I am a small investor. I have a demat a/c with India Infoline Ltd which I use to invest in stocks and funds. On Feb 25, 10 I received an SMS informing that BATA india shares were bought and sold in my demat a/c. This SMS really scared me as I have never planned this and I had no reason or memory of any such request from my side.
Following this up, I immediately visited the nearby India Infoline branch office and informed them of this unexpected trading in my account. Not only this, I also informed them that the shares were even bought at higher price and sold at a lower price putting me to bear all the losses. I was seeking a solution so that no such dis-trust (fraud) happens in future.
When I intimated all this, the representative gave me a single line response, "to avoid all this I should close my Demat a/c'...!!! ***I was stunned. I am sorry but such a reply would certainly shatter the beliefs any of the customers. I have all my family's a/c with india infoline and when I get to hear such a rude response it drives me restless. Till this moment, I always commended the India Infoline's operations and transparency that wins everyone's trust, which is very important when people put a hellowa money in your hands.
I hope everyone in India Infoline and all the investors around the globe understand the long term dreadful consequences of such a practice on the investors society in India. NSE / SEBI does not allow broker to carryout trade without client’s authorisation. If done by error, company should inform the customer with an apology and should redress all the losses. At least customers expect a polite reply from the IIL reps.
I want to give this issue wide publicity, because I want to be heard and noticed and reach more responsible reps. in IIL, who could suggest me a solution for all these unauthorized practices. I intent to take a legal action against India Infoline Ltd, if such rude responses continue from IIL.
A disheartened, feeling cheated and mal-treated customer,
Nirav Samar
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