[Resolved]  Religare Securities Ltd, Jaipur Branch — Non-compliance of SEBI rule and fraudulent transactions in DEMAT ACCOUNT

Address:

Jaipur, Rajasthan

To,
The Chairman
& Concerned Authorities,








Sub: Complaint against Religare Securities Ltd.,Branch Jaipur, for non-compliance of SEBI rules, doing fraudulent dealings in my DMAT Account No.14948703 IN301774 (and Client ID N217506) and misguiding me. At its Jaipur Branch Religare Securities Ltd., 501-502 & 605, Luhadiya Tower, K-11, Ashok Marg, C-Scheme, Jaipur


Dear Sir,

It is respectfully submitted that I Neelima Hemkar, have a DMAT Account with Religare Securities Ltd., 501-502, Luhadiya Tower, K-11, Ashok Marg, C-Scheme, Jaipur. In May 2009 it was originally opened with its branch situated at Sansar Chandra Road, Jaipur and shifted by the company to their Vaishali Nagar branch without informing me when I inquired to company officials they suggested me to get it transferred in present branch and afterwards it was shifted to C-Scheme ,Luhadiya Tower Branch, in Sept. 2010 and my account was assigned to the dealer Jitendra Gupta under Mr.Manjeet Singh Sabharwal, Zonal Head, Branch Mnager and Vice-President ,Religare Securities Ltd.

After entering in this branch I was always misguided whenever I wanted information to understand how to operate my account, to check my ledger and other statements as well as buying/selling of security by phone calls. I am a working woman and always wanted that I should never fall in any type of derangements in my account and its operation. Company officials and personnel’s always told "Ma'am its Religare, a very safe company. Your money is safe with us and without any instructions from your side no transaction will be done in your account."

Whenever I asked them to teach me to use new trading terminal and back office softwares and guide me to understand the financial statements they promised that they will send an expert time to time to guide me. But it never happened. They just kept on passing my request to each other in a way of escapism and assuring that nothing to worry with Religare.


By scrutinizing the ledger provided me in the office of the company on 31 Jan’11.It showed that in October this company didn’t obey the rule of SEBI in my case . As the broking company can’t have of more than 5000 in a clients account as deposit and the amount exceeding of this amount be immediately transferred or pay to the client quarterly but in my case the company has not complied this rule. They have shown only cheque (cheque number shown in ledger-915584 of amount Rs.19,70,456.86 ) in favour of my account (on dated 1/10/2010) and reversed the same (on dated 4/10/2010) without delivering it to me in my linked bank account and not informed me to collect the cheque.
I received this information by Mr.Jitendra Sharma and Mr.Manjeet Singh Sabharwal ,Zonal Head and VP of Religare Securities in his office,at time when I asked Mr.manjeet Singh Sabharwal that why this cheque is reversed and again in order to misguide me he said it is correct . I received my copy of ledger including this amount but missing the details from Delhi Office only on 17/2/11 by post. I called in the branch again and again to sortout about this auto reversing of my cheque no-915584 of Rs.19,70,456.86 i.e. against sebi rule..they are still not able to give the reason and answer. Before this in another quarterly deposit in May 2010 the same SEBI rule was not followed and never they delivered my money regularly quarterly.

Please note, if company would have given me this money by following sebi rule then this money could never be transferred without my permission in the DMAT account and would be in my control,but by reverting the money back without my permission on their own the intention of company officials is here clear that they keep eagle eyes to grab clients money for their own means and to do business transactions in clients account without his orders as further happened in my case.

I was dealing in the cash segment only in limited capacity by booking of buy and sell order from my mobile up the month of Nov 2010. In the first week of Dec 2010 I got a phone call from Jitendra Gupta through his officials asking me to do the transaction in other segments than cash which I denied straight away. He told me that it would be profitable but I again denied him for the same.
I am a long time investor and I kept my money in this DMAT account for finding an opportunity for a long time investment as it was my family's hard earned money. This can be seen by the frequency of delivery based transactions in my account in earlier year i.e.[protected].


