Note to Admin/Moderator: Please dont delete this thread. Let people to know real facts. I will update it.
2 months before I complained to NSE regarding malpractices by Alice Blue. Complains regarding:
1. Cheating customer in name of Auