[Resolved]  Karvy — derivatives

Open loot, fraud and violation of rules by karvy
My client id is 14010895 with karvy. This is to inform you that on 12.04.2018, one of karvy agent shri ajay from karvy called me and asked me whether i am willing to buy 2 lots (80 units) of call option of banknifty 25100 at rs. 88/- per unit and sell it at a higher prices. I agreed for the said transaction at the given rate and quantity. After some time he calls me up and says that stop loss has been triggered on the said transaction and i have lost rs. 960 in the said transaction. But when i came to know that entire transaction was unauthorized as the said contract (Call) has been bought @ rs. 100/- per unit instead of rs. 88/- per unit as agreed by me and sold the same @ rs. 88/- per unit which led to overall loss to me of rs. 2500 (Approx.) including brokerage and service tax/ gst, i felt cheated and defrauded. When i confronted him as to why he carried out the said transactions without my permission, he gave lame excuses of price being very high etc. And told me that we will cover this loss in tomorrow trade. Till that time i was unaware of the exorbitantly high brokerage of karvy. When i came to know about it late at night after reading the contract note, i was under the wrong impression that i have lost rs. 960/- only in the trade, rather the brokerage was more than the loss at rs. 1500 (Approx) for the said transactions only. I soon realized that some kind of fraud and a big loot is going on in karvy. Their modus operandi is first the agent approach the client and then persuade them to allow the agents to carry out trade on their behalf but they never inform the client about the super high brokerage charges that is going to be levied on the said transaction. The agent carried out my first intra-day/ fno transaction in banknifty apr[protected] on 11.04.2018 wherein he informed me that i have earned rs. 402 from the transaction. I was quite happy to learn that i have earned rs. 402/- on the very first day of trading. However, the happiness was short-lived, and only last night did i realize that i am a new victim of the karvy’s open loot and after adjusting the brokerage and taxes, i have actually lost rs. 29 in the said trade. This business practice of karvy of fooling and looting the new comers in share market is highly unethical and must be curbed with iron hand. Due to these brokers a lot of new comers who are cheated by brokers like karvy once never trade again in stock market in their life. An exemplary punishment should be imposed on such brokers and they must be banned by sebi for their highly unethical, unscrupulous, deceitful and corrupt business practice.
Further, the list of brokerage charges are not available anywhere on the website of karvy and i was never informed about the brokerage and other charges to be levied by karvy. When i opened the dmat and trading account with karvy when i asked i was informed that the transaction charges are very low such as 20 paisa or 50 paisa per thousand for equity and rs. 20 something for options.
I am highly disappointed with karvy and its services and going to change my broker soon but before that i want my money back for the unauthorized transaction carried out on my behalf by their agent mr. Ajay. I have call recording of all the conversation and ready to give it any time as evidentiary proof.
Though i want that sebi should take suo moto action on my complaint and either ban karvy or impose exemplary cost to discourage such evil practices, but now i want my back which i lost in the unauthorized trade carried out my behalf including loss and brokerage incurred.
I won’t hesitate to file a suit in the consumer forum and various media forums being run for consumer protection, if my complaint is not attended to on priority basis and i am given a satisfactory resolution by karvy greivance redressal team.