Edelweiss — unethical forfeiting of shares by ecl finance

Address:

400089

Hi,

Myself santosh kotiyan, one of your very unfortunate customer and my misfortune to be associated with a disgraced brand. Let me start by reminding your tag line “we’re not just any other brokerage firm providing broking services, we believe in being an investment advisor, dedicated to empower our clients to gain from market opportunities and to build long term relationships with them...” such wonderful words. Just wanted to know does anyone in the organisation abide by it. Your guiding principles makes me laugh and at the same time feel cheated by the organisation and it’s representative carrying the tag on their shoulders. I also take this opportunity to remind the team coordinating with customers some of the guiding principles which the company insists and wants to ensure each of its employee is guided by the common vision... But my question is does anybody monitor if it is getting implemented at the ground level. Some of your principles
1. We will listen to our customers.
2. We recognise that we need to satisfy the needs, sometimes conflicting, of all stakeholders; shareholders who entrust us with their capital, employees who create the organisation, customers who are the reason we exist and society which has given us the resources and opportunity to create value.
3. We will be fair to our clients, our employees and all stakeholders.
4. Our reputation and image is more important than any financial reward.

None of the above stands true in each of the interactions i had with sushant & akhilesh mapped to my relationship with edelweiss. After multiple calls they would respond and in each of the interactions they have insisted they are doing their best for me but have never addressed my problems by stating it to be company policy or they being helpless at their end. They have gone to the extent o[censored]pdating me that ecl finance & edelweiss broking are 2 different arm and there is no coordination between the two. Despite the fact that both of them sat together the very next day to devise a strategy to counter my allegation when i treated to take them to task for their gross negligence.
Their lack of coordination and least regards for my pleas have cost me 1300 shares of rbl bank from from my esop loan account due to margin shortfall despite the very fact that i have margin of 10 lac in my trading account. I still don’t understand why was my shares forfeited when on the other had the same organisation had given me a margin of almost 16 lacs in my trading account. I am a middle class investor with a liability of 1cr against my home loan. Anything that hits my investments becomes sensitive and yes i react. I follow up. I try to reach out to everyone who could help. Yes i could get irritating at your end but all i am looking at is resolution. I had complained against akhilesh in my previous communication and his least regards for customer service or customer grievances. He is only visible when business is available or documents to be executed. Then he is an enigma. I had to ask him for statements he would oblige when he is free.in my corresponding case he claims he has been coordinating and updated me for margin money but i beg to differ. He claims he needed not call since there are multiple communication to me on mail. I agree with him but having said that i am trying to coordinate with him for a solution on how do i go about salvaging my shares. He calls the previous night and updates me that my shares will be forfeited tomorrow morning with least concern even after me protesting that i have an broking account with edelweiss with free shares. He kept insisting that he could not help me and that there has been enough warnings given to me and hence he is not in a position to help. The very next day i am shocked to be updated 1300 of my rbl stocks is forfeited and i have lost almost 1/4 of investment to insensitive approach of my relationship managers. Since there was no help coming from akhilesh i tried reaching to my investment manager rahul, i was told he was down with viral fever but tried to coordinate with akhilesh in the instance but there was no support from our undisputed champion of ecl finance ltd. I was advised to approach sushant, investment manger for my portfolio. Here again i need to mention he is a very busy gentleman who is always hard pressed for time and always in meetings for the organisation. He does comes on call after repeated follow up assuming my trading i’d is also part of his portfolio and he can oblige me sometimes. So at times i have been lucky and grateful to him for taking my calls. He says i have been threatening for questioning his ethics to customer service and sheer lack of commitment customer relationship. I am not sure if justice will come of this mail but it is imperative i present my case to the seniors and required to the board members before i take this up with sebi and also look out for legal recourse.
I am not happy to be associated with edelweiss and has been working on moving my entire portfolio of esop loan as well as my trading account portfolio to other organisation. Until then request you to kindly consider my request to take care of my investment which is purely been built to write off my home loan.

By the way i take this opportunity to request you send my demat kit and also my loan statements. A hard copy would be appreciated since i hardly get to access my mail account.

Look forward to your positive update.

Regards
Santosh kotiyan
[protected]