading in a particular OTM option on the day of expiry. The price of the underlying is about 5% away from the option strike under consideration. I noticed lot of buying and selling amounting to several crores. In contrast, entire month has not witnessed even a tiny percent of turnover on the scrip strikes. When I complained about that, SEBI was asking me who are the brokers involved in that, their addresses, registration numbers, contact details. Isnot it their assigned duty to watch such irregularities? SEBI slept but I have given them hint where and how it has happened. You can see, how sloppy SEBI is when it tried to seek the details of the scammers from me who is whistle-blower. What type of protection the investor can seek from such sloppy regulator.
 

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