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[Resolved]  Insight Share Brokers — Unauthorised Trades on my Account.

History of the case
Sir, I have started trading in cash with ISBL from 10/11/2006 to 04/01/2006, & in derivatives segment from 03/01/2007 to 19/03/2007 Excluding Unauthorized trades mention below .On 26/02/2007 I have short sold 2 lots (750 shares) of ACC 29 March Future through savedi office at the rate of Rs.906 & 904.65 respectively. On 12/03/2007 I went up to her for covering my short positions of above mentioned Future stocks at the rate of 780/- per lot but I was not allowed to do so without been given any valid reason. Again on 13/03/2007 I requested them to cover my both position @740/- per lot, but I was told that there was already long position of ACC Futures in my account & it was squared off. (Immediately I had communicated to ISBL on 12/03/2007 & 13/03/2007), amounting to loss due to short sale Rs. 1,23,993.75

On further enquiring , I was shocked to know that numerous trades (unauthorized trades) had been executed in my account between 15/02/2007 to 27/02/2007 without my permission amounting to loss of Rs.2,04433.83
I also transfer shares from my another DP to ISBL DP, out of that 300 UNITECH LTD.shares I have kept for F&O margin on 09/01/2007 which I have never sold, they are laying with ISBL , which they also agreed on there letter 08/12/2007.


I have given total Rs.1,12000/- (Rs.50000/- on 04/01/07 & Rs.47000/- on 09/01/07 & Rs.15000/- on 09/03/07). I have given Rs.15000/- on 09/03/07 because I am not aware about Unauthorized trades was executed on my account from 15/02/07 to 27/02/07. this money I given to ISBL to save my IVRCLINFRA Future position which I have purchased on 28/03/2007.

I have received Rs.73,473.61 from ISBL(Rs.10269.61 on 12/01/2007 , Rs.25,000/- on 01/03/2007 , Rs.38,204/- on 03/04/2007) –




1) Delay of Contract notes:-
1.1 Insight share brokers has not given my contract notes regularly, they gives the contacts notes ones or twice in a months, I have to personally collects the contract notes from their savedi office,they have also not send on my given address. I have also communicated to the same many times orally & finally written also on dated 08/02/2007 & 21/02/2007
1.2 Authorized signatures on the Contract notes not matching with the name stamp given on the contract notes (mismatching name & signatures).
1.3 I have still not received all the contracts notes after 27/02/2007 to 19/03/2007 that’s why I could not able to calculate correct loss & profit.
2) Not given ledger or statement copy
2.1 ISBL has not given any ledger or statement to me, because of that I was not able to
Calculate my loss or profit, this also I have communicates to the same many times orally
as well as written on dated 08/02/2007
2.2 I have also requested to ISBL regarding the statement of account & ledger but they have refused
to provide the same
3) Not updated my new e-mail ID
3.1 The initial email ID I declared with ISBL at became inactive as such I requested them
for updating a new email id many times but the same was not updated instantaneously by
ISBL, It seems that the branch personal who was doing unauthorized trading, out of fear
of getting caught, this also communicated many times orally as well as written & by e-
mail also, on dated 08/02/2007 ,21/02/2007 & 20/02/2007)
NSE can check with mail provider YAHOO MAIL about my initial
e_mail ID, not a single mail has been opened from this account by me. thats why I have
requested to change a new mail ID to ISBL.
4) About the ISBL Savedi Office.
4.1 I would like to high light to NSE that the ISBL declare that they are not operating
thorough any sub broker/ Franchisee route in any part across the country, & Mrs. Sarika
S Karwande is “THE LESSOR” of SAVEDI branch. But the Form No.-16-A shows
that she had received brokerage through cheque no- 890561,890561,897024,106617.
Total amount of Rs.48000/- from 09/01/07 to 22/03/07. If she is a Lessor then how she
got this payment.?
4.2 The SHOP ACT License of the SAVEDI office shows that she was a Owner of the
savedi office If she is a Lessor then how she can take license as a owner?.it means they
have also cheated to Government of Maharashtra.and I can also make a police complaints
against them.
4.3 If she is a lessor then how she can sign a contract notes?, I will also provide a contracts
notes signed by Mrs. Sarika S Karwande.
4.4 Mismatching of the addresses of opening & closing letter of savedi office.
4.5 ISBL has closed there savedi office after my complaints to NSE because they have done
a this fraud .