From 1st week of Dec(7-8 Dec) the operator Mr. Jitendra Gupta booked some transactions without my orders in my account which were out of my knowledge.. he called me about those transactions and I got confused what was that and asked him to explain me that what was he doing? I told him that I don’t do that what I don’t understand. As he already did some transactions and afterwards was trying to take my consent I strictly told him that “I don’t understand that what have you done.and now don’t cross the limits , because I don’t understand these new transactions, so, stop them otherwise you would be responsible, if anything wrong happens to my money or account” He said that it was very small deal and it will go for a month. I could not understand that. After next 2-3 days he again called me and repeated about previous days deal and for a minor change in it according to market, I told,come to me and make it understandable to me ,so I can take further action, and again told him not to do any deal without explaining what have you done?. He never explained me what it was and he told me that it was nothing, my money and account was safe. He always told that everything was correct and he did nothing to my account. I enquired him what the SMS and the call meant and he said that it was a very small amount and are of some times of some other clients by mistake. He said, he will never do any transaction without my orders.

PLEASE DO NOTE THAT I NEVER GAVE ORDERS TO HIM TO DO THOSE DIFFERENT TRANSACTIONS THEN CASH SEGMENT IN MY ACCOUNT (WHICH WERE OUT OF MY KNOWLEDGE) AND NEVER PLACED ANY ORDER NEITHER ON PHONE NOR ON PAPERS FOR THE SAME. HENCE THE TRANSACTION DONE IN ANOTHER THEN CASH SEGMENTS AFTER FIRST WEEK OF DEC-2010 TO UP TILL THE DATE ARE NOT BELONGING TO ME

On 28 Jan'11 other personnel Jitendra Sharma called me and asked in a misguiding way that if I knew how my account was? I said I knew and Jitendra Gupta is the dealer. He said ok and put the phone down. I couldn’t understand what was the meaning of the call. In this way they again misguided me and hid the truth and didn’t clear the situation even. On Jan 31st '11 they again called me in the morning and said that my account was in minus. I was shocked and asked what it meant. I rushed to their office and was shocked to find out that there was no cash in my account and it was showing a debit of more than Rs. 4.11 Lac. On 7th Dec 2010 before these fraudulent transactions done I had a sum of Rs. 21.45 Lac in my ledger account with Religare securities Ltd. other than securities earlier purchased by me in the stock holdings in cash.

With very much disappointment I walked to Mr. Manjeet Singh Sabharwal, RM, Religare Securities, LTD, Luhadia Tower Branch, Jaipur ( mobile no-[protected]) and came to know that Mr. Jitendra Gupta was absent. At that time,Mr. Jitendra Gupta texted me some messages on my mobile saying that he was innocent and he did everything on instructions of RM,Zonal Head,Religare (Mr. Manjeet Singh Sabharwal) and other higher authorities in Delhi. This was a fraud on corporate level and I was cheated . He wrote I am with you Maa’am. These texts are still lying in my mobile.These texts were forwarded to Mr.Jitendra Sharma’s mobile ([protected]) at the same time as I was in company office and these were shown to Mr.Manjeet Singh Sabharwal,Religare.

In telephonic conversation Mr.Jitendra Gupta ([protected]) said that the trades of my account N217506 (my client ID) were exchanged to other accounts by Zonal Head Religare,Mr.Manjeet Singh Sabharwal,with Mr.Vivek Agrawal and other higher authorities from Delhi(Mr.Sunil Godwani, Mr.Vivek Agrawal,Mr.Sachindra Nath & Mr.Sushil Garg) and he (Jitendra Gupta) did everything on Mr.Manjeet Singh’s instructions.
Mr.Manjeet Singh was never in contact with me and I never ordered him any deal. Later on by enquiring from Mr.Jitendra Gupta. He again mentioned that the company had cheated you (me) by shifting the orders of some other clients ID i.e. RK13277 & others, with whome my account was being manipulated and it was done as per the directions of Regional Manager & Zonal Head and VP (Mr.Manjeet Singh Sabharwal) and Superior authorities from Delhi,i.e.Mr.Vivek Agrawal and directors of the company. In this regard I have a recorded conversation with Mr.Jitendra Gupta in my mobile where he confessed this.

