[Resolved] Indiabulls Securities Ltd — Unnecessary Delay for DIS Book in CDSL Format close to 1 Month
Date – 19th May 2008
Sub : Detailed Mail
“Unnecessary Delay for DIS Book in CDSL Format close to 1 Month /
Poor Customer Service”
I am writing this mail to officially lodge a complaint against the leading Brokerage House Indiabulls Securities Ltd and inform you that I have a Trading & Demat Account with them and following are the details –
DP ID : IN302236
Client ID : 11033796
I have been facing a lot of problems at there end and have suffered Financial Losses from them due to the rouge trading in my account done frequently and I would like to specially mention the most recent/current incident of
2nd April 2008.
The details of the Transaction are given below
Scrip Details: Shoppers Stop
Branch Code – KLKDLH / Kolkata / Hemant Basu Sarani
Quantity: 10 shares
Bought – Rs 410/- & Sold – Rs 396/- ( Loss Of Rs -144.82/-)
The Brokerage had bought stock without my consent and had also sold of which I did not approved.
They had forced upon me an ultimatum to book immediate short loss or suffer further financial consequences and also after several requests they have not provided the official contract note yet.
This was not the sole event of malpractices and rogue trading as earlier also I had suffered Huge losses of close to Rs 3Lacs due to complete false suggestion, confusion creation, poor guidance and wrong information for just meeting volume generation targets.
The company does not follow any regulation towards customer safety at in reality and all the compliance issue comes into picture when there is a sharp correction in the market and all the leveraged position have to be squared up or there are huge defaults ; until then they simply lure the investors for leveraging there portfolio holdings for higher profits in complex financial products they are unaware of.
Looking at the mentioned manipulative events and for the safety of my investments holding I wanted to transfer my shareholding from my current deposit with them to another depository which is registered with CDSL India and had made a request for a fresh issue of Delivery Instruction Slip (DIS)Book in a CDSL format as they have never issued me any.
It has been more than 4 weeks (Close to a Month) and I have received nothing; either the required or a formal reply to the delay.
The Brokerage is making false excuses that of blaming the Courier Company but this is absolutely vague as I have received earlier material from them at the same address and the mentioned Logistics Provider (Blue Dart) or any takes due care and calls the addressed person if they are unable to locate them. I have received letter from Depositories (NSDL) and also received DIS Book in record time from the other Brokerages.
This is not the only hurdle as I believe that the transfer of securities to any other depository from Indiabulls Securities Ltd (Kolkata) take another 5 to 6 days even as late to 2 weeks as mentioned by there employee which states that this is because of Indiabulls Securities Ltd regulations where as all over cities in India even in small towns it takes less than 2 days to transfer your security holdings.
The Branch Office at Kolkata (Stephen House) does not believe in providing any resolution to the issues we face daily and no investor compliances get addressed. The Local Compliance officer does not register any of our complaints and is absolutely ineffective in providing statutory compliance formats. The egoist attitude is the only compliance they follow.
This and a series of earlier events of non-cooperation and total lack of commitment clearly makes a investor scared towards his safety of securities holding and shows the deep incompetence’s of the organization.
Concluding the above events I request you to pressurize and direct The Brokerage to
Provide Delivery Instruction Book in a CDSL format immediately within 3 days.
Direct them not to trade in any of my securities at all without my consent
The company has not compensated my loss and should pay me my loss amount and penalty for the malpractice & not taking due care by taking investors for granted.
I request you to please take some serious action against the Brokerage (Financial Penalties) and specially the mentioned persons who actually are aware to the company and solely responsible for this (The Relationship Manager & some Senior Managers).
The Indiabulls Securities Ltd (Kolkata Branch - Stephen House) had also refused to provide receiving to any original letter deposit and since I have given an absolute similar communication through a brief letter by E-mail (Dated - 15th April 2008) to there Indiabulls Grievance Cell and have till date not received a single formal reply or a much awaited apology.
I am very sure that the Brokerage will completely deny and provide full cover-up to its mentioned employees as we are aware of the past about how unethical behavior they practice universally and request you that Irrespective of the quantum of claim amount I hope you will direct a through investigation into this matter and work against safeguarding likewise small investor’s interest
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Aug 14, 2020Complaint marked as Resolved