5) Not shown proofs of following items.
5.1 ISBL has not given any proofs of my Telephonic or written Instructions for the
unauthorized trades executed on my account but without my instructions. Between 15/02/07
to 27/02/07
5.2 ISBL has also not given a proofs of lessor Agreement & how they have given a payment
to her.
5.3 Who was the authorized person of the savedi office?. Who can sign a contract notes?
Along with names & signatures , list of the employee names of savedi office.

6) Not received complaints (Locked helpdesk e-mail by ISBL)
6.1 ISBL intentionally Locked there e_mail - [protected]@shriraminsight.com after my
complaints to them , I was tried a lots from 14/03/2007 to 30/03/2007 for enquiring about my
case but they have not received my mail
It means ISBL had done unauthorized trades between 15/02/07 to 27/02/07on my account intentionally for brokerage, that’s why they have not updated my e-mail ID after given in writing. Not given contract notes,ledger & statement of accounts after given in writing also. ISBL has not transfer my UNITECH-300 shares to my account which I have kept as a F&O margin, which they are claiming on me that, I have sold that shares, I have not sold that 300 shares. Please settle my account transfer my shares on my given DP ID & please pay my balance amount to me.

If they have not sorted this case within month time I will go to SEBI & Police complaints for a cyber crime and fake shop act license against ISBL.


I am requesting you, that please inspect the ISBL savedi Ahmednagar office record & help me to recover my heavy losses. So that they will not cheat further to their valuable customer intentionally. & people can trust to SHARE MARKET & NSE.

One original copy of the mentioned letter directly send to the Trading member address & two original copies send to you.

Thanks and Regards,



Prakash J. Dhokane
“Padmaprabha” C/o Mr.Shukla,
Vrundavan Colony,
Behind Renavikar School,
Savedi, Ahmednagar (MS)414 003
Cell:- [protected]/ [protected]
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Aug 13, 2020
Complaint marked as Resolved 
 
17 Comments

Comments

Our caluigs Mr.Praveen's behavoiur is not good, You are requested to please look into the matter urgent.
Reply
Our caluigs Mr.Praveen's behavoiur is not good, You are requested to please look into the matter urgent.

Anand Rathi
Ramgarh Branch
Contact No.[protected]
Reply
I am not satisfied.
Reply
FROM
BHADRA VALJI NARAYAN
2/17, SAI BABA CHAWL,
PARSI PANCHAYAT ROAD,
BEHIND SONA UDYOG
ANDHERI (E)
MUMBAI-400 069
CUSTOMER ID : V00036591


TO

RELIANCE MONEY




DEAR SIR



SUB: MONTHLY DEDUCTED RS 450



THIS IS WITH REFERNCE TO THE ABOVE I HAVE TAKEN THE SCHEME OF YEARLY RS 5, 00, 000 TURNOVER

FOR THIS I PAID RS 500 MARGIN MONEY ON A YEARLY BASIS & + 750*25% DISCOUNT FOR HOLDING RELIANCE COMMUNICATION SHARE

TOTAL AMOUNT OF CHEQUE GIVEN IS RS 1150

AS PER THE RELIANCE NO OTHER CHARGES IS DABITED UNLESS TURNOVER CROSS THE LIMIT RS 5, 00, 000 THEN WHY 450 ON 18/02/2008 &
RS 450 ON 1/3/2008 IS DABITED MY ACCOUNTS WITHOUT INFORMING

I AM VERY UPSET FOR THIS, I WANT TO CLOSE RELATION WITH YOU & CLOSE ACCOUNTS WITH YOU

I AM NOT UNDERSTAND HOW THE REPUTED COMPANY CHAET PEOPLE THIS WAY I FORWARD MAIL TO ALL NEWS PEPER & TV CHENNAL & ALSO
COMPLAIN NSE FOR THIS MATTER

