If your stock broker BMA Wealth Creators have conducted unauthorized trades in your account, you are not alone. In fact, in percentage terms BMA Wealth Creators gets six times more complaints than any other stock broker as per the report 1c filed by NSE in the following links: http://www.nseindia.com/invest/content/arbitration_reports/report_1c_2012_13.htm, http://www.nseindia.com/invest/content/arbitration_reports/report_1c_2011_12.htm.
If you calculate (No of complaints received against the TM/No of UCCs at the beginning of the year)*100 for every trading member you will find that the statistic for BMA is an outlier for last 3 years.
Now the question is why NSE ignores such a repeat offender? Perhaps because they have on NSE Executive Committee Mr. Anubhav Bhatter Managing Director & CEO, BMA Wealth Creators Ltd. http://www.nseindia.com/content/us/us_ec.htm
How to act when BMA Wealth Creators Ltd has conducted unauthorized trades in your account?
1. Write a letter to BMA informing them that trades have been conducted in your account without your consent.
2. Complain to SEBI through their online complaint portal http://scores.gov.in/Complaint.aspx? flag=n. SEBI will forward your complaint to NSE. Do not complain to NSE directly because NSE is not under the ambit of RTI.
3. File an FIR with the police. Remember BMA is a habitual offender and are tough nuts to crack.
4. BMA Wealth Creators Ltd must reply to NSE within one month as per the SEBI circular: http://scores.gov.in/Complaint.aspx? flag=n. However, chances are you will not get any reply from them. File reminders through SEBI SCORES website. NSE maintains an online audit complaint trail. If no reply comes within one month file an RTI application with SEBI demanding what action has been taken on your complaint. This speeds up the normally inactive NSE ISC department. Write a letter to SEBI why no penal action is taken against BMA for not replying within one month as per the above circular..
5. If the amount involved is very big, hire a lawyer and file a suit with the high court.
Remember that you are not only up against BMA but BMA NSE. Act fast. If you have also been cheated by BMA and have any suggestions please share here so that others may benefit.
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