[Resolved]  Religare Commodities Ltd/bucketing — BUCKETING

Address:

Mumbai City, Maharashtra

PLEASE READ

I invested 50,000/- in RELIGARE COMMODITIES LTD (member of MCX) on 31/12/2009.

31.12.2009 : I bought 1 lot mini gold future and 1 lot silver future (using margin money provided by Religare Commodities Ltd.)

01.01.2010 : Holiday

02.01.2010 : Saturday, as I did login in my account, there was lot of money FOUND in my account, Religare (MEMBER OF MCX) was using my account without informing me and lot of lots of gold and silver were found in sold position including of my position, ‘I lot of gold and 1 lot of silver’. I tried to contact member but no response. To catch them as RED HANDED, I started to buy back the sold position AS PROOF otherwise all did trading could be removed by the evening.

03.01.2010 : Sunday

04.01.2010 : Monday my account had been suspended and my bought position had been sold by member. In this process I had Rupees 30,00,000 profit, but member did trading again without informing me (in my suspended account) and now ledger was showing loss of Rs.80,00,000/-

06.01.2010 : I informed to MCX

NO REPLY

SINCE, 06.01.2010, I contacted many times to MCX by phone/by mail ……… no reply!

After all, many of mails/phones, I received a mail from MCX and was said, to send all related documents to MCX Mumbai.

I sent all documents by speed post to MCX (about 1200 pages in one set x 2 sets)

Waited for two months for their reply……. No reply!

Only the answer : we, are trying to contact member.

Finally, I was suggested by MCX to put complaint against member in ARBITRATION. I did same and sent again 4 sets (1200 sheets in one set, so total abt 7000 sheets) of documents to MCX and paid rupees 14,000 as fees. As, I had shifted my residence from Delhi to Mumbai and had submitted an application to MCX Mumbai to update my new address in their record. I selected 3 ARBITRATORS in Mumbai but my application was rejected and suggested me by MCX to choose 3 ARBITRATORS from DELHI only. I did same. Now after of 6 months I could put my complaint to ARBITRATORS, even I was ready on initially stage but MCX said me we are trying to contact member so please wait….! I got a letter about first hearing date, would be in Delhi MCX on 02.09.2010. Thank god!! On first hearing date I would have to go to Delhi from Mumbai. On hearing date, Arbitrators ordered to member to pay me verbally, and in written, a paper was given to me that award is reserved. Thank god!!! Now again no reply…no communication…. I tried to contact MCX when my award will be made….. MR. PARVEEN KOTIA (MANAGER LEGAL) told me to wait up to three months i.e. till 2nd December 2010 and do not ask us till 2nd Dec. but some other from the same branch told me that this rule does not follow for the reserved award, this rule only follows for the made award……! Again confusion! I mailed to all concerned department of MCX on 22.11.2010. Very next day I got call that your award would be send to you with in 1-2 days. Thank god!!!! After four days I got call your award is ready and you can collect personally also, if you want. Thank god!!!!ahhhh!! after a long journey. BUT as I received award, surprised to see only 50,000/- passed. Ohhh! I invested 50,000 + 14,000 fees + 50,000 other expenditure in whole year = 1,14,000 and only passed my invested money even it was well known that member did trading in my account which is known as BUCKETING in MCX rules and it is a CRIME. In the meantime Member used police and persons who visited my home and harassed me. If member did not sell my position on 01/01/2010 as future position e.i. May 2010, I could earn more than 10,00,000/- Now – a-days, I am daily trying to contact MCX Mumbai about where is my passed award and when will I get, what have you taken action against BUCKETING…… no satisfactory reply. STILL WAITING AWARD…..Ohhhhhh! TOO MUCH TIRED!

What I have mentioned above are very true and I have all proofs what I have stated above.

NOW by this decision it is open to all MEMBERS that they can use any client’s account and can do trading without his/her permission without any hesitation. If client puts complaint, no problem!! after one year pay back his/her invested amount only on condition if he/she suffers a long journey otherwise you can keep that amount also with you. If, there is any argument or question arises you can show my case.





[protected] Original message[protected]
From:"ASHWANI RODDEY"< [protected]@in.com >
Date: 23 Dec 10 12:08:48
Subject: Re: Re: Re: Fw: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)
To: praveen.[protected]@mcxindia.com; [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄ <[protected]@ftkmc.com>; "sumandas.sarma" <sumandas.[protected]@mcxindia.com>



Dear Sir,

I have not received any reply of the following mail sent previouslly. please reply.....!

Please let me know if this is BUCKETING or not as I have mentioned many times the trading was done by M/s Religare Commodities on 2nd Jan 2010 in my account without exectution. If your answer is NO. I shall stop this corresspondance further in this matter and if your answer is YES please please please tell me what action has been taken against company. I have been asking since 2nd Jan about this matter e.i. BUCKETING. You have never replied me about this matter. Please Please let me know is this known as BUCKETING or not.......?



[protected] Original message[protected]
From:"ASHWANI RODDEY"< [protected]@in.com >
Date: 19 Dec 10 12:20:29
Subject: Re: Re: Fw: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)
To: praveen.[protected]@mcxindia.com; [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄ <[protected]@ftkmc.com>; "sumandas.sarma" <sumandas.[protected]@mcxindia.com>




[protected] Original message[protected]
From:"ASHWANI RODDEY"< [protected]@in.com >
Date: 19 Dec 10 12:17:18
Subject: Re: Fw: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)
To: praveen.[protected]@mcxindia.com


Dear Sir,




Thank you very much for attachment. Please let me know if this is BUCKETING or not as I have mentioned many times the trading was done by M/s Religare Commodities on 2nd Jan 2010 in my account without exectution. If your answer is NO. I shall stop this corresspondance further in this matter and if your answer is YES please please please tell me what action has been taken against company. I have been asking since 2nd Jan about this matter e.i. BUCKETING. You have never replied me about this matter. Please Please let me know is this known as BUCKETING or not.......?



[protected] Original message[protected]
From:""Praveen Kotian""< praveen.[protected]@mcxindia.com >
Date: 17 Dec 10 13:53:51
Subject: Fw: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)
To: <[protected]@in.com>



Dear Mr. Ashwani Roddy,


Please find attached herewith the scanned copy of letter sent to Religare Commodities Ltd., to comply the award passed in the matter.


Regards,


Praveen V. Kotian

Sr. Manager - Legal

Phone: +91 - 22 – 6731 9138 Extn: 9138

Fax: +91 – 22 –6649 4151

E-mail: praveen.[protected]@mcxindia.com

URL – www.mcxindia.com



[protected][protected][protected]
The information in this E-mail (which includes any files transmitted with it) is CONFIDENTIAL and may be legally PRIVILEGED. It is intended solely for the addressee and access to this email by anyone else is unauthorized. If you have received it in error, please destroy any copies of this message, including any attachments, and delete it from your system notifying the sender immediately. Any disclosure, copying, distribution, dissemination, forwarding, printing or any action taken or omitted to be taken in reliance on it or utilising the same for any purpose other than what it is intended for, is prohibited and may be unlawful

[protected][protected][protected]


From: Anna Shejwal/MCX/Membership
Sent: Friday, December 17, 2010 11:30 AM
To: Praveen Kotian/MCX/Legal
Cc: Santosh Sawant/MCX/Membership
Subject: FW: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)




From: ASHWANI RODDEY [mailto:[protected]@in.com]
Sent: Thursday, December 16, 2010 9:18 PM
To: info-mcx; customer_relations MCX; Membership; Compliance; trading; margin; C&S; settlement; Delivery; NBHC-Demat; Tech Desk/MCX/Systems & Networking; systems; [protected]@mcxindia.com; BusinessDevelopmentMCX; MCX Research & Planning; training; FTKMC-knowledgeformarkets; SumanDas Sarma/MCX/Communications
Cc: ashwani.roddey; roddey
Subject: Fwd: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)


Kind Attn.: Mr. Parveen V Kotian (Sr. Manager - Legal)

Sir,

Thank you very much for reply. But this regards previous email. Yesterday, I mailed you as following. I shall be great thankful again if I receive reply from ur side regarding below:

* As on telephonic talk between you and me a meeting would have to held in this week. I HAVE BEEN WAITING SINCE THEN.

