Sharekhan Complaints & Reviews

Respected Sir/Madam,





First of all extremely sorry for taking your valuable time.

I have already wrote to fmc (regulatory body for commodity market) but I have not got any reply yet



Myself AmbadasYemul, resident of Solapur (Maharashtra).





My Brother, Mr.Punesh Sudarshan Yemul, He had commodity trading account with Sharekhan Commodities Ltd. Now he has been filed suit by Sharekhan Commodities Ltd., under section of 138 for stop payment of chequre.

Brief details of the case :

On 20th April 2006, due to sudden fall in bullion price the exchange has increased the initial margin, the sub-broker of Sharekhan Commodities Ltd. should infrom us about the increase in margin, he did not.





On second day he took cheque for shortfall of margin and then he squared of all positions one by one without giving intimation to us. After squaring off all the positions he said that there is loss of Rs 193000/- and deposited cheque, In meanwhile we gave stop payment instruction to our Bank.





Currently the case is going on in the High Court, our lawyer asked to give any written proof, when we read the client member agreement for the reference, we came to know that there is no any single clause which can be used for the defence.





In the agreement, member has given all the rights to do anything with client account. Currently all regulatory bodies like SEBI focuses on investor & client protection. I would like to know as per which clause client can protect his interest towards trading.





As per the client member agreement, the member can trade, transfer, square off without giving any intimation to client. But ultimately whatever consequances of member action will be borne by client only.





In our case when MTM loss came below the minimum margin, member should have squared off our all positions so that there would not have been Debit balance to our Account.









I request you that please let me know is there any single clause in Member client agreement or FMC rules & Bye laws which can really protect the interest of client against such Unauthorized Trading of the member on clients account?

Waiting for your reply & justice









Yemul Ambadas

[protected]

I applied for opening of a Demat acc. on 24/12/2007. I submitted all relevant documents to the satisfaction of their Sales Executive. He assured me that my account will be operational by 31st Dec. (before closing). I got a mail on 31st that there is an objection to ur form to which I replied them. I, again got mail on Jan 4, 2008 that it is still under objection. I got in touch with Sales Executive who told me that he has satisfied his Bombay Office on the point of objection & ur account will be operational by 8th Jan. To my surprize, I got a call from Sharekhan Delhi Office that my application has been outrightly rejected due to handwritten change of address in passport. I wasted 15 days dealing with this C class company.

Hi,
I transferred Rs.15000/-, 2 days ago to my sharekhan account from my citibank account. Eventhough the money has been debited from my citibank account, the sharekhan account doesnt reflect it yet. Even after repeated complainst to customer service, there has been no response from Sharekhan. This is absolutely poor customer service. I am not sure if this is another way of making money by these companies.

Can somebody...

Dear Sir,



I am having a Dmat and trading account with sharekhan ltd., in Jamshedpur Branch.I have purchsed the share on 17th october 2007 against the margin which sharekhan provides me. The cheque of icici bank cheque no 345357 has been given to the sharekhan on 17th itself amount was 35000. For this service my broker charges 16% rate of interest compounded annually. as per my broker my cheque is bounced by HDFC BANK RAM MANDIR BRANCH, When I asked about this matter to my broker he said your cheque has been deposited to HDFC BANK ON 18th itself it has bounced. When I asked about the bounced reason.neither my broker nor HDFC BANK Branch Manager was able to give methe reason. Whereas my cheque cleared on 23rd October 2007. After asking lots of time Hdfc Bank Branch Manager told me your cheque is bounced due to some technical reason which was not cleared to him as well. but his behaviour was very rude and denouncing as well. in all these instances as a client I have to born the burden of interest at all cost. When I inquire about the matter to branch manager he said he cannot talk me directly. its a matter of between sharekhan ltd and hdfc bank. but in all these events i feel both the organisation cheated me by their good relations. as per sharekhan they deposited my cheque on 18th October. But it is still a puzzle for me how cheque is cleared on 23rd. for this sharekhan has provided me the deposite slip of 18th october which is done by them. These inquries has been done my on 24th october 2007.





I feel it is my right to know why my cheque is bounced. During this activity it is really a demoralising act by such a reputed bank. and for me it is also a hurting moment of my self esteem as well. So kindly do take some necessary action so that this can not be repeated in the future.





Regards,



Anil Kumar

c/758 B Block

Manbodh Busti Sonari,

Jamshedpur - 831011

[protected] , [protected]