[Resolved]  Indiabulls Securities Ltd — UNAUTHORISED TRADING

Address:

South 24 Parganas, West Bengal

[protected]@yahoo.co.in
Mob : [protected]

Sub : Complain o[censored]nauthorized trading against
INDIABULLS SECURITIES LTD in the year 2007

Respected Sir,

With heartfelt respect we , Shri Tapash Roy Chowdhury son of Late Santosh Roy Chowdhury, at 26,Aswini Nagar, P.S – Jadavpur, P.O – Regent Park, Kolkata – 700 040, and Smt. Soma Roy Chowdhury, W/o Shri Tapash Roy Chowdhury, at 26 Aswini Nagar,P.S – Jadavpur, P.O – Regent Park, Kolkata – 700 040 appeal to your kind self for a patient perusal of the following matter for your deliberation and subsequent action.

I, Shri Tapash Roy Chowdhury started investing from my salary earning in the Capital Market a long way back in the year 1994 and since then with due diligence I managed to accumulate shares amounting to Rs. 4 to 4.5 lacs approximately. My wife Smt Soma Roy Chowdhury also invested money in the Capital Market from her paltry earnings through private tuitions and L.I.C agency Commission. By investing in the Market for 7 (Seven) to 8 (Eight) years she created wealth amounting to Rs. 5 to 5.5 lacs. But in the last week of August 2007, we chanced to meet Mr. Sumanta Das, an employee of India Bulls Securities Ltd ( IBSL) of the Salt Lake Branch Office. He approached us for investment through IBSL. Accordingly the shares held by us were transferred for investment through IBSL. Our Client Nos. are CSL – 2196 ( Shri Tapash Roy Chowdhury ) and CSL – 2195 ( Smt Soma Roy Chowdhury ). At that time I , Shri Tapash Roy Chowdhury was made to sign in several blank papers and had to sign blank in a register as well. When asked I was told the signature were essential for opening the A/C. My wife Smt Soma Roy Chowhdury however, had not signed at all. But to our utter distress and agony we found our funds exhausted by the last week of October 2007 and the trading
contd…..


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made through our A/cs amounted to Rs. 20 Crore and 27 Crore (copy enclosed) respectively. The signature of my wife, I am cent percent sure, had been forged and on my part I affirm that I placed no order for purchase or sale of any stock or Nifty whatsoever.

Madam, we came of a lower middle-class verging on to the borderline of a poor family, the entire loss of Rs. 10 to 10.5 Lacs(appox), which we accumulated over the years, within 2 months, pushed us in some sort of trauma for which we , i.e. my wife and I could make up our minds immediately after we were cheated. We know in the process we have delayed too much and made our case completed to you to deal with. I have, however, cent percent confidence in you that appreciating the circumstances under which we failed to take the correct decision in time, you leave no stone unturned to expose the conspiracy of the broking firm against us. The idea of foiling a fraud case against Indiabulls, “I can well feel” would have made our case stronger and on your part you would have carried on with the detailed investigation into the case. But as a petty employee of Private firm, how shall I find adequate time to pursue the case regularly? Moreover, we have neither the manpower nor the money power to match our contestant party. However, if you make an enquiry into the case and verify every statement of mine, I am confident of getting justice for I have the truth on my side which Indiabulls does have in the least in spite of its huge man and money power.

Now we look forward to your treating our cases not as individual ones, but as one or two of thousands of cases occurring all over the country. The Capital Market which as overcome the Global Recession so successfully, thanks to our Regulatory System, is about
to fail if it loses the confidence of thousands of retail investors because of the hawkish attitude of a very few mercenary Security Companies. More than that, where shall we, the retail investors – go to, unless you our Opposition Member of PARLIAMENT of our country to protect us from the mercenary brokerage firms?

Contd….

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In this context I would like to inform you that I had written several letters to SEBI as well NSE in this regard but we are sorry to mention that neither SEBI nor NSE has taken proper investigation or they asked all relevant documents from the Trading Member, India Bulls Securities Ltd. We think it is very much pertinent in this case to see the modus operandi of each transaction for each day and by this way they can reveal the real picture of our unauthorized trading and can give proper redressal to us.


We hope that you’ll look into the modus operandi of some of the broking firms which are tainting the Capital Market and thus foiling all your earnest and persistent efforts in boosting the Market Economy through stringent measures.

Madam, we the commoners, hope not to be deprived of our rights and continue to get justice as long as you, the staunch supporter and dedicated soldier of our country at the helm of Opposition Party,i.e. Bharatiya Janta Party.


Thanking you and looking for your early action.
Yours faithfully,



(TAPASH ROY CHOWDHURY)



( SOMA ROY CHOWDHURY )