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Complaint Details

Indiabulls Securities Limited

Posted byparas gupta 
Organization / Product Details
Organization Name
Indiabulls Securities Limited
Product/Service DescriptionDmat & Trading Services provided by depository participant
Warranty StatusUnder Warranty.
Complaint Details
Reason for ComplaintOther 
Complaint Rating10(in a scale of 1 to 10)
Name of the Company EmployeeHarinder Pal juneja,Amit Sehgal 
Complaint Details

My name is Mahinder Pal Gupta,my cleint Id is 213087.I have my trading and D-mat A/Cs with Indiabulls Securities Ltd.

I my account had a debit of Rs.38000 approx as bought some securities in cash.I issued a cheque of Rs.20000 in name of indiabulls securities on 15/05/06 & asked my RM to inform me whenever i had to pay rest of the money.But i was not intimated by RM.My shares worth Rs38000 were sold off on 19/05/06 without any intimation,though debit balance in my ac was Rs.18000 approx.

1. Moreover my shares were sold at the days lowest price.I smell an act of fraud being committed in this whole scenario & i question the authority of Indiabulls Securities Ltd. to sell my shares without any intimation.

2. i recieved an intimation today in this regard that my shares can be squared off,but date mentioned in it is of 19/05/06.If this is not fraud then what is it?

3. Moreover debit balance was of Rs.18000 & shares were sold to the tune of Rs.38000. Who authorised you to do so? you could have sold shares tom the tune of Rs18000 as per law & that after intimating me in this regard.

4. Moreover shares held by me were all A category shares on which funding is available as was told to me by RM who opened my A/C in Indiabulls.


Solution of your complaintI am not going to bear this loss ,& i want all my shares back at the sold off price minus brokerage & other charges. And Compensation for mental harassment. 
Actionif corrective measures are not taken in this regard soon,then i am going to file a legal suit against Indiabulls Securities Ltd.  
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