10 January 2008
Dear Sir, I am aggrieved by my broker Fact of the case: I bought 1000 shares of a company on January 01, 2008 with the expectation rise in the price. However my expectations went wrong and price of that stock started falling. So after two days I went to my broker's office and told him to sell back those shares at market price and he said that ok I will do that. That time price of the stock was by just 4 rupees. However, next week when he called me to pay for shares I have bought on 1st January, I came to know that he did not sell my shares. On my argument, he said that your order was not preceded only. By now the price of the stock has fallen steeply and now it is traded at 15 Rs. Down than the price at which I had bought it. Finally, I sold these shares today and booked the losses. Earlier, in one instance, I found a sell entry of some shares in my account which I never bought or sold short. Please advice me whether I can file a complaint against my broker. If yes, on what grounds..?
11 January 2008
BASED ON THE CONTRACT NOTE AND WITH ALL DETAILS ,YOU MAY COMPLAIN TO THE MAIN BROKER IF YOURS IS A SUBBROKER AND THEN TO SEBI AND ALSO TO STOCK EXCHANGE. BUT AT THE TIME WHEN THE COMPLAINT COMES FOR HEARING , YOU NEED TO SUBSTANTIATE SEVERAL ISSUES FOR WHICH THERE MAY NOT BE WRITTEN OR DOCUMENTARY EVIDENCE. IT IS SAFE ALWAYS AFTER VERBAL INSTRUCTIONS TO SEND A EMAIL AND KEEP COPY .THE MAIL MUST REFER TO THE TIME WHEN A PARTICULAR INSTUCTION WAS GIVEN IN CLEAR TERMS FOR A BUY OR SELL AT WHAT RATE AND WHAT STOP LOSS. THERE IS A GRIEVANCE CELL IN SEBI AND STOCK EXCHANGES . ALSO YOU MAY COMPLAIN TO www.investorhelpline.in www.shahinvestors.com www.topblogarea.com www.sebi.gov.in www.capitalmarket.com www.iepf.gov.in/ GOOD LUCK. R.V.RAO
CAclubindia