CAN YOU SHOWS A SINGLE MAIL FOR THIS MATTER BEFORE DOING THIS

BUT PRESENTALLY FROM MY ACCOUNTS RS 450 DEDUCTED ON 13/2/2008 & RS 450 ON 1/3/2008 WITHOUT INFORM ME

WHAT IS THIS I CAN NOT UNDERSTAND

MY TURNOVER ALSO NOT CROSS MORE THEN RS 5, 00, 000 THEN WHY THIS
CHARGES DABITED FROM MY ACCOUNTS

THE COMMSION ON BUYING SHARE ALSO DEDUCTED RS 24 INSTAED OF RS 12

I CAN NOT UNDERSTAND WHAT CHARGES DEDUCTED RELAINCE FROM MY ACCOUNTS WITHOUT INFORM ME

THIS ACCOUNTS NEW 6 MONTH COMPLETED & NOT ONE YEARS

PLEASE GIVE CLERIFICATION IN THIS REGARDS OTHER WISE I FORWARD THIS MAIL CC TO NSC WITH MY ACCOUNT STATEMENT THIS CREATE
BIG TROBLE FOR YOU


VALJI BHADRA
[protected]
[protected]
Reply
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Reply
Dear Sir
Un authorised trade also done in my account in the month of october by Mr Vidyanand Singh Sub broker of SHARE KHAN .When I have contact the broker that how he traded in my account without my permission their reply shoked me that he can trade in my account without my permission.

When I have lodge the complain against the broker to the Sharekhan . they have not taken any action against the broker they charge the intrest on the amount . Allready I am in loss of Rs 2.0 lakh due to this trading .
When I have tried to know the CEO & Vice President Address of the sharekhan, The company not provide the address to me.

Their local Area Representative Mr Manish Ashiana tower Patna explain me that thru maping systeam they can trade in my account.
Till date they are not able to provide me the call details, written order for that trading .
I have strong doubt that their are some syndicate involve with the help of company Director.

Kumar sanjiv bhardwaj
[protected]
Reply
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Date:- __________
ShareKhan Trading A/C No. = 222825
ShareKhan DP A/C No.= ________________________________