* Please let me know what action has been taken or is being taken against RELIGARE COMMODITIES, who was involve in doing trading in my account without execution on 2nd Jan 2010 which is known as "BUCKETING" as per MCX rules. I have submitted documents as proof two times in MCX-MUMBAI since then and have reported by e-mail, by phone many many many times.

* My investment was Rs.50,000 on 2nd Jan as in 1 lot of gold future and 1 lot of silver future and both were unavailable on 2nd Jan on trading platform because of other un-executed trading which was being done by RELIGARE. To catch them as RED-HANDED I SQUARE-OFF some o[censored]n-executed trading and made profit of Rs 30,000,00/- RELIGARE suspended my account on next working day. After 11 months and spending lot of time, money, labour, I could not able to get my profit, By using Arbitration, I could save only my Rs50,000/- which is still not received and is in awaiting. Please let me know WHEN?


[protected] Original message[protected]
From:"ASHWANI RODDEY"< [protected]@in.com >
Date: 9 Dec 10 23:19:03
Subject: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)
To: [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄ <[protected]@ftkmc.com>; "sumandas.sarma" <sumandas.[protected]@mcxindia.com>
Cc: ashwani.[protected]@sify.com



[protected] Original message[protected]
From:""Praveen Kotian""< praveen.[protected]@mcxindia.com >
Date: 16 Dec 10 10:06:38
Subject: Fw: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)
To: <[protected]@in.com>
Cc: <ashwani.[protected]@sify.com>



Dear Mr. Ashwin Roddy,


Pease note that, since the Award has already been passed, it is beyond the purview of the Exchange as well as inconsistent under the provision of Arbitration and Conciliation Act, 1996. In the event you are dissatisfied with the Award, you may appeal to the competent court of jurisdiction under section 34 of the Arbitration and Conciliation Act, 1996, for setting aside the award within a period of three months from the date of receipt of Award.


Please note that that as per the provisions of the Bye-Laws of the Exchange, any party to the reference, willing to prefer an appeal against the award passed by the arbitrator in the matter is required to deposit the award amount with the Exchange before preferring an appeal.


The relevant provision of the Bye-laws is as under-

40 Right to Appeal


15.40.1 Award Final and Additional Risk Containment Measures applicable -


A party to a reference who is dissatisfied with an award of the arbitral tribunal may appeal to the competent court of jurisdiction as provided in the Arbitration and Conciliation Act. The award shall be final under these Bye-Laws and Regulations of the Exchange and vis--vis the Exchange in terms of any action, which is required to be initiated, as may be provided for in the Bye-Laws or notifications issued from time to time.


Provided that the party to the reference shall be required to deposit the amount of award with the Exchange before filing the appeal and such amount shall be kept with the Exchange in abeyance and shall be disposed of eventually as per direction of the Court.




Regards,


Praveen V. Kotian

Sr. Manager - Legal

Phone: +91 - 22 – 6731 9138 Extn: 9138

Fax: +91 – 22 –6649 4151

E-mail: praveen.[protected]@mcxindia.com

URL – www.mcxindia.com



[protected][protected][protected]
The information in this E-mail (which includes any files transmitted with it) is CONFIDENTIAL and may be legally PRIVILEGED. It is intended solely for the addressee and access to this email by anyone else is unauthorized. If you have received it in error, please destroy any copies of this message, including any attachments, and delete it from your system notifying the sender immediately. Any disclosure, copying, distribution, dissemination, forwarding, printing or any action taken or omitted to be taken in reliance on it or utilising the same for any purpose other than what it is intended for, is prohibited and may be unlawful

[protected][protected][protected]



From: ASHWANI RODDEY [mailto:[protected]@in.com]
Sent: Thursday, December 16, 2010 1:24 AM
To: [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; c&[protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; [protected]@mcxindia.com; knowledgeformarkets; sumandas.sarma
Cc: ashwani.[protected]@sify.com
Subject: Re: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)


Kind Attn.: Mr. Parveen V Kotian (Sr. Manager - Legal)

Sir,

* As on telephonic talk between you and me a meeting would have to held in this week. I HAVE BEEN WAITING SINCE THEN.

