[Resolved] Anand Rathi Commodities — Transactions without intimation
I opened a commodities trading account with Anand Rathi with a deposit of Rs.1, 00, 000
In the beginning it all went fine and I traded and made profits to the tune of Rs.35000 in three weeks, soon after, the Rathi staff started transacting on their own in my account and most of the time without intimating me. Mostly I was intimated after the transactions were complete & either profits or losses were already booked in my account.
Some days later, my positions were squared off in some transactions without intimation to me, resulting in losses of over Rs.70000. I was not told about the square off and the losses until the next day after their staff took an additional cheque of Rs.50000 saying that I was trading on short margin. After giving the cheque, I was told about the loss in my account and very furious, I told them not to put my cheque in the account until this issue is resolved.
They held on with the cheque for over 15 days without resolving the issue and I came to know about some more transactions in my account without my knowledge through auto generated reports in my e mail.
Immediately, I sent a mail to the concerned staff and told then about the transactions and that I would like to close the account and have my cheque back. I also told them that I shall not be held responsible for any further losses due to these un reported transactions.
They instead put my cheque in the account and obviously it was returned. I also came to know later that my account now stands at Rs.37000 in debit due to losses in the transactions that I was not aware of.
I have been getting regular calls from Anand Rathi staff since last week to pay the deficit and I told them no way, until I take up this issue with the chairman as well as SEBI & consumer forum.
Now they are telling me that they will take a legal action on the cheque bounce.
Well here I would like to ask, is there some one to put a tab on all this. Brockers make transactions in the account to make commissions. Some times they make profits and most of the times losses are incurred and these people are playing with consumer funds. Web is full of similar complaints & no one seems to be bothered.
Currently I have lost my 1, 00, 000 plus the profits of Rs.35000 in addition to the deficit balance of Rs.37000, taking the total loss to over 1, 70, 000 in just 6 to 8 weeks.
Will some one look into the matter and help me fix this issue.
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Aug 14, 2020Complaint marked as Resolved