Complaint against Employees of Sharekhan Limited Chandigarh Branch (A Broking Firm) Mr. Pushpinder Singh and Mr. Ravi Parkash Sharma for cheating, committing fraud and for misappropriation of funds.
I had been sent 3 reminders of below written complaint to [protected]@sebi.gov.in & [protected]@sebi.gov.in but I did not get any response from your side. In the last after very hard tried now I am forwarding you by registered post so that you can pay attention on this matter.
Sir/Madam,
I would like to bring the following facts for your kind consideration and also for taking stern action against Mr. Ravi Prakash Sharma (Relationship Manager) & Mr. Pushpinder Singh (Vice President) of SHAREKHAN Limited Company Chandigarh Branch sister concern of SSKI Mumbai based Broking House.
I am resident of H. No. 151, Adarsh Nagar, Colony Balongi Teh. Kharar Distt. Mohali, where I am working with M/s B.S. Enterprises as Manager For the last eight years at Shop No. 19, Sector 42B, Hockey Stadium, Road Atawa, Chandigarh.
In the month of Oct. 2008, my friend Pankaj Kaushal introduced me wth Mr. Ravi Parkash Sharma at my office. There Ravi Prakash Sharma told me that he is working as Relationship Manager with M/s Sharekhan Ltd. (Chandigarh Branch) and my superior Mr. Pushpinder Singh (Vice President), which deals in the business of sale and purchase of shares of different companies. He further told me that they/their company recommended short term shares of different companies for investments & also provide us Buying/Selling tips on day trading for regular profits. He assured me that if I invest in share Market than I will handsome profits rather than Bank FDs, properties Bonds & Mutual funds. He also said that whenever I will get short-term recommendations from my company in different shares, I will let you know by telephonically and suggest you to buy or sell.
After that again Ravi Parkash Sharma visited me with Mr. Pushpinder Singh at my office in Sector 42 Chandigarh and introduced me to Mr. Pushpinder Singh as Manger. He and Mr. Pushpinder Singh forced me further assured good returns if I invest money in share Market for short term as per their advice. They both also mention that whenever they will buy or sell shares for me they will confirm me every day and also I get contract notes of sale purchases of shares by e-mail in the same evening. He projected investment and return of profit in such a way that I also made up my mind to invest money in Share Market. I was newly in Share Market so I needed a good company & advisor who can invest my hard earn money in reputed companies in my name. They both shown me savage garden of profitability in share market. I had believed on them due to my friend Mr. Pankaj Kaushal more over they won my faith & impressed me.
Mr. Ravi Parkash Sharma opened my D-Mat a/c no 17399298 and trading a/c number 222825 for the sale purchase of shares under Sharekhan Ltd. The said both persons Ravi Parkash Sharma & Mr. Pushpinder Singh made false representation with an intention to deceive me and induce me to pay them a sum of One Lac only with a promise to purchase Shares of reputed companies in my name. Accordingly, they asked me to issue a cheque of Rs. One Lac in the favour of M/s Sharekhan Limited, so I gave cheque No. 126827 dt. 26/09/2008 drawn on IndusInd Bank Phase 3B2, Mohali.
Thereafter, on 03/10/2008 Ravi Parkash Sharma again approached me and told me to pay further sum of Rs. Fifty Thousand to yield handsome profits. Believing his statement to be true, I again paid Rs. 50, 000/- vide cheque No. 126829 drawn on IndusInd Bank In Favour Of M/s Sharekhan Limited. To make my good use of my innocence Mr. Ravi Parkash once again approached me and dishonestly induced me to deliver another sum of Rs. 30, 000/- on 23/10/2008, which I gave to him vide cheque No. 205518 in the name of M/s Sharekhan Limited, as asked by him. The said Mr. Ravi Parkash Sharma has also taken my signatures on certain blank forms, papers etc., however, no copy of the same was given to me but he kept on dilly-dallying the same and till date neither any certification of shares has been given nor any such receipt or statement of account has been issued. Whenever I asked about my shares or investment, he always replied it going on well and some wait for good returns. I asked him about my given 3 cheques worth Rs. 1, 80, 000/-, he said all I handover to Mr. Pushpinder Singh who is also maintaining your account. The said Mr. Ravi Parkash Sharma told me every sale purchase of shares held under the nose of Mr. Pushpinder Singh. Then I asked Mr. Ravi Parkash Sharma that no conformation no contract notes I have been receiving you and your company side as you committed by telephonically and by e-mail. He replied, I will check why it is happening and sometime I am busy in my work and sometimes I give you regarding share but your phone get busy.
Again & again asking about my funds, share or profits, I always got excuses from both employees of Sharekhan Limited Mr. Pushpinder Singh & Mr. Ravi Parkash Sharma. Feeling Cheated, I contacted Mr. Pankaj Kaushal and we both went to the office of Sharekhan Limit on 07/03/2009 i.e. SCO No. 489-490, 2nd Floor, Sector 35C, Chandigarh. The receptionist sitting at the counter refused to divulge any information regarding him and suggested us to contact Mr. Ravi Parkash Sharma at his residence.
