trade done in the online a/c without authorisation
I am a small investor, opened online trading a/c with India Infoline Ltd / 5paise.com to invest in shares and paid Rs.100000 as initial deposit. I was informed that the a/c was opened. I was waiting the right time to invest, but before that the broker without authorisation carried out trade resulting in loss. I have taken up with their branch through whom the a/c was opened. Still they continued the gambling type of trade, lost over Rs.60000 within 2 months. When I have written to their Head office, I got the reply saying that the trade done were intimated to me through e-mail/ SMS/ Courier, hence I have to bear the loss.
NSE / SEBI does not allow broker to carryout trade without client’s authorisation. India Infoline Ltd / 5paise.com is such a great brokerage firm who can loose over Rs 60000 from the client’s a/c and disown. I want to give this issue wide publicity, so that other small investors are not put into suffering as i am facing. I propose to take legal action against India Infoline Ltd / 5paise.com to claim loss.