Shriram Insight Share Brokers Ltd. — Cheating & Fraud done by Branch Manager of Share Broker
HEMA DINESH SHARMA
I am enclosing a letter written to greivance cell of Shriram Insight Share Brokers Ltd. The letter was as follows :
I am enclosing herewith copy of complaint lodged to helpdesk of shriram insight share brokers ltd. On 17.11.07 and which is not solved till date. Though I have mentioned clearly that I have lodged the complaint to helpdesk but may be you have not asked them regarding the complaint and about non referring the same to you.
“I would like to register my complaint to you. I have opened a account in September, 07 in your firm (Nashik Branch, Sharanpur Road).
As I have been trading since September and I was happy to trade with you but on Ist November I have recd. A call from Mr. Vikas Mishra (Branch Manager) that RPL looking strong so we should buy RPL then I given order to Mr. Vikas Mishra to buy RPL and sale it if script goes up by Re. 1.00 or Rs. 2.00 but always put Rs. 2.00 stop loss so if mkt. falls suddenly we save ourselves by huge losses.
Till 3.29 I was informed that we have trade 5-6 times and we have earn good profit today and we have been carrying 1 lot of RPL of 249.65 and 1 lot of Neyvelli Lignite, which were brought in previous day.
But suddenly at 8.52 pm I have recd. A massage from Mr. Vikas Mishra as follows :-
“Sorry I could not call u. Don’t worry Posn. Ok. I m in Igatpuri. Tmro talk Gd. Nght sir.”
Again at 1.30 am ( in midnight) I have recd. A massage from Mr. Vikas Mishra as follows :-
“Today booked pr. 36k in rpl. Tdy open posn. Rpl 2 lot @ 288 avg. Totl 3 lt rpl open pos. My cell is down….”
Then next day I asked him that I was not bought the RPL 2 lot so you clear it from my account otherwise I will lodge complain to your senior and in help desk then he told me that : “ Sorry sir Its my fault actually I brought 1 lot @ 295/- and to average I further bought 1 lot @ 281/- but mkt. suddenly fall. Its my mistake and for god shake you adjust for this time only mkt. will go high and I will sold out these lot and not a single penny loss to be born by you.”
I said OK these 2 lot not to belongs me so you do whatever you want.
Sir, again mkt. goes down and my 2 lot of RPL position cut by your risk management on 07.11.07 and booked loss nearly Rs. 509000/- in to my account. Then I asked him regarding this then he told me that its his duty to carry 2 lot of RPL for you, even I will fight with our risk manager and on my goodwill they will allow you to carry 2 lot of RPL.
But eventually new position was banned by SEBI in RPL, then he told me that I have talked with our analyst Mr. Parth and he suggest to carry Power Grid & Voltas 1 lot each and he brought 1 lot of each script on 08.11.07
On 12.11.07 at 3.26 pm I receive a call from Mr. B. Goswami from your branch that a call is received from risk management and they want Rs. 50000/- cheque for M2M, I was out of town then he advice me to give a cheque no. to avoid cutting position, which I gave to him.
Next day when I saw my account I found that 1 lot of voltas position sold out and a loss of Rs. 33408/- was booked. I could not understand that what is going on. I asked Mr. Vikas Mishra about this and he assured me that he will talk to his risk manager how dare he cut the position of voltas he asked Mr. B. Goswami regarding this and he told that Risk manager told me to send the scan copy of cheque which I could not send so he cut the position I strongly opposed for this and told him that what you people are doing this with me you don’t have mind in this situation even you can sold out Shasun Chemical (Equity) 1000 shares lying in my account.
There is no information from your branch regarding all these activities only I came to know next morning when I saw my account on site.
Sir, I am shocked with all this happening and I even could not sleep in night due to heavy losses which is due to your employees’ s fault or mistake.
I, therefore request you to please do the needful or justifiable at your earliest as I am afraid and shocked .
I opened the account after recommendation from Mr. Sandip ji /Himanshu Bhardwaj (from your Gurgaon office) that Shriram Insight brockerage firm is very much honest and there will be no cheating from their side.
I hope justice from your side as I am not in a position to bear this huge loss.”
Hema D. Sharma
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