[Resolved]  Angel Broking Ltd — B37074 : Wrong Transaction of NSE

Address:

Ahmedabad, Gujarat

I have an account with Angel Broking Ltd with their Bapunagar Branch (Trading A/c code No.B37074)

I was given information about some new Future Option Intra day trade on NSE by the Branch Head of Angel Broking, Bapunagar Branch Mr.Vijaybhai on 31/08/12). He adviced me one strategy about selling on upper and lower side both so that on any movement of market I will not have to incure any loss. Based on the relationship of last four-five years on trust I also accepted and told him to try on the same even I did not understand the segment properly. However, after sometime one confirmation message was received from the dealer about some transaction. The transaction made by dealer was not the same which was explained by the Branch head to me and while confirmation It was not clearly told by the dealer also. The dealer has told about the transaction which was traded and in absence of the information that it is different than the earlier discussed strategy (as i was the first time trader), I had to incure a loss.

After an hour or so from that communication I was informed that I had a loss of around 11 thousand plus. When I went into detail I realized that the trade transacted was different than what was initially discussed by Bapunagar Branch Head. I then lodge my grievance to Mr.Vijay the branch head and he assured me to look into it and doing needful.

He did not reverted and late evening (31/08/12) he informed that next day it will be sorted out. However on repeated follow up the same was heared on 1st September and then on 1st September, he adviced me to come on 3rd September personally. However till evening he was not reachable on 3rd September also. At end of the day contact could establish with him and he informed to me that nothing can happen and no reversal or damage can be compensated as it was informed immediately after the trade eventhough it was not as per the original discussion; and this is the policy. However, he gave me 50% disconunt on the brokerage for that trade and also offered me low cost brokerage. But i told him to compensate the non consented trade and no brokerage rate revision. He did not reverted thenafter and also they have stopped all communication from their end. I am still waiting for his senior's call which Mr.Vijay has promised me next day (04/09/12) morning around 11.00am which I have yet to received. Dont know when??

I then seek intervention to their feedback team and they have also shown their helplessness and no stand have been changed on 04/09/12.

I am not satisfied with the kind of response and the transaction happened and hence, I am still contending that the actual trade was performed with different strategy for which no consent was given from my end. After execution of the trade it was informed (no consent was taken) to me and the same I had informed to Branch and to feedback team also overtelephone.

However, It seems that Angel Broking is not willing toaccept the same and complaint has already been closed without any satisfactory answer to me.

Having all the information evaluated, I feel that no tradeshould have been done without taking prior consent. Informing client about some trade which was already executed is not ethical and professional and for which the losses are not justified. I regret to mention that but I am not satisfiedwith the kind of handling which have been done by Angel Broking. I think I should represent my case in appropriate forum and I seek your advice and help if it is justified.

Thanks
Amitkumar Sharma
[protected]@gmail.com
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