* Please let me know what action has been taken or is being taken against RELIGARE COMMODITIES, who was involve in doing trading in my account without execution on 2nd Jan 2010 which is known as "BUCKETING" as per MCX rules. I have submitted documents as proof two times in MCX-MUMBAI since then and have reported by e-mail, by phone many many many times.

* My investment was Rs.50,000 on 2nd Jan as in 1 lot of gold future and 1 lot of silver future and both were unavailable on 2nd Jan on trading platform because of other un-executed trading which was being done by RELIGARE. To catch them as RED-HANDED I SQUARE-OFF some o[censored]n-executed trading and made profit of Rs 30,000,00/- RELIGARE suspended my account on next working day. After 11 months and spending lot of time, money, labour, I could not able to get my profit, By using Arbitration, I could save only my Rs50,000/- which is still not received and is in awaiting. Please let me know WHEN?


[protected] Original message[protected]
From:"ASHWANI RODDEY"< [protected]@in.com >
Date: 9 Dec 10 23:19:03
Subject: Re: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)
To: [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄ <[protected]@ftkmc.com>; "sumandas.sarma" <sumandas.[protected]@mcxindia.com>
Cc: ashwani.[protected]@sify.com

Thank you very much for reply by telephone by Mr Praveen V Kotian (Sr. Manager - Legal). As telephonic talk a meeting is tobe arranged with you/your seniors regarding this matter. Waiting for your call when and where, I have to attend.

I would also like to request you as in F.A.Q in ARBITRATION "a party to the reference who is dissatisfied with an award of the arbitration may challenge the same before the competent court of jurisdiction as provided in the Arbitration Act. However party to the reference shall have to deposit the amount of award with the Exchange before filing the appeal and such amount shall be kept with the Exchange in abeyance and shall be disposed of eventually as per the direction of court" please let me know how can I appeal?

Regards,

Ashwani Roddey

[protected]

[protected][protected][protected][protected][protected][protected][protected]


[protected] Original message[protected]
From:"ASHWANI RODDEY"< [protected]@in.com >
Date: 9 Dec 10 14:28:48
Subject: Re: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi PASSED ON NOVEMBER 26,2010)
To: [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄ <[protected]@ftkmc.com>; "sumandas.sarma" <sumandas.[protected]@mcxindia.com>
Cc: ashwani.[protected]@sify.com


[protected] Original message[protected]
From:"ASHWANI RODDEY"< [protected]@in.com >
Date: 9 Dec 10 14:10:58
Subject: Re: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi)
To: [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄ [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄
Cc: ashwani.[protected]@sify.com

I had a commodity account with RELIGARE COMMODITIES LTD. On 31.12.2009 I had invested 50,000 in commodity trading. On 02.01.2010 company did trading in my account without execution of me and crores of rupees were found in my account as the company short sold gold and silver lots in a large quantity, icluding of my lots which I had on 31.12.2009 against of my investment i.e.50,000. It is clearly known as BUCKETING as per MCXINDIA rules. I tried many times to contact company for this unexecuted trading but no response was there. To catch them as RED-HANDED I used amount which I had in my account to buy-back the sold items without execution. If, I did not do buy-back all the trading done by company could be remove by the eve and no proof would b there to loadge complaint against company.

On 04.01.2010 company sold all lots which I bought on 02.01.2010 and in this process I gained profit 29,65,274.30 but company closed my account and deny to pay. I contacted MCXINDIA. MCX tried to solve the matter by using meetings but RELIGARE did not attend any meeting. Finally, I was suggested by MCX to apply for an ARBITERATION. I did same and paid fee 14,000 .

