Hi,
I have a Trading Account with HDFC Securities Ltd.
I had opened Savings and Demat Account during March for trading purpose only. The sole trading activities were carried out at the complete discretion of the dealer (with my telephonic confirmation as per the requirements of HDFC Securities). HDFC Securities had the authorization to operate my Savings and Demat Accounts.
On 31st March the dealer purchased 1000 shares of M/s. Prakash Industries Ltd and sold the same on 1st April. However since bank operations were closed on April 1, Intersettlement was not available on the day and hence there was an auction for 1000 shares sold by the dealer on 1st April.
Thus, I have been put to a financial loss of Rs.31, 517.53 due to auction of 1000 shares of M/s. Prakash Industries Ltd.
The systems / process, checks and balances by the operations and risks team of HDFC Sec should not have allowed the dealer to enter into such a transaction. This loss is purely because of the negligence on the part of HDFC Securities Ltd and therefore I requested HDFC Securities to reimburse me the above amount, however HDFC Sec has declined to reimburse the amount to me.
Request your guidance on the matter, and also let me know the authorities where I can take up the matter for resolution
Thanks
Nilesh K Shah
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