[Resolved]  Sharekhan — excess unauthorized brokerage | fraud

Address:

110051

Dear sir,

I am a small investor investing around[protected] in share market. Mr. Sarvesh tiwari from sharekhan approached me to open demat account with sharekhan in oct 2018. He offered me the following charges for equity trading:-

Intraday :- 0.01 paisa

Delivery :- 0.10 paisa

Minimum brokerage :- 1 paisa on trading, 2 paisa on delivery

[charge structure given to me attached]

He assured me that there are no other hidden charges apart from govt taxes. On his assurance, i opened demat account with sharekhan and started investing in share market through sharekhan.

On 06.11.2018, i sold some shares at market value of rs. 2480.30, out of which brokerage of rs. 2.49 was deducted as per agreed terms and govt taxes of rs. 4.03 were also charged.

I checked my account statement on 09.11.2018. I was shocked to see that apart from brokerage, rs. 53.70 was deducted from my account as "delivery handling charges". I thought this amount is charged by mistake. I immediately contacted mr. Sarvesh tiwari of sharekhan for rectification of the same. He told me that sharekhan charges rs. 16.00 minimum brokerage per company transaction. If brokerage as per tariff given to customer is less than rs. 16.00 per company transaction, sharekhan charges differential amount as delivery handling charges. I told him that at the time of opening of demat account i was assured that there will be no other hidden charges and this delivery handling charges were not explained to me so them amount should be reversed and i should not be charged delivery handling charges. He said that i forget to tell about these charges. I was astonished on his response.

How can representative of such a big company forget to tell small investor about hidden charges. I told him that please reverse the charge otherwise i have to file complaint with appropriate authority for necessary action. He told me that you are free to file complaint. The company will continue to charge delivery handling charges.

Sir, i am a small investor investing my hard earned money in share market. Sharekhan is using fraudulent practices to open accounts of small investors and is looting hard earned money of small investors. Representatives of sharekhan are exploiting small investors by false promises and mis-information.

Govt. Of india is encouraging small investors to invest more in equity shares and is launching various schemes for boosting small equity investments in share market. However, sharekhan ltd is looting small investors and is dampening spirit of small investors. If, this fraudulent practice is continued by sharekhan, small investors will loss trust in share market. This is a issue of severe concern for all o[censored]s.

I request you to take appropriate strict action against mr. Sarvesh tiwari [representative of sharekhan] and sharekhan ltd for spreading false information, using fraudulent practices to open demat account and looting hard earned money of small investor.

Kindly accord your top priority and take appropriate action at the earliest.

Thanks and regards,

Nitin garg