Mar 19, 2024 08:41 PM
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In case of grievances with a stock broker over losses in your investment or other malpractices, the procedure is to raise it to SEBI. SEBI directly passes the complain to the exchange which is meant to investigate and take necessary action.
In the case of NSE, they havve far more detailed information about every transaction, trade and other subjects and brokers ideally should not be in a position to lie or make false defensive arguments and get away with it right? No. You will be in for a shock over how incompetent NSE is in understanding technicalities and they blatantly close complaints with no action taken.
So I had filed a complaint against erroneous activity in my account leading to severe losses. SEBI passed the matter to NSE which had scheduled a video conference with me and the broker. The details, all evidences were already submitted for them to review. It appears that there was an email asking me to confirm that I would be present for a video conference and I happened to have missed it. What did NSE do? Blindly close the case, despite multiple emails from me requesting to reschedule or fix another date. Not one of them was replied to.
It is preposterous for NSE grievance cell to simply close the case without validating the false information given by the broker RKSV Securities on the status of my complaint. The exchange itself has all the details of trade initiated and executed by a client and you can yourself see that my trading account was fully active on the said date with no connectivity issues from my end throughout the period from 12 noon till market closing. I had used the'call and trade' facility and the personnel clearly said there were NO open "Buy" orders that were left in my account that needed to be cancelled and that "NSE had a glitch" from its end. It is ridiculous how a broker can write such lies that too on company letterhead that I had connectivity issues from my end when they can easily check the logs of activity from my end on that date. Every activity a client performs is stored in technical logs in their servers.
NSEDRO/0066848/20-21/ISC
