Edelweiss Broking — EDELWEISS BROKING Cheating through Client Broking Account
I hold a trading account no. EX214851, since April 2010 with EDELWEISS BROKING, whose Chairman & CEO is Mr. Rashesh Shah, Registered office is at ‘Edelweiss House, Off C.S.T. Road, Kalina, Mumbai – 400 098’.
Very recently the trading through my account has been quite suspicious and there has been no transparency in the dealings of Edelweiss and an utter dis-regard to customer’s genuine queries. For last one year the trade calls that I agreed with my broker at Edelweiss have resulted in negative cash outflows. This however is still acceptable as my consent was sought.
I have following ongoing issues with Edelweiss Broking.
1. On 15th July 2011 an account Zeroing activity was undertaken at Edelweiss where surplus cash from clients trading a/c would be transferred to client’s respective bank a/c. In my case the surplus funds were used without my consent to buy and then sell Liquid bees. An email was dropped to tell me about the transaction, which I reluctantly replied and agreed to as the trade was already made.
2. I started my trading account with Edelweiss with advance brokerage payment. During month of May 2011 self called up the assigned broker Mr. Ajay Gothwal to renew the subscription package. After a few minutes on the phone I was confirmed that the subscription is now active, only for me to realise now that it was not done and I was incurring full brokerage fees. On questioning this scenario with my broker, the subscription package was bought on 21st July 2011 by the broker, again without my consent!
3. I held four mutual funds in my trading account with aggregate holding amount of about 4.25 lacs. I had bought these by buying online on the Edelweiss web platform. On 25th July 2011 I placed ‘Redeem’ orders for all four MFs online and received online and email confirmation for same. After a few days I started becoming suspicious as the trade was not getting translated into cash. I then made repeated queries with my broker and through the Edelweiss ‘Helpdesk’ on what is happening. I received no positive feedback and a general disregard was shown for all my email queries. I have all the records for same. Today, 10th Aug 2011, I was told that the Mutual Funds orders were cancelled due to PAN mismatch. Since the capital markets have since crashed about 10-15%, the whole purpose of utilising the markets and investing is now lost. I am quite surprised that the trading account is operational, I made stock purchase and sells, and made the mutual fund purchases, all this while for over 1 and half year with PAN mismatch?
I deplore you to please pass the word to maximum investors to be BEWARE of EDELWEISS Broking and if possible move away their accounts to any other broker who is reputed and reliable and not get cheated by Edelweiss by their many manipulative ways which I am just beginning to discover.
Please feel free to get in touch with me.
Satendra Singh Rana
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