Dear Sir,
I hold a trading account with Kantilal chhaganalal securities pvt ltd and my trading code is MN0014 My account was activated on 6th Dec with a total margin of Rs. 285, 000. Till date I have not received the welcome kit. From the day one when the transactions were done in my account I have not received any trade confirmations from the broker. I had instructed him to trade only with my instructions. With my instructions I had purchased 1000 quantity of RNRL on.
On 24th June I called up to my broker to place an order and he told me that there was a debit for Rs. 7000/-. I asked for an explanation as to how the debit had arisen when I had not instructed him to trade neither I had placed/traded any scripts, till then I was only aware that I had 1000 quantity of RNRL scripts.
Further to the conversation I got to know that they sold all my 1000 quantity of RNRL scripts, I was shocked listening to this, I questioned how he could do this, in reply he told me that the prices of RNRL were falling down so he had sold to buy back at a lower price, and also suggested that the markets were very volatile and not to do any trades. With all these explanations I did not get an answer for the debit amount of Rs. 7000/-.
I used to call the broker every week to ask his suggestion for further trades, he clearly instructed me to wait, and he continuously kept on dragging.
On 4th July when I called the broker as a routine call he told me that there was a debit of Rs.126000/-, immediately I asked him that when he had the credit amount by selling RNRL scripts how such a huge debit had arisen in my account and in reply he asked me to pay up Rs.100000 to buy RNRL again so as to make up the loss.
I felt it was ridiculous and told him that even if I pay Rs.100000 also there would be still a debit of Rs. 26000 and how would he clear that? He did not have any answers to this!
I called up to their Mumbai office and I enquired about my account. During the course of the conversation I got to know that there were several scripts being bought and sold without my knowledge, I enquired immediately when there was a debit how further transactions were allowed to be made in my account. I also requested several times to send me the statement and after several requests the statement was sent. I had several queries in the transactions as per the statement and whenever I call up to clarify the queries they are avoiding me.
At least as a basic courtesy if they had given trade confirmations I would have suspended the account immediately avoiding such huge losses.
Now the broker is harassing me every day to pay up Rs. 126, 000 towards the debit and he is threatening me that he would file a case against me.
I really don’t understand why a case has to be filed against me when I have not traded or ask them to trade, rather I have to file a case against the broker for trading without my intimation and not giving me any confirmations for the trades which they have done.
I request the honorable members of SEBI to justify the action of my broker, I feel I am being cheated in this case by the broker, I want the refund of the money which I had given as margin.
Please help me resolve this issue and request for justice.
Note: would provide all the required documents which I have received from the borker.
Thanks
Reguards
R.Vivekananda
9880738799
9448044897
[email protected]
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