Edelweiss Financial Services — Not refunding my prepaid brokerage

Address:	110085
Website:	edelweiss.co.in

My name is Abhishek Arora and I have a trading account with Edelweiss no 727389.

I opened my account last year with Edelweiss though one of the company's representative. At the time of opening the account I gave two cheques one for Rs 60, 000 for trading account and one for Rs 40, 000 for advanced brokerage. I was informed that my advance brokerage limit will be lowered after a year of relationship which I agreed and also if I am not satisfied with the services I could close the account and will get my advance brokerage refunded. I would also like to mention that full service tax was deducted on Rs 40, 000 even though I had not made a single trade. On asking the edelweiss representative he told that if you opt for closure any time the service tax will be adjusted against used brokerage and rest will be refunded with the money.

Now after one and a half years of successful relationship with Edelweiss I asked to lower my limit for advance brokerage to Rs 10, 000 as which my current RM is saying it is not possible. On top of that she told me that the advanced brokerage cannot be refunded even if I close the account.

The person who opened my account (Devendra - [protected]) has left the company and the current RM is saying its company policy we cannot refund. I am totally frustrated at this response from the company

Now this is plain cheating. I simply trusted and opened the account on the basis of good faith and now the company is simply backtracking. On what basis company can keep my money if I close the account. I am deeply unsatisfied by the way you edelweiss has handled this issue and I would now don't like to continue my relationship further with. I would like to close my account and and you refund me my balance money.

I lodged a complaint at the helpdesk in November and they have mailed me three times that they are looking into the complaint and not solving it. First they told me it will be solved by end of November, then end of December and now they mail me again saying they are still looking. I even went to the office in Delhi and they said they will solve the issue but now nobody is picking my phone. What to do?

I want to close my account and get back my money but how I am not sure. Please anybody don't trade with Edelweiss they are not good company and will cheat you