On first hearing in DELHI MCX the arbitrators ordered to RELIGARE to make payment and I was satisfied, congratulation ur award is reserved. After this decision the matter was closed. Again same problem no communication was being long time. I called again and again to MCX but no positive reply. I mailed co communicaion VP and after that I received a call from MCX MUMBAI that ur award is ready and collect it. As I ollected my award, I surprised to see it. Only 50,000 was passed in my favour. All process took time 11 months and I had spent more than 50,000 for this case. Now questions arise here

WHAT ARBITRATORS DONE AGAINST BUCKETING DONE BY RELIGARE?,

WHERE IS THAT PROFIT I MADE AT THAT TIME WHICH IS 29,65,274.30?

IS IT RULE THAT ANY MEMBER CAN MISUSE HIS CLINTE'S ACCOUNT?

WHAT STEP HAS BEEN TAKEN AGAINST RELIGARE TO USE CLINT'S ACCOUNT WITHOUT HIS PERMISSION?

I NEED HELP.....!!! I DID GOOD JOB AND EVERYTHING I HVE EXPLAINED IN DOCUMENTS WHICH ARE MORE THAN 1200 AND I SENT ALL THESE PAPERS MORE THAN 30 SETS TO MCX AMD RELIGARE. MORE THAN 30,000 I SPENT FOR PRINTING AND SENDING. I WAS HARRASED BY POLICE ALSO (RELIGARE DONE).....!! I NEED HELP.....!!!

I WANT JUSTICE

After following email the award passed but one sided. Please read above.



[protected] Original message[protected]
From:"ASHWANI RODDEY"< [protected]@in.com >
Date: 22 Nov 10 17:39:25
Subject: Arbitration matter no:MCX/Legal/434A/10 (Hearing date : September 02,2010 at MCX Delhi)
To: "info" <[protected]@mcxindia.com>; [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄ [protected]@mcxindia.com;[protected]@mcxindia.com;[protected]@mcxindia.com;[prot...⇄
Cc: ashwani.[protected]@sify.com

ARBITRATION MATTER HAS BEEN RESERVED FOR AWARD, BUT HAS NOT BEEN MADE

* I CALLED MANY TIMES TO MCX-MUMBAI AND MCX-DELHI FOR ENQUIRY REGARDING MATTER BUT NOT SATISFACTORY REPLY.

* I AM UNABLE TO CONTACT MY ARBITRATORS

* I DO NOT KNOW THE NEXT STEP

* I NEED SUPPORT

Dear Sirs,

Before the Arbitral tribunal consisting of

1. Justice V S Aggarwal (Retd.) - Presiding Arbitrator

2. Smt. Lakshmi Swaminathan - Arbitrator

3. Shri R K Ahooja - Arbitrator

about the subjected matter on first and final hearing on September 02,2010 at Delhi, a photocopy of written one page document was given to me as enclosed herewith.

After the hearing, no body from MCX side has conducted me or informed me by phone/email/corresspondance/sms or any other communication way.

I tried to contact many times in Delhi to 'Versha Ji' and in Mumbai to 'Parveen Ji' regarding the matter "what is the next step?, what to do?, even the matter had been closed and had been reserved for Award (according to photocopy given to me and which is attached herewith also), I have not received any information from your side, how long I have to wait?"

The only reply is received that the Award has not been reached to us. as soon as it will reach to us, we shall send to you.

On asking how long I have to wait, reply : wait for three months, it is maximum time limit.

I am thankful to Versha Ji and Parveen Ji. I am also regardful to Arbitrators.

I would like to request here, kindly let me know by your side by writing/email/phone/corressponadnce at my corresspondant address or any other communicating way by which, I may confrim the next step and how long I would have to wait.

Thankyou Verymuch

With Regards,

Ashwani Kumar

Ph: [protected] (Mumbai), [protected] (Delhi)

Emai: [protected]@in.com, ashwani.[protected]@sify.com