[Resolved]  Bonanza Portfolio — Betrayal from co. regarding portfolio mgmt

Address:

Mumbai City, Maharashtra

Please refer file below, which is a complaint submitted to company. the complaint is self explinatory.
We request to refer the same for details and required information.

Dear Sir,

In connection with your reply we received on this mail, We request to refer my earlier mails also in this regard .We are thankful for providing statement and other document in this regard.

In connection with referred matter, I would like to bring to your kind notice that many of attachments of bonanza's emails were not opening and were giving message "file is in different format, cannot open" (I am forwarding one for your reference. Somebody might be tampering the file intentionally). The email messages received were always unclear and confusing, this I had also mentioned in my email sent, (emails are forwarded as per list given down below) and hence I preferred to talk to RM during those days concerned RM Mr. Ajinkya Parab had never disclosed about sale of existing share in my (client's) account over the phone. I had phoned several times to him to give proper information; you can confirm this with my emails sent to him. As assured by Mr. Manoj Pawar the RM was advised to extend help. So I preferred to talk to RM who unfortunately never said about factual positions. After all he was my RM and I never imagined any threat to my equities of this kind. From the statement you sent it has been revealed that the whole balance of my account was brought to ZERO within a short span of period of one and half month. During this period of transactions, he had also visited my residence along with Mr. Nishant Shrivastava to explain the application and other things etc. During visit he affirmed that my shares are intact in the account and never mentioned about sale of shares for adjustment. Going further he entered into more transactions and deepened the loss.(I am forwarding some emails received from Mr. Ajinkya for your reference from which you can easily make out that how he kept me in the dark. It was betrayal from his side as he was RM who supposed to be most trustworthy person acting from company side for the client.)

I had issued a cheque of Rs. 7000/- for brokerage, specifically explaining, whatever transactions RM would enter into, will be against my cheque payments and brokerage will be adjusted against Rs. 7000/-, so that there will be automatic stop at the point when Rs. 7000/- will get exhausted. There after RM will be required to consult me for further dealings and there will be no risk of losing further. This was discussed and agreed with your sales project Manager Mr. Manoj Pawar. But he did not keep the word and went on betraying for the reason unknown to me.

As far as signing of documents are concerned it is procedure of any DP company to get documents signed from clients which are normally signed in good faith. Signing of documents does not mean to render any powers or license to wipe out whole credit of the account immediately on opening and are transferring shares in to that account. (There should be proper notice to adjust shares for any liability). They (RM and other concerned) should be acting on behalf of client with rational decisions and should transact dealings thoughtfully and should protect client’s interest i.e. safe guard of client's shares and should act in such manners that it will increase client's income and not loss, if not able to make profit then efforts will be such that loss happened will be maintained at minimum possible level. Looking into transactions it is clear that RM has not traded with proper application of wisdom. On the contrary he had nullified client's credits by doing silly transactions, and subsequently adjusted client's shares to set right an account.

My Shares value along with Rs. 35000/- cheque, is to Rs. 1 lakh (approx) which is not small amount. RM and other concerned had not taken due care while doing transactions and made me to lose entire amount of Rs. 1 lakh within a short period for which they themselves are responsible. They are totally incompetent and irresponsible and unfit to protect client's interest and to handle money matters. And also it seem that their actions were not properly supervised or had colluded with them to earn commission out of it or misappropriate the sum. They kept me in dark till whole balance got exhausted. they kept me misinformed whenever contacted. Though I had clearly instructed for doing transactions against cheques only and not by selling my existing shares. But he knowingly continued with wrong doings . They were well aware of their acts and it's impact on account, and had full knowledge of it's consequences. Hence they purposely kept me in dark and continued with loss making transactions. Reasons for this are unknown to me. After so much careless, irresponsible acts of RM, they should be liable to pay back to the client.

Considering my repeated complaints, one (company) should have initiated enquiry/investigation against concerned persons for doing transactions without sufficient precautions, and for not following instructions, misinforming client, working without due care and responsibility and should have initiated recovery process from all concerned officials for which they are only responsible. This would have suited reputation of your company, which deal with thousands of customers and millions of shares and sum.
Are all clients are made to lose their shares in such manners?
I would like to raise some questions--
If the RM had put company into loss making transaction, then whether company would have spared him or would have proceeded for his accountability?
If it was noticed after lapse of certain time, then whether he would have been given advantage of late finding and spared him free?

As far as transactions are considered, please provide me details like the amount, company has earned or charged by way of brokerage/ charges/ interest/ commission etc. Also earning of RM and others against those transactions.. Pl send me breakup of all transactions of my account.


Rs. 35000/- cheque was handed over to purchase L & T shares, this was RM's suggestion and it was advised by him on phone. He had lied and adjusted the same.

You are raising point of late complaint. Was it really possible to reverse entries once happened? If it was possible at that time, then why not now? They have done wrong intentionally and knowingly and for that they are responsible and should be penalized and client should not be put into loss. The events I would like to mention further are sufficient to prove their intention for which they are supposed to be punished. I request you to investigate this with holding an enquiry against them.

I will forward one email (dated[protected] sent by RM with attachment of the then position of my account's statement . Please check the details. According to him my dmat account position was as below

L & T shares--35
Suzlon Energy shares--340
ONGC shares-- 120

In the month of February, I handed over an instruction slip based on Mr. Ajinkya's version and hard copy statement he handed over to me, Mr. Ajinkya Parab had personally come to my office and collected instruction slip to transfer the shares to my another DP account.

Till then he had hidden all matter with me. If his intention was clean, then why he lied and hidden facts with me and kept matter lingering? The intention was to make delay and then escape from his liability by taking undue advantage of technical norm of lapse of certain time period. ( which is unknown to me). Can one escape from his responsibility and accountability only on the basis of late complaint from client?
Perhaps, he wanted enough time to bring credit to my account and resolve the issue?
Answer will be best known to him only.

He personally visited my office admitted the loss caused because of their act and assured of setting positions right within a month and resolve the issue. Also assured further that he will be availing Personal Loan of Rs. 1 lakh from some other bank and will rebuild my dmat position. He also deposited Rs 7000/- cheque and other credits towards rebuilding of dmat position. (Pl check the statement). All this prove that he was ready to pay off and it was his confession towards his wrongful act.

All those events, RM's confession and emails are sufficient enough to clarify the case’s position and about blunders committed by him which put me into heavy loss. He admitted this in front of me and have himself shown readiness to pay back by purchasing above mentioned shares for my credit. Credit of Rs. 7000 by cheque on[protected] is an example towards this process.(The cheque deposited by Mr. Ajinkya was of his own and was not issued by me, please check the details of cheque and other credits since November,2011)

It is my kind request that please take this issue strongly enough against miscreants and make them to pay off. I request you to stand the reputation of company and make them to pay back which they in fact wanted to. I am interested in my above referred shares only and do not want to make the case more complicated. Your intervention will help to expedite the matter and resolve the issue.


Emails of RM Mr Ajinkya forwarding for your reference

1. Dated[protected], not opening
2. Dated[protected], not opening
3. Dated[protected] response to my query
4. Dated[protected] Statement of equity shares
5. Dated[protected] misguiding reply, queries by passed.
6. Dated[protected] Not opening , statement

With Regards

Sudhakar Sagwekar
MM930M112
([protected])