[Resolved]  Kotak Securities-Bhubaneswar — Cheated me in Derivative trading

Address:

Odisha

Dear Sir/Madam,

I would like to inform you that , I (Shamit Bhowmick) am working as a Brand & Public Relation Manager in a Multinational Company.Presently I am based at Bhubaneswar city of Orissa state.

Last January 2013 one of your employee of Bhubaneswar branch of Kotak Securities –named as Mr Rabindra Samal
Came to meet me .I was very bust that time to informed him that I am not interested to open any new trading account with any company.I also told him that my present trading account was with India Bulls Securities and I have just kept few shares of ITC & Godrej (approx Rs 76,000) as I don’t had any knowledge of stock market so I will not open any more trading account.
But Mr Rabindra Samal continued to call me almost every day for next 10days and use to come to my office almost every alternative day.But I told him NO for any account opening.Every time he used to visit me in my office and used to request me for a new trading account.Finally one day almost in a crying mode he told me that if I don’t open a account with Kotak security then he will loose his job and will be on road with his famly and 1 year old kid.
For the sake of mankind I told him that I will open a trading account with Kotak Security but will not enter in DERIVATIVE transactions as I don’t had any knowledge about Derivative transaction.
Mr Rabindra Samal that time told me that he will help me to transfer my shares of ITC & Godrej from Indiabulls Securities to Kotak securities and will not enter in any Derivative transaction.So as per discussion he informed me that he will bring all transfer documents for share transfer (he also told me that he was an ex Indiabulls securities employee).Meanwhile I signed all formal documents and application forms which Mr Rabindra bought to my office.
Initially I pad him a cheque of Rs 25,750.
After 2-3 days Mr Rabindra called me and informed me hat shared can not be transferred so I must sell those shares and invest the total amount in Kotak security.That time my cheque was encashed and my account was opened along with a savings account in Kotak Mahindra Bank.So I never had any other option than selling my shares which were with Indiabuls security.

On 2nd day Mr Rabindra told me to start derivatives and i told him that i dont have any knoweldge of call , put, derivatives, open interest , futures so I will not go for it.But Mr Rabindra assured me not to worryas he will handle my a/c without making losses as he is an old champion.He told me to deposit more money in my trading account so I transferred 25,000 more amount on 9th Feb 2013.


Initially Mr Rabindra used to call me almost every day and started Derivate trading very professional way but after 15 days he stopped calling me .I used to call him 5-6 times in his mobile (number [protected])
And generally he used to receive my call for 1 or 2 times.Every time there was excuse that he is busy in some family issue.
After 5-6 more days one day he called me and informed me to call back the Kotak security land line and buy Bank Nifty.I told him that during budget session we should not trade any stock/derivative but he told me that It’s a target from Kotak head office so we have to buy bank nifty.Finally he bought Bank Nifty without my concent.The final result was loss of approx Rs 30000.Not only that lot of other time he bought other derivativs without my concent (he had pressurized me to call in landline of Kotak security) like DFL, TATA MOTOR DVR, IDFC,Coal India etc.
When my loss touched Rs 50,000 then I requested him to help me to get back my money from market.Once again he asked for some more money to makeup the loss.Again I transferred approx Rs 50000 in two parts.This time also it went to vain as he did derivative trading on his own.
After a loss of Rs 75000 to 90,000 he is not receiving my calls.Every time giving silly excuses.I have informed the same to Bhubaneswar Branch Manager Mr Arpan Mishra also but it seems that he also too busy to talk to me over phone.

The person advisor allotted to me they are unable to specify the clear reason also within debit position whatever trading profit i earned mostly disappear does nt shown but loss always . I started losing my money from beginning
As it was intentionally done to cheat the customer and give profit to Kotak Security.The company is acting same as a chit fund now.But my money is very hard earned money and I will go up to last level (SEBI/RBI/Press/Finance Ministry) to get the proper justice.

Awaiting for a quick resolution.

Thanks & Regards

Shamit Bhowmick

DP ID- IN 300214
CLIENT CODE- 4FK17
DP A/C NO[protected]
Kotak Bank A/c No - [protected]