[Resolved]  Angel Broking — Unauthorised Trading and Illegal Business Practice

Address:

South Delhi, Delhi

I am a trading client of Angle Broking Ltd (Nehru Place New Delhi) and I would like to humbly bring your attention o[censored]nauthorised and excess trading , breach of trust, fraudulent mean of business of Angle Broking Ltd and the pattern they follow to deceive clients to generate brokerage and meet their targets. I am submitting following complain against branch of Angle Broking Ltd with considerable pain and anguish as I have lost my hard earned saving of last 5 years Rs 8 lacs in just 6 months. I am humbly aware that it is regular complain against stock broker. The modus operandi of firm is simple. The firm pressurises the relationship manager to generate brokerage. The Company gets away with the crime as in most cases instructions given by investors are oral, and thus difficult to prove before a judicial forum.
1.One of executive (Mr Sonu Kumar) have done few unauthorised and excessive trading without my prior consent in my Account resulting loss of Rs 5 lacs in derivative only/ and 3 lac loss in stock and interest on debit balance.
2.Both Relation Manager and Branch Manager have persuaded me transfer the security lying in my other HDFC DMat A/C to pool account of Angle Broking to able to do more transactions.
3.He would request me to confirm the trades on the call which would come from compliance department. and I used to get absurd trading confirmation (AFTER THE EXECUTION OF TRADE AND WITHOUT MY CONSENT) at the end of the day and at times the lady/gentlemen/sometimes relationship manager who used to call me would not have the complete information and would say that her job is limited to give confirmation on trades in a summarized form and other information would be available with the designated Relationship Manager only.
4) I had no choice but to rely on the process and person who has been assigned by Angle Broking for my relationship. I object about so much volume base trading with loss in my account with Mr Sonu Kumar but every time he would assure me that in future he would only do trades before taking my consent that too with profit
5)The pattern of trading itself show the malicious motive, whenever I call during market hour to know activities in my account He say in one word believe me we will make a profit this time. Some of excuses ‘’Do not worry I will make profit today, call me at 10 p.m night. Just before 3p.m before market close he usually calls me ‘’Sir Today stop loss has triggered, Angle advisory call did not work, I was not in terminal, Sever was down. We will recover within next 2 days’’. But that never happen and this is strategy to keep client silence.
6)The branch has not taken due diligence o[censored]nusual transactions in the account and same person was assigned to communicate and assist us for queries/explanation
7)Trading in NSE derivatives of capital market, in which the I have not signed the agreement/not applied in writing.

8)Breach of Code of Conduct and lack of good business practices which is ordered by Stock Exchanges.

The only motive behind these discretionary and Unauthorized trading was to earn huge brokerage without dealing fairly with the client.
Angle Broking's representative lure clients in a way that a client is compelled to agree to what they say which is human nature, and I am for sure less intelligent than the people who were duped by Shivraj puri of Citi Bank and the reason why they were duped is because they were also lured by the guaranteed high returns and again people did not trust Shivraj puri they trusted Citi Bank, same is the case of mine, I trusted Angle Broking(Service truly personalised, In depth analysis are company’s logo) .