This refers to a bad experience with one of the fund house. I have opened a trading account with Bonanza online and transaction is done as per bonanza online RM choice without prior confirmation.
* Applied for trading account with Rs 70000/-.
* Account opening kit got in May in simple envelope with weak user name & password. Before opening the envelope, knowing the details transaction had happened & somebody called from Bonanza for trade confirmation for the second trade (no call confirmation on first trade), I have clearly said there is no confirmation given by me & transaction is done without our consent, Clearly told the Bonanza staff that CAPTIAL money should not be touched at any point time till I cancel the new account. However, again transaction had happened after alerting customer care and it seems to that my 80% fund cleaned by trading house. I think still some holding in our account but don't know the details/status, they may recover my money but considering this bad experience I would like to simply log out from such trading house.
Meanwhile RM called and confirmed he will give my full refund and now he is not responding
Surprising part is that after week no email contract note, no contract note(post) and I don't know about my holding details. Comparing to other company I feel that Bonanza does not have any solid process to informcustomer about transaction or to check the transaction is genuine/agreement with customer.
I would request all to inform top management of the company(if any body have the contact). Customer hard earned money should not diminish just to earn the brokerage from customer. If possible Money life can post one good article about to stop such trading by dealer without customer confirmation. Many new fund does not have any process to tackle this issue. I am surprise how SEBI granting new fund house permit without having basic process. I would appreciate to take this matter further & fill this gap in the interest of public
Dinesh Kumar
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