Dear Sir/madam,
Sub: The statment of transaction sent to us from 01.09.2009 to 30.09.2009 dose not tally with our actual purchases and as per the contracts issued. Orders exicuited without our consent just to earn their brokarage.
Ref: BO ID- 1204470003500366, Name: Shyamala S goudar., Hubli
This is regarding the above sited matter that, the statment of transaction taken on the date 18.11.2009 and received by me on 26.11.2009 dosent tally as per our purchases there is difference in quantities as mentioned below
Our Actual holdings as per the contracts and our orders
Name of the company Quantity
1) GMR infra 17 shares
2) RNRL 100 shares
3) Reliance petro 25 shares
4) Sesa Goa 5 shares
5) Suzlon Energy 50 shares
M/s Indiainfoline is open their branches like mushrooms without any ethics. The branch manager are been given targets to earn brokarage/day, the manager in turn gives target to the dealers and the dealers to achieve their targets execute orders of their clients without the knowledge of the client (they sell and buy shares without the clients placing the order just to earn brokrage). The dealers behind the terminals are least bothered about the clients purchase prize and by selling them how much loose the client is going to book. To keep the quantity of the shares intact they buy again and maintain the client’s purchase position. In this process the client’s a/c has slipped in to debit without his knowledge, now to meet the debit obligation the dealers again sell the required quantity of shares. No contracts are being sent to the client for all those transactions. Ultimately one fine day the client just visits the broker office to know the fait of his shares which he had bought one year back, the client will be given a dp holding statement which shows him the different quantity and different company names from the shares he had brought. Entire portfolio of his has got changed without his knowledge. Over all this now they give him a statement of a/c saying he has to clear the debts or else they will sell the remaining shares also to meet the debits. Upon asking any questions, the client will be given answer in stock market technical terms like settlement, Depository participant, stock transfer statement from BSE and NSE, Etc etc…. Dealers at the brokers office do this to confuse clients, as he is unaware of all those terminologies and finally the client feels and so many of them have expressed openly to me saying “ All this is not for us common people”.
To stop this menace it should be made compulsory for the brokers to have a proof of the order being placed with them by the client. And it should be made mandatory to send the contract notes to the clients door step and the proof of the receipt of the contracts by the client should be preserved along with the duplicate contracts.
or other wise innocent investors laymen investors are being cheated. Where as the SEBI sitting in a A.C room at Bombay saying we are the regulatory authorities to protect the innocent clients doing nothing to get to the core of the problem.
If any prof is need i have so many example, can be revealed only if intrested. I can be contacted for any further information.
We kindly request you to look in to matter, rectify the same and send us a fresh statment. We regret to say that we have found this irrigular difference of quantity between our purchase quantity and the d p holdings.
Thanking You
With Regards
Shyamala S gouda
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