[Resolved]  India Infoline Limited — branch manager mislead

India InfoLine — misleading informations

I AM POSTING HERE THE COMPLAINT WHICH I LODGED WITH INDIA INFOLINE BUT TO MY SURPRISE INDIA INFOLINES DECLINED TO CO OPERATE...DONT TRADE WITH INDIA INFOLINE...YOU WILL LOSE ALL YOUR MONEY...IT IS CUSTOMER KILL LINE...(i request all those who have been cheated bt indi infoline at [protected]@hotmail.com to jointly complaint to sebi)..PLEASE GO THRU MY COMPLAINT...

It gives me pain to bring it to your notice that I have been cheated, insulted and also have been given a loss of about 4 lacs by one of your Relation officers, Mr. Mehul Sukadia.(that’s what he claims to be)

Sir, this fellow named Mehul Sukadia, who claimed to work with INDIA INFOLINE, contacted me through a common friend Mandhar Gosavi to open a trading account with India infoline.Mehul apparently requested Mandhar to give him some clients, so Mandhar told me that he had given my cell number to Mehul and told me that Mehul will contact me for opening a trading account .I told Mandhar that I was not interested in opening any trading account as I had suffered severe losses in past and was afraid to re enter equity market.Mandhar told me to have a talk with him as he claimed to give assured 4 % returns per month.Next day Mehul called me and tried to convince me that he will give me a minimum of 4 % returns for sure and asked me for an appointment but I showed no interest as I did not trust his claims.This was some where in March 2007.But despite my denial he again contacted me after 3-4 days and told me that he was not talking in air and will prove it to me that he on behalf of India Infoline will surely give me 4 % returns per month on my investmentsAnd the profit cheque will be couriered to me before 10th of every month.And in case I don’t get the cheque in one given month, I can close my account immediately.On his constant follow up, I called him home not promising any thing.As a precaution I called a friend of mine (Mr. Mahesh Nagpal)to be present when he comes.Mehul came and tried to convience both me and Nagpal with his assured and sweet talks about the profit but we politely told him that we will get back to him.He seemed despirate to roll us in so he gave another offer….He said that we should at least open an account with India infoline which will cost only rupees 555 and forcefully tried to give me a form…..I very categorically told him that why should I spend 555 also when I was not convinced to trade unless he gives me in writing about the profits which he smilingly declined…..Now he was more desperate and said that ok he will give me tips about certain stocks and asked me that I should keep a watch on these stocks for about 15 days and for sure the stocks will appreciate at least by 10 to 15 percent in that period. I still did not budge in, then he confessed that India Infoline is a very big stock trading company and it has insider news about the movements of the stocks and also it gets news from companies much before it is made public so the stocks give very handsome dividends to India Infoline clients. What if the markets crash? I asked him. Upon this he smiled and said “we do get this news also in advance and cut clients’ positions much before the fall.” Then he threw a last straw and said “Now I am giving you a very confidential news, watch India infoline stocks. The company is entering into a contract with some foreign company AND WITHIN NO TIME THE STOCK WILL ZOOM UP AT LEAST BY 50 % FROM CURRENT RATE. He also asked us to buy the stock at the prevailing rate but we still refrained from the temptation of buying any thing but after so much of his perusal I agreed to open only the account with him and not to do any trade till the market corrects ant till such time I say yes……The account was opened ….meanwhile India Infoline stock suddenly started jumping from some 400 odd rupees to 600 and then 800 and so on….he again called me and said “SHET, DEKHA KYA INDIA INFOLINE…KAHAN JUMP MARA….SHET HUM AISE HE HAWA MEIN BAAT NAHIN KARTE…APUN KE PAAS EKDUM PAKKI KHABAR REHTI HAI SHET, TRADING SHURU KARO BAHUT MAAL BANAOGE SHET”.I still refrained from the temptation…..the account was opened on 07/09/2007…..He kept asking me for my permission to trade and also asked me to transfer some shares in margin account.”SHET PAISA KAHAN MAANG RAHA HOON, KHAALI SHARES BHEJ DO AUR MAJA DEKHO” but I said wait …..But to my surprise and without my sending any shares in margin account and without my giving any margin money, he traded for me on 21/09/07 for 100 ADLABS SHARES and called me that he made a cool 2000 rupees for me by trading those shares(day trading)and also bought 400 NTPC .I was pleasantly surprised at his move least realizing that it was a bait……very next day, I sent him stocks worth rupees 2 lacs 90 thousand at that time(though my purchase price was much higher……But I still cautioned not to trade and wait for market to correct and then I will send him money to buy more stocks….but he started trading for me right left and centre with funding…..I called him up and told him strictly not to use any funding but his tone was “SHET, YE MARKET MEIN DARE CHAHIYE, KUCH NAHIN HOTA ….AAP DEKHO MEIN AAPKO HER MAHINE MOTA CHEQUE BHEJTA HOON PHIR BOLNA”but that cheque never arrived