[Resolved]  Angel Broking Pvt Ltd — Mishandling of My Trading Account (K56641)

Address:

Mumbai City, Maharashtra

This has reference to the trades executed on my account (K56641) on 16.06.2014. This is to inform that I received a call from Angel office around 11 AM on nifty strategy call which I denied to execute and in the same call it has been advised on bank nifty CE-15400 buying @ Rs. 143 for which I agreed to buy 500 Quantities with stop loss of Rs. 122. Accordingly order was placed at 11.20 AM in the system. Unfortunately order was not executed at that time and the price of bank nifty CE-15400 call went up above 150, later on at 11.32 AM the above order was cancelled as the price went up and my order was not executed. Since, I had to attend a meeting at 12.00 PM, I have checked my account for order book at 11.45 AM for the status of order and confirmed that the order has not been executed and it was already cancelled. After this confirmation I went for meeting. Later when I was in meeting, I got calls from Angel office continuously but unattended as I was busy in meeting. After the meeting, I called their office and understand that my order for bank nifty CE-15400 @ Rs. 143 buying was executed and stop loss was also hit. I was astonished to hear this as the order was already cancelled and now saying that it has been executed. Again I have checked my system for the order status and found that re-order was placed for the same at 12.07 PM without informing to me and stop loss was hit at 12.09 PM and it was purely business call taken by angel to generate huge brokerage without considering the client interest. One can understand that once the moment of that particular call has hit its target(high of 175), it is foolishness to buy the same at down again, that too without informing to client which ultimately ended with a loss of INR 12247/-which is not at all acceptable as this trade was not executed as per my instructions. Also I observed in trade messages that they have tried to sell 1000 quantities of (20Lots) Nifty 7400 Put at Rs. 32 at 11.36 AM without informing to me and without my permission which went unsuccessful because of short of Margin money. I don’t know how they can trade like this, without informing to client they are trading on their own to generate huge brokerage as trading in Options pays them more brokerage. The same has been conveyed to my advisor via phone and requested to refund the above loss amount to my account. As per the telecon had with Ms. Dimple from Angel office, they assured that they will recover the above amount by trading in my account within a week without any risk and cost to my account. After two days i.e. today I got a call from their office saying Mr. Parag – Cluster Head and he straight away reject the commitment they made and says that we will try to reimburse half of the brokerage which is Rs. 500/-against my loss of Rs. 12247/- which is not even 5% of my loss. I would like to mention here that earlier also I have traded their nifty strategies and ended with big losses more than this which have generated only larger amount of brokerage to them but I never complained about losses as those trades were executed with my consent. Here, once they have committed that we will refund your amount of loss and after two days says that it is not possible. I request Angel Broking to check my account (K56641)which has generated brokerage nearly lakhs within a year and I never complained once against any of my losses. Particularly I am complaining only on this trade means, please review and arrange to refund my amount immediately as committed. Otherwise I need to escalate the matter to Stock Exchanges and SEBI to resolve the issue. Earlier action is highly appreciated. Regards, Kantharaju K K