Narnolia Securities Ltd. — Huge losses due to F&O trading by RM

Address:	700097
Website:	Microsec and Narnolia

"Dear Sir,
I am writing this email to highlight the malpractice going on in your company may be under patronage of senior management or on sidelines, either way its people like us who suffers, gets robbed of their entire saving of life time.
In August 2016, Mr Saurav contacted my husband and arranged a meeting, he brought with him Mr Annindya(sales Manager) . They convinced that the Microsec is no longer the one that I knew, the management has changed and dealing with you people will not cause any loss. I was skeptical but Mr Anindiya convinced that they do not take undue risk and are into portfolio management. He suggested to sale some of my non performing shares and buy some good. To this I told him that you suggest some shares and will see. That time they suggested Disman Pharma, Bel and Bharat Forge all worked out well as I bought in small quantities. After this I agreed to do dealing with him. But neither Mr Saurav nor Mr Anindiya mentioned about future and options trading, lot size brokerage or margins. After completing all the documentations, he called me to purchase 1 lot of some share, I being completely unaware about lot size I asked what is that to which he replied oh that’s not important you just say yes to the guy who will call. I agreed. This happened for 2-3 shares more. I do not know how to check mails on internet, so I did not know what was happening. My son who was abroad, he checked the mail and saw there is a loss of Rs 16000 and informed me. I called Mr Saurav and told him to sell, to this he replied do not worry he will manage it. Next day when my son informed again that loss has reached 1 lakh, I told him what is he doing and square it off and why he did not put any stop loss ( which my son asked me), he again told that this is temporary and will recover, just have to follow him. Now since I had no other option I agreed. The next day he sold Yes Bank for a loss of 1.5 lakh and then did almost the same with L&T taking the loss to 2.5 Lakh. I got upset and called him again, now he said he will visit with Mr Anindiya and explain. This trading he continued for some more days, reduced it to 1.6 Lakh and then again bought Axis bank at 568 and took loss back to 2.5 lakh.
All this time he kept assuring of the research team and other things. Mr Anindya and Mr Saurav visited to my house when my son came back and Mr Anindya tells me that why I traded in future, when I told him Mr Saurav told he kept quiet and told that the loss occurred because lot sizes are big. He again assured that now they will do small trading and recover. Since I had nothing to do as I was trapped I agreed again.
When I had asked share that how money will come for trading that time they told not to worry margin will be given from the shares I hold. The entire time both of them never mentioned that I am being charged interest for the loss amount, that too at 18%.
Then one day I received a call that Sir, we have to do Nse – Bse to continue with the margin. I agreed to him.
It was later when my son saw the contract note that we realized that he has been selling and buying it and charging brokerage. Then the entire process was clear to me that first create loss for the client so that he gets trapped and then keep charging interest and brokerage by doing NSE- BSE and keep your portfolio growing.
Normally they say that calls are recorded and vigilance goes on but since it is basically the entire system which is involved that’s why no one from the office bothered to contact. Mr Saurav and Mr Anindiya communicated over their mobile phone so that nothing is recorded but my son called on his landline and also told all the grievance to the guy who called to do the trade. When my son complained, the person instead of referring to the superior he told him to contact Mr Saurav again.
Now I have realized, that your entire establishment is just to fool ignorant people like me who wanted to just earn through some knowledgeable people. I am into stock market for 30 years never believed in trading, did investment on my own decision in small quantity but heard about portfolio management and its benefits as people are certified by SEBI or other renowned institutions, trusted your people and company. That was a big mistake, because you use knowledge to trick and scam people.
But now I will take this to highest authority possible so that it does not happen to others.

Regards
Renu Sultania"

I have sent the above complain on my mother's behalf and to this Mr Manish Agarwal replied that all have been informed to us by email and nothing is hidden. If i want can complain to NSE.

So now I have posted here for others to know how these people are. My parents trusted them for portfolio management but they did F&O witout explaining the risks, interets being charged and concept of NSE BSE.

EVERYBODY BE AWARE OF EXECUTIVES OF NARNOLIA AND MICROSEC, SPECIALLY MR. ANINDIYA AND SOURAV, KOLKATA.