[Resolved] Edelweiss Financial Services — Edelweiss - Cheated, unethical practices and worst services

smuthu

from Mumbai, Maharashtra

Oct 22, 2020

Address: Edelweiss securities, 2nd floor, 80, 7th avenue, ashok nagar, chennai 83

I contacted Edelweiss Securities/Broking Ltd in July2020 for an investment plan for NCD bonds and deposited 3Laks in their account. But I ended up getting defrauded by Edelweiss frauds well planned by them. I can submit all proofs when required like the one attached.

Edelweiss is being accused of:

1. Defrauded me on availability of stocks (I deposited funds only when edelweiss confirmed availability. But it wont take 2 months to confirm as no-stock again and till then keeping my funds in their account simply)

2. Non-transfer of shares to me (as their intention was to keep my funds with them for 2 months and not investing)

3. Non-receipt of my refund in acceptable time upon no-stock (no correspondence whatsoever in those 2 months and upon no-stock they havent immediately refunded my funds either)

4. Loss of my own income/interest (edelweiss silently kept my transferred fund for 2 months for nothing but they are actually earning interest on their side in their account over my deposited funds and I could have invested somewhere else in that time)

5. Wrong intentions of conducting transactions(no regulated financial firm should keep unaccounted money in their account for 2 months)

6. Negligence of grievance redressal and no accountability of investors loss (it has been 2 months follow up by me and approx. one more month by you also. and unnecessarily made me to contact all their support/management levels even to get my own refund)

7. Falsified responses to SEBI (as if no-stock is the reason and as if they in contact with me to compensate my loss etc but it is all fabrication)

+1 photos

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Nov 29, 2020

Complaint marked as Resolved

I tried to raise the complaints through many different channels including escalation to SEBI higher officials of the region (after the general service person tried to discard my complaint). By some unknown means, Edelweiss started contacting me with the intention to address the concerns. I agreed to the level which Edelweiss came through as against their complete negligence earlier and so this complaint is resolved and closing it. Communication happened from the official id of Edelweiss, inorder to resolve this complaint. [email protected]

Edelweiss Financial Services customer support has been notified about the posted complaint.

Nov 18, 2020

Updated by smuthu Please re-open this complaint and keep it open till edelweiss responsibly addresses the complaint since their management showed extreme negligence only since July when it comes to compensate the financial loss which they only responsible.

Edelweiss management people or even the worst customer support were found to be useless in the last 4+ months. They took my funds in the name of investing and kept it in their account for 2 months without investing. This fraud action led to my financial loss. I am interested to close this complaint only if edelweiss come forward to pay my loss which they created and for wasting my time for 4+ months with all these complaints including their support, sebi, consumer forums etc. Please initiate action against them and they should made to pay penalty. I can provide all more details too