On 17/2/11 I received a letter from Noida office of the company regarding the withdrawal of power of attorney I applied for .The letter was stating/showing my account in Vaishali Nagar Branch 9,while it is in C-Scheme Branch. They wrote that details and list of the holdings is attached with the letter but it was not attached and the information is absent. So, still the company is misguiding. Now, till the date of filing this complaint the matter of reversal of the cheque no.915584 is not resolved by the company itself as I wrote to [protected]@religare. This branch of company is handicapped and disobeyed the rule of SEBI,.as they have sent me a manipulated ledger received on 18/2/11, in which my bank account number is erased and cheque no. is not given,while in the ledger( I got from the branch on 31/1/11) this all detail is given.
On comparing the number of transactions done in contract notes (I collected from the branch on 12 Feb’11)and number of transactions sent on my mobile are found different on given different dates. These dates were,15/12/10(mobile-6 ,bill-4),27/12/10(mobile-6, bill-7),28/12/10(mobile-5, bill-7),29/12/10(mobile-7, bill-8),30/12/10(mobile-5,bill-7),4/1/11(mobile-3,bill-4),6/1/11(mobile-4,bill-6...⇄ bill-7),19/1/11(mobile-3, bill-4),20/1/11(mobile-10, bill-9),24/1/11(mobile-5, bill-4),25/1/11(mobile-not sent, bill-6),27/1/11(mobile-6, bill-7).
This company always says that its check and control system is perfect and strict but its officials did this all in their own interest to upgrade their status in the company.That being the client of the company, I want to know whether there exists any system in Religare Securities Limited for conducting business transactions of the company in a clients account?
That as per the statement provided by Religare, expert accountants found that in my absence and without my orders the R.M. & Zonal Head ,Religare, Mr Manjeet Singh Sabharwal and the Mr.Jitendra Gupta and other higher authorities have done a business in higher values both debits and credits in my account, which may be manifold to my capital base .
That since these transactions have been performed in my absence without my orders, I want to know who all are involved(Mr.Sunil Godwani, Mr.Vivek Agrawal,Mr.Sachindra Nath & Mr.Sushil Garg) in performing these transactions using my Name, Client ID, Security Password? Please provide me a detailed call summary, of every phone call received by the order booking staff, the names of the callers, their addresses, their phone numbers, the security password used by them at the time of placing the orders and the ID Proofs of the respective callers if any, including these fellows Mr. Jitendra Gupta, Mr. Manjeet Singh Sabharwal , Mr.Vivek Agrawal and directors of the company(Mr.Sunil Godwani, Mr.Sachindra Nath & Mr.Sushil Garg) etc.
That in order to earn maximum brokerage whether it is the Company’s Policy or is it that the Branch Manager and higher authorities of the company that forces their team members to do maximum transactions and what are the necessity and justification for these fraudulant transactions in my account?
I request the concerned authorities to help provide me the amount of brokerage charged by the company on transactions in question and the commission earned by the various concerned officials / employees from the above stated transactions.
Since the transactions in question have been done in my absence without my orders I am not responsible and liable for the transactions performed by Religare’s Jaipur ,C-Scheme Branch after 7 th Dec-2010.
I request you to kindly collect all the records of my accounts from the Company (Jaipur Branch) and take the strict actions against responsible company officials and company itself that includes Mr. Manjeet Singh Sabharwal, Mr. Jitendra Gupta particularly and Mr.Vivek Agrawal and others involved in.



I am in deep shock that the hard earned money of my family is gone. I am nearly dead. They killed me and my life. I lost everything money, mental peace, and trust of my family.

Charges:
1. Doing fraudulent transactions in clients account without client's permission and orders.
2. Shifting the trades to other account.
3. Non-Compliance of SEBI rules.
4. Cheating a female client by false assurances and using innocence of the female client for their means.

These people have spoilt my relations with my family who were having complete trust in me. I request you to recover my money back from the company a total sum of 25.60 Lacs with an equal compensation of mental harassment.

I hope SEBI will take actions against the company and cancel the license of this RELIGARE SECURITIES Ltd. ,its Jaipur and Head Office Delhi Branch.



Thanks



Neelima Hemkar
Postal address-E-119,Swarnkar Colony,
RPA Road,Pani-Petch Jaipur.
302016.
Mobile [protected]
e-mail- 1…[protected]@gmail.com
2 . [protected]@rediffmail.com