[Resolved]  Religare — COMMODITY

Address:

Mumbai City, Maharashtra

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 question 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.....!! I NEED HELP.....!!!