[Resolved]  Kassa Finvest Private Limited — Loss generated due to Unauthorized trade by broker by Kassa Finvest Private Limited

Address: Delhi

To,

National Stock Exchange of India Ltd.
4th Floor, Jeevan Vihar Building
Parliament Street,


Subject: Loss generated in trading account due to Unauthorized trade done by the broker (Kassa Finvest)



Respected Sir/ Madam,

This is to bring to your attention that broker (Kassa Finvest) has made high amount o[censored]nauthorized trades from my trading account (CARO78) which are absolutely out of my knowledge and information.

My trading account was newly opened by this broker in starting of Dec-2011.

The RM (Jainith Vats) and Associate Vice President (Pushpender Singh) had been making trades from my account since the day my trading account was opened[protected] and inspite of my repeated calls and reminders to the broking company (to RM - Jainith Vats and the Associate Vice President - Pushpender Singh) the unauthorized trades have not been stopped. I had never called them from my side and never asked them to put any kind of trades from my account.

Till the date of 14-Dec-2012, these people had made an extremely high amount of trade from my account, of a turnover value above Rs[protected].75 and have already generated a brokerage of the order of Rs 110035.00 till date of[protected], which is nearly Rs 1,50,750 till now, with a total loss of Rs 344109.14 now.

At the time of opening the account, RM (Jainith Vats) and Associate Vice President (Pushpender Singh) had misguided me to move my already existing equity (worth over 10Lacs) from my previous broker (Angel Broking.) These people from Kassa Finvest, misguided me that they will provide 9% interest on my complete equity holding in the stock market and asked me to move my equity to their account. They didn’t even tell me that they are not going to open my Demat Account along with the trading account. While moving my equity, I had clearly told them that, there will be no trade done on the basis of this equity, for which they confirmed positively. Inspite of this the unauthorized trades were done, making my existing equity as the base.

Along with this, at the time of opening the account I had clearly denied to open my account in Futures and Options segment (F&O) and had not even talked or decided about the brokerage for this segment. The RM and further, the related broking company’s staff, has clearly forged (modified) the account opening form and added their desired brokerage for F&O segment, into the form.

In the KYC call received at the time of opening the account, I had clearly denied for any kind of offline trading to be done from broker’s end, and I had clearly stated that I would only be doing trading online and offline trading is not allowed for this account at all. Still they started the offline trading under my account from their broker terminals.

In addition to this, when I tried to report the matter by personally visiting to their head office in Karol Bagh, their management people started fighting with me in highly abusive and manner less way and threatened to hit me.

This didn’t stop at this point, the RM (Jainith Vats) started calling me in drunk voice at late night hours and started threatening me in abusive words. I have recorded those calls in my cell phone for the proceedings further.

I request you to take immediate action against the broker and
- Get these unauthorized trades stopped with immediate effect
- Move my equity shares back to my previous demat account in Angel Broking
- These people have generated a high amount of loss (Rs 344109.14) in my account by now, please take immediate action, so that they remove the loss that they have generated in my trading account
- Remove all the pending trades from my account, done by the broker, so that these trades may not generate further losses in future.
- Penalize the broker by making them release the brokerage (Rs 150750) that they have generated via the unauthorized trades.

I have taken the snapshots of the unauthorized trades that they have entered in my account.

Thanks & Regards

Lalit Mittal
[protected]
[protected]@GMAIL.COM

CC: SEBI
CC: NSE Site
CC: Kassa Finvest private Limited