1.
Dear Sir,
Sub: Sub- brokerage with SIC Stocks & Services Pvt. Ltd., Ground Flr, # 2 & 4, Kedia Arcade, # 92, Infantry rd., Bangalore 560001 of P I Ltd., 24, II Flr, K.R. Colony, Domlur Layout, Bangalore 560071.
With regard to the above, we had taken sub-brokerage by duly fulfilling all the statutory and financial requirements in the month of September.
We were promised SEBI registration and sub-brokerage registration within one month after submission of the forms which we complied with in the month of September. We made a payment of refundable deposit as follows based on their letter dated 17.09.09:
1. Deposit of Rs. 90, 000/- towards V – Sat connection
2. Deposit of Rs. 2, 50, 000/- towards BSE trading Exposure
3. Deposit of Rs. 2, 50, 000/- towards NSE trading exposure
We neither received SEBI registration nor sub-brokerage registration intimation or information about the same until end of Jan. 2010. We decided to terminate the sub-brokerage arrangement with SIC Stocks & Services Pvt. Ltd. For non compliance of their promises and we also faced huge losses due to their lack of support and incompetent guidance.
When we requested SIC to settle our deposit they delayed the matter for over 2 months and finally SIC paid us a sum of Rs.4, 07, 577.14/- although the above amt of Rs.5, 90, 000/- was taken as refundable deposit. We have not recd the refundable deposit taken for V sat connection although the V Sat equipment has been shifted from our premises in the month of March. They deducted the brokerage and bad depts. amt of Rs. 37, 422.08 without giving us any detail. After giving SIC business for 4 months our small earning of sub-brokerage charges was deducted from our refundable deposit under the pretext that our sub-brokerage was not registered till the date of settlement of our dues in March. There was no bad debt as SIC was recovering their bad debt dues promptly from time to time. SIC has deducted sum of Rs. 35, 000/- towards rental for V Sat for 6 months plus dismantling V Sat charges of Rs. 5, 000/- In addition SIC has also till date not refunded the Rs. 90, 000/- paid by us towards refundable deposit for V Sat connection.
We have been cheated by SIC to the extent of Rs. 1, 80, 000/- and are refusing to settle this amt due to us. SIC directors, Mr. Siddharth Handa, Col. Handa and their associate Mr. Ashok have misbehaved with us and threatened us of dire consequence if we make any complaints and further they also chased us out of their office by saying that BSE or NSE or other related exchange will not do anything in helping us to get our balance amount.
We were approached by Mr. Siddharth and Col Handa to take up their sub-brokerage with tall promises and apart from paying SIC deposits we have incurred huge losses by way of office equipment and staff and incidental expenses for which there is no compensation. SIC asked us to invest in KIOSKs too.
SIC directors have taken undue advantage of our ignorance with respect to stock market and exploited us thoroughly. Lastly they cheated us of Rs. 1, 80, 000/- too.
Our humble request to you is help us obtain our amounts at an early date.
Thanking you,
Truly,
Director
CC to: The Dept. Membership Services
BSE Ltd., P.J. Towers, I Floor
Dalal Street, Mumbai 400001.
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