We then approached Mr. Ravi Parkash Sharma at his residence at mohali and inquired about my investments and receipts. He told me that the investment is making good profit and about the shares is underwork and same shall be available with him (i.e. Mr. Ravi Parkash Sharma) very shortly and shall be supplied to me. He also stated that all the documents shall be issued by M/S sharekhan Limited.
Whenever I met Mr. Ravi Parkash Sharma, he every time kept on lingering the matter on one pretext or the other and every time gave me lame excuses regarding my shares and account. I however, request him to return my aforesaid amount but he has neither returned the said amount nor delivered any shares of companies and not a any profits.
After that, many times I went to Sharekhan office and by telephonically, I asked about my account status and Mr. Ravi Parkash Sharma. They refused me to provide me any information regarding my Trading account and D-Mat account. One day I went to Sharekhan Limit office with my friend Mr. Pankaj Kaushal (Who is introduced me Mr. Ravi Parkash Sharma earlier). We both asked about Mr. Ravi Parkash Sharma and my account status from Mr. Pushpinder Singh. He said that Mr. Ravi Parkash Sharma is on leave from last week, whenever he will come back, he will give you the status of you account and shares. But Mr. Ravi Parkash Sharma was left the job and Mr. Pushpinder Singh lied to us about Mr. Ravi Parkash Sharma.
Anyhow, after a strong struggle, I got my account ledger and I also shown my some contract notes to someone who has kept the experience of stock market. He told me that you have trade in Commodities. I said no never, even I don’t know about share market properly. He told me that all your money has invested in Commodities and played intraday and met with heavy lose. All your money washed in Commodities. Then I shocked and confused, and realised that I lost everything. Mr. Ravi Parkash Sharma and Mr. Pushpinder Singh lied to me and played with my emotions. They used my money for their own beneficial.
Then I and my friend checked background of Mr. Ravi Parkash Sharma and Mr. Pushpinder Singh. They both came from Anand Rathi (A Broking Firm) Mr. Ravi Parkash Sharma committed fraud with Anand Rathi’s clients. Many clients of Anand Rathi has met with heavy loses due to Mr. Ravi Parkash Sharma. He also borrowed money by cash from clients, borrowed amount in many Lacs. They also putted complaint (cheating & Fraud) in Police Stations against Mr. Ravi Parkash Sharma. Mr. Pushpinder Singh also one of the non-performer employee of Anand Rathi. That is way they both left the job from Anand Rathi and joined Sharekhan Limited. They both have bad impression in their previous job.
Sir, it seems that after hatching a criminal conspiracy with concerned persons of M/s Sharekhan Limited, the said Mr. Ravi Parkash Sharma has dishonestly induced me to deliver him Rs. 1, 80, 000/- out of my hard earned income.
I have saved the amount for the upliftment and upbringing of my small children but the said Mr. Ravi Parkash Sharma has fraudulently taken the same from me by making misrepresentation and allured me with a sole intention of cheating in his mind.
Mr. Ravi Parkash Sharma And Mr. Pushpinder Singh has cheated me by giving false promises and has also committed fraud. They have also misappropriated my funds and have breached my trust.
I also submitted my complaint against Mr. Ravi Parkash Sharma and Mr. Pushpinder Singh to the SSP Chandigarh with REF. No. PW[protected], dated 06/04/2009 time 14:34:32. Police has taken actions and went to Sharekhan Limit office to met with Mr. Pushpinder Singh but no result came out. Almost 2 months has been gone but no further action taken by Police.
I, therefore, request your good self to kindly look in the matter and register a case against Mr. Ravi Parkash Sharma and Mr. Pushpinder Singh for having committed the offence of cheating, fraud, misappropriation and breach of trust. You are my last hope, it is my humble request to you kindly take stick action against both culprit person who took away my hard earn money and put me in depression and they ruined future of my children.
As I above written, I have submitted my complaint in SSP office they forward the case in 36 police station under Mr. Jaspal Singh (ASI). He called me and Mr. Pushpinder Singh in police station but Mr. Pushpinder Singh did not come. ASI talked to me about the matter but in the favour of Mr. Pushpinder Singh. When my friend asked ASI, can you help us to solve this matter? He said no!!! And tried to force us to take back my complaint against Mr. Pushpinder Singh.
The bottom line is that all it happened under the nose of Mr. Pushpinder Singh. He traded my A/C without my conformation and made me fool. Every time, whenever I asked about my shares & credit balance he always gave lamb excuse and said you don’t worry sir, your account is okay we are trying to make profit in your account. That person had been played with my money and as well as with my emotions & trust. He did insider trading for his own benefits.
I beg on my knees, please take right action against Mr. Pushpinder Singh who had made my hard earn money into ash and make me a beggar. Kindly get back my money or shares from Mr. Pushpinder Singh.



Thanking you

Yours Sincerely


(Keshave Kumar)
Keshave Kumar S/o Sh. Luttan Jha
R/o H.No. 151, Adarsh Nagar,
Colony balongi Teh. Kharar Distt. Mohali.
[protected]
Office Address: Shop No. 19, Hockey Stadium Road,
Attawa, Sector 42, Chandigarh, Punjab
[protected]
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I given complaint against him.
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