despite my wait for months…..To top it up, he never sent me contract notes but for first 15 days…..so much so that I did not receive any email confirmations and much later to my horror, I came to know that my email id was not registered only and some body else’s email was registered with India infoline whome I don’t even know and haven’e met also…..But very sweetly he kept assuring me that he is making money…periodically I told him that he is overtrading but he always dismissed me by saying that my thinking is too negative……I also kept on reminding him to send me the profit if any but that day never came …..one fine day, he called me to send him as much money as I have as he said that THERE IS A CONFIRMED NEWS IN INOX THAT IT HAS BEEN BOUGHT OVER BY RELIANCE ANIL AMBANI AND THE STOCK IS GOING TO JUMP…I arranged one lac of rupees and sent him the cheque…..after a week I called him and he said I have made a cool 30 thousand rupees in inox trading…I again requested him to send me the profit cheque but no results…Now I got afraid and realized that he was overtrading in my account just to earn more brokerage and commission….I requested him to cut down my exposure but he never listened and told me that he still had sufficient funds to buy more even if market crashes even 30 %...I finally gave in and asked him to be careful as the market was overheated……And suddenly all my fears started coming true…one fine day in mid jan 2008 market started crashing by leaps and bounds…….I called him and asked if we should sell the shares bought with margin money but he reassured me that we were within our limits…..and then suddenly he stopped attending my calls….I kept trying for two days but he would cut my calls….I called India Infoline and was shocked to know that I had a big debit in my account and if I don’t pay immediately, my stocks will be sold…..that was a horrifying news…..I immediately asked them to sell my 100 videocon stocks to recover the money….the guy sold the stock on my request and adjusted the money……now to get in touch with him I called up Mandhar(the guy who introduced us)….Mandhar told me to remained connected and called him from his land line….he picked up the phone ….Mandhar gave him solid bashing on the phone for not even attending my calls….he immediately said that he was out pf town and will talk to me…he did call and started firing me why I sold Videocon without his concent……I told him there was an outstanding balance to be cleared and as it is markets are falling so it is better to remain light…on this he said “SHET MEHARBANI KAR KE HAMARA KAAM HAEN KARNE DO, FAYDE MEIN RAHOGE….BAAR BAAR HUMSE HISAAB MAT MANGO, EK BAAR HI MOTA CHEQUE BHEJANE WALA HOON…AAPKE ACCOUNT MEIN KOI NUKSAAN NAHIN HAI.”His reassurance silenced me…..but suddenly he started selling my stocks right left and centre and on my asking told me every thing was all right ….this is only a precautious selling and nothing was still wrong with my portfolio…..”SHET YE SAARE STOCKS AUR NEECHE MILENGE….”He said…..”But that means my account is in minus?”I asked”THODA BAHUT, PAR MANAGE HO JAYEGA”he said…..But to my horror, nothing was managed …..no contract notes were sent to me, except for the first 15 days……I was never consulted or informed about any buying or selling.yes occasionally I did get sms alerts and then I cross confirmed with him…..he exposed me to funding, which I categorically asked him not to….he put my account into future trading, for which I had told him a strict no…….finally I told him to close my account as I was totally dissatisfied with him and his results….he apologized and promised that in future he will never buy or sell any thing without informing and consulting me but I am sorry to say, he is still doing so……he has confessed to grave mistakes in my account and promised that all will be rectified but nothing has been done so far….I can go on and on …..but one simple question I want to ask from an esteemed company like INDIA INFOLINE….Is he a trained RMO?If not then why has he been given a responsibility to mess with customers’ hard earned money?Who is responsible of messing up with my account?He or India Infoline?I request your good office to intervene into the matter and try to solve the mess, he has created in my account and please try to refund me the genuine losses occurred due to his foolishness…..he has never used stop losses, why?whereas I had very strictly asked him to put stop losses at 10%...kindly settle the matter amicably and at a faster pace as he has been misguiding me ever since I have opened the account with India Infoline through him….regards….SUBHASH SEHGAL
note-india infoline declined to co operate
i request all those who have been cheated bt indi infoline at [protected]@hotmail.com to jointly complaint to sebi

yes, you should get yours claims... it was foolish of the India Infoline Employee to trade without your permission

i[censored] want to raise this issue please mailto this id
himadri.[protected]@indiainfoline.com &[protected]@5pmail.com

Yes i deeply agree, He is worst branch manager in the whole broking industry i have ever seen, this person dont have any knowledge about the company or the markets... i would wish the higher authroitys of the company to take a strict action against this kind of irresponsible people.