[Resolved]  Religare Securities Limited — Complain against Mr. Chetan Kumar (Branch Head, Religare Securities Ltd.) responsible for unauthorized SHARE Trading

Address:

Bokaro, Jharkhand

Dear Sir,

With great pain and anguish I am writing to inform you with sincere hope that suitable action would be taken from your high end against the branch head and the involved dealers who have been indulging in fraudulent transactions in trading by violating ethical and professional code of conduct. I had opened a demat cum trading account with Relgare Securities Ltd. at Bokaro branch in the month of October, 2007 having DMAT A/c No. : 11895329 & Trading id : RA2989. Here are the under mentioned details what happened,

1. I am a regular equity investor and operating my DMAT A/c with Religare Securities Limited, Bokaro Steel City, Jharkhand.
2. I opened my DMAT A/c with your organization of repute due to high reputation, credibility, transparency and strong compliance.
3. I invested a large amount of my hard earned money approximately Rs 23 lacs in cash and F&O segment through your branch.
4. I strictly instructed to Mr. Chetan Kumar (Branch Head) & Mr. Murari Singh (Dealer) not to execute any trade without taking my consent and avoiding compliance norms regulated by SEBI.
5. Mr. Chetan Kumar the Branch Head of Religare Securities Limited, Bokaro Steel City, Jharkhand also assured about the ethical trade practices what he especially manages in the branch by means of compliance oriented recording system which Religare ensure through voice logger with due consent of the account holder.
6.I appreciated that kind of system which protects investors’ interest from the hands of dishonest brokers who work only for volumes and agreed to open my A/c with Religare Securities Limited, a brand of repute.
7. Due to ill status of my health and personal engagement in hectic business schedule, I could not see the holding position of stocks on regular basis believing and trusting upon the versions of Branch Head. But, when I checked the status of my account to know the exact value of stocks I was shocked and much surprised to find it’s value standing around Rs 3 lacs. What I found, there was a huge volume of trades on my A/c without my consent and informing me about the quantity and ledger balance. This is extremely pathetic and a case of Fraud and Forgery. So, I am in deep mental stress because of all this incidents.
8. I talked to Mr. Chetan Kumar upon which he gave me assurance that he would take an immediate action against the involved dealer Mr. Murari Singh who had done such an unauthorised trading and would compensate my losses. But, he did nothing except taking time and procrastinating the matter.
9. Further, to add my astonishment, I found that I had paid such an interest (more than Rs 100,000/-) to Religare Securities Limited against the amount used for volume based unauthorized trading which shows charges for the delayed payment. I had never consented for the said transaction based on margin borrowings. I suspect that professionals are paid commissions on a per transaction or profit basis. I wonder why there are no checks in place.

I made complain as regard to the concern matter to the higher authorities of the company to look into the matter, but nothing was done.

Therefore, I request you to do justice to me by ensuring genuineness of SHARE trading. I do anticipate a reply and expect steps be taken against those responsible (Branch Head or Dealer).

I expect an immediate and positive action from your side in order to protect the investor's interest and his hard earned money.

Thanking you.

Yours faithfully.

RAM LAL DUBEY HUF
Trading id : RA2989
DMAT A/c No. : 11895329
Mobile No. : [protected], [protected]
Address : Plot No. 273 Co-operative Colony, Bokaro Steel City, Jharkhand, Pin - 827001