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indiabulls securities limited

Posted byBRAJA ABNDHU BEHERA,ADVOCATE ORISSA HIGH COURT 
Organization / Product Details
Organization Name
indiabulls securities limited
Organization e-Mail 
Product/Service Description
Warranty Status
Complaint Details
Reason for ComplaintOther 
Complaint Rating10(in a scale of 1 to 10)
Name of the Company EmployeeMr.Sameer Gehlaut,Mr. Rajeev ratan & Mr. Gagan Banga 
Complaint Details

I have opened an on line trading account and DP account on request of their Relationship manager Mr. Trilochan Sahu of Indiabulls Bhubaneswar Branch.Before opening the account I had categorically told Mr. Sahu to be transpent and honest to me at least as Sahu has a very very bad reputation in the Bhubaneswar Market(he enveloved in a criminal case) and as per Securities & Exchange Board of India rule return all the copies of Client Member Agreement,DP Agreement,and other relavant papers like power of attorney and also told I am not interested for their loan nor any thing ,which Sahu agreed,accordingly I transferred shares to the DP account maintained with Indiabulls during November,2004 to July,2005 worth of rupees eighty five lacs(Rs. 85,00,000=00).As per the agreement I have to trade from my computer,but once they knew Itransferred shares worth 85 lacs they couldnot allow to trade and from their Bhubaneswar office Sahu started trading , during those 9/10 months when ever I asked DP statement,contractnotes,payment and detail about shares,Sahu told nothing to be worry every thing in shape.Then I spoke to their Prasunjeet Mukherjee,Regional Head,Kolkata and immediate after my complain he visited in July,2005 and assured to sttle everything in hotel Swosti Plaza,Bhubaneswar,Orissa,after he left Bhubaneswar nothing happend.

Then in Ist week of October,2005 I complianed to Sameer,chairman and Gagan,Director.Gagan again deputed Prsunjeet Mukherjee of kolkata to Bhubaneswar and he called to me Hotel Crown,Bhubaneswar and discussed in presence of all Bhubaneswar staff about my claim and entire discussion being minuted and we all signed on it,he promised to settle my claim within two days,but again his old disease started as like earlier he remained silent.Then immediately on 25th October I spoke to Suhas Kulkarni of CDSL about the fraud and cheating,Mr. Kulkarni assured me nothing to worry enire shares are in the DP,but when I sent the Transfer slip,Indiabulls failed to transfer the shares rather with help of CDSL people Indiabull could able to transfer my entire shares, since last two years I made hundreds of correspondences with SEBI,NSE and CDSL but the said authorities are openly supporting a cheater and looter for their devil cause.
I dont understand what to do ,when I found the market regulating authorities are openly supporting Indiabulls.

Can you imagine they put fake/fraud signature in the agreement and power of attorney and the POA format is not as per rule.It is found againt 15 complaints SEBI received today 12 are against Indiabulls even then they are free.Even in case of Indiabulls history being created: SBI whole time member suspended them from trading after the trading hours and what magic they played the said member revoked the suspnsion order next day before trading hours,this shows the law and administration of our country,if it could be in America they could be simply hanged even if it could be in Pakistan they could be hanged but as because it is India they are going on looting the innocent clients and market regulating authorities are helping them.

To quote SEBI "DP is like a Bank and Delivery Slip Books like Cheque book and the way bank banager is responsible for any misap in the bank similarly DP also responsible for the misappropriation of the clients,in my case neither the DP Indiabulls,given me DI slip Book nor given DP statement and simply tranfer my entire shares worth 85 lacs and made me beggar and my family being spoiled,every alternate day I am speaing to CDSL MD,NSE MD and SEBI Chairman but no response.

Even after the DP given in wrting to settle my claim and admitted the crime even then they got free.You will find every day there is news against the broker and the DP.I wrote to the Honble Prime Minister,Finance Minister and Members of Parliament but no reasult.If it could be in America,they could be no where.For similar financial fraud the CEO JEFF SKILLING of ENRON being imprisoned for 24 years 4 months.

Kindly publish the news,I am now 54 years old and donot know know what to do.

Ragards,

Braja Bandhu Behera,Clint Id 39835
Advocate,Orissa High Court,
VI-M-413,SAILASHREEVIHAR,
BHUBANESWAR-751021 

Solution of your complaintOnly solution if the Government through CBI and SEBI will enquire the entire episode 
ActionI will take the shelter of Law ,media and create public opinion and will go for hunger strike in front of Prime Ministers Office 
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