Apr 23, 2018
Updated by Tej47164 Update from 29th March till 19th April 18- Things are not on right track and matter is more worrisome.
Hello,
Thanks for passing my complaint to the TradeIndia Research management. Post your response on 29th Mar, that my complaint has been notified, I got a call on 6th April from Trade India Research team that senior member will talk to me & help you to address /resolve your issue.
After 2-3 days of silence I received a call from My Piyush - Head support team claiming that he will organize my meeting with one of the most senior person & then you share all your issues with him & he will help you to recover your losses made due to our company. Further to this again silence for 2-3 days -no connect, I was told my cell number is not reachable & so on. Then after follow- up Mr Piyush connect me to one sr person Mr Adesh(??) quoting extremely busy person, very less availability for call.
For quiet few days Mr. Piyush was coordinating for the connect between self & Mr Adesh... Mr Adesh understood the issue & said he will investigate my issue- (Why..how..who..) Then he assured that you have incurred @1.8L loss due to our company, It was very junior person handling your portfolio... we will fix this issue at our end & restart the trading on your account. ( voice..tone absolutely assuring that yes, my losses will be recovered..not sure what post this person is). On 11th April Mr Adesh.. shared his personal number - [protected] that shall help me talk to him any time for any queries / updates. Lot of discussions on the same subject that I have incurred losses & he will help me to set this right, he is discussing the issue with board members & will need some exceptional approvals & so on.
Then matter started again for additional payment for Rs 2.17 Lakhs & Mr Adesh is trying to help me reduce this amount so that trading services can be started again. Mr Adesh discussed the new process with me quoting that one research analyst will be assigned to you & strategies as mentioned in the below mail
<<mail dt 11 April
Dear Mr.Praveen,
Greetings from Trade India Research!!
Trade India research, a trusted name in the financial services arena, provides you with the entire gamut of financial advisory services under one ceiling. It is one of the few organizations providing research and information on Indian capital markets mainly based on Technical Analysis and enjoys a strong reputation among investors, brokers and researchers. Our team is highly skilled with experienced analysis. Our efforts are to provide you more & more profit in every trade.
As per your telephonic conversation with our coordinator regarding CUSTOMIZED EQUITY CASH 3, 52, 800 + GST for 3 months .Rs.1, 35, 750 already paid by you would be adjusted in mentioned services.To activate/complete the services as per the discussion you have to pay remaining amount of Rs.2, 17, 050/-.
According to our company services you will get 1-2 Cash Intra-day recommendation 14-16 days in month. Per trade basis you can expect 1% target (basis of Technical analysis) movement in recommendation as per market condition.
Strategies:-
-Trade recommendation would be in Mid cap & Large cap.
-Min.quantity 1, 000-1, 800 in every trades.
-Risk : High
-Segment: cash Intra-day
-Recommendation would be via SMS
-Performance Track-sheet would be via Website/mail.
Our first priority is that each & every traders & investor do trade with confidence; there should not be any fear in their mind about trading. Our highly qualified research team is a treasure house of skills & knowledge who used their knowledge & research.
End of mail 11th April>>
I denied to pay any amount & told Mr Adesh to limit your services only to the amount what I have paid so far. After lot of discussions Mr Adesh came with a proposition that Rs 2.17L will be against his own employee ID (which is internal communication & cannot be shared with me & to be recovered from me only after my losses are recovered), however I need to pay 18% GST on Rs 2.17L. And then we can continue with our services.
I agreed to pay Rs 39060/- (18% of Rs2.17L) as I wanted to recover the amount I had already lost & trusting on the conversations we had ( with in weeks’ time we will recover your 80K+39K which I had taken over draft & owe to pay back asap ). Finally I paid Rs 39060/- on 13th April. And I was told that from Monday 16th Apr services will begin.
On 16th Apr. Mr Adesh called me to get the details on access to my demat account, which I shared. There was no trade on this day & after 3:30 pm Mr Piyush called me asking for details on my dmat account. So it appears Mr Piyush did not receive any details which I shared with My Adesh on 16th Morning. On 17th & 18th 3 trades were taken ( making total loss of another 80K ) - I am stunned with this kind of activities- where is none of the commitment/strategy that was planned was being followed, since 17th there is no communication from Mr Piyush & Adesh. My calls are not being picked up /responded.
Now I am convinced that this company is absolutely irresponsible & giving false commitment to clients & taking fees for making loss to their clients.
My expectation is
1. Refund of entire fees that I have paid ( Rs 1, 74, 960/) as I have not received any services. This company & their employees not at all trust worthy to do any business
2. Pay back losses incurred to me due to in appropriate trades taken into my Account. ( Rs. 2.70L approx.) - Appears Research team is not doing their job as more than 90% trades taken into my account have closed in -ve ( avg 40K loss) or else individuals supposed to manage my account are not doing their job properly to take a trade with preset stop loss/Target order. All trades taken in my account were open ended -without stoploss & target. The sad part of the story is, all these moves appears intentional.
3. Such companies should not be allowed to do any business/banned until they build rigor into their processes & appropriately trained to provide services to their clients.
4. I would like to know the process to escalate this issue with SEBI as this company is quoting that they are SEBI registered.
5. my sincere request is to pass this case to Mr Kirit Somaiya with all documentation/evidences/telecom conversations for further investigation/ action. I am ready to provide all requisite support as needed. If necessary I can personally meet him to appraise about this case. (Conversation data can be retrieved for call received to me from TradeIndia Research support team phone no [protected] / Mr Adesh cell no- [protected] )
6. I also see many complaints / bad reviews against this company on the internet. Considering my experience & company behavior in opinion should we allow such companies to exist / do any business in India?
Appreciate your inputs/support to take this matter for firm action.
Regards
Pravin Sheth ( [protected])
Who can join hands with me please call me at [protected]
I have invested around 1.10 lakhs no proper response from them.
every time tell lie.
Its a big fraud company
Go ahead and complain.