I opened a Demat account with religare securities PVT LTD at Modinagar Branch in November with your ambassador Mr. Praveen. I
was very new in this field.
In the very first month I knew that there is something wrong going on with this firm while I saw Praveenís attitude that he doesnít
Know how to deal Client.
I started trading with Rs 20,000/- and later I had deposited 10,000 more + 10,000 Profit of first month. So my total amount was
One day he asked me for a cheque of 28,850 due to payout payment. So I gave him the same cheque and he updated my amount as
Rs 70,000/- approx. so acc to that I can use my full value for delivery based trading.
Now from 2nd Jan 08 scene is going to be clear while market dropped down
Pre January I had been used my total amount + margin (1.3 Lac approx.) and buy some shares but due to market crash-down, Praveen
called me to sell some of my stock because company was not providing the margin for extra amount to trade.
I was in my office at that moment so was not able to give him cheque. I request him that I will give him the cheque in the evening but
he didnít agree and he sold some stock near about Rs 60,000/-
I think That was not very much wrong from my point of view also.
After all that I have near about Rs 64,000/- s stock in my account till 20 Jan Ď08 which I can hold as delivery.
But when I checked my CRN account online at 26 Janí08 I was shocked that account showed Rs 508/- only.
So Praveen sold my rest of the stock without informing me (although I have mentioned 2 phone number and one Mail-id as well)
This is very ridiculous thing which I wanted to mention against Praveen.
So for confirmation I went there & he told that they did have the amount of 28850/-.
It means that they are sitting on the cheque for one month and expecting that it will cash automatically.
Now please explain what should I do against religare as this is the fault of their End .
Waiting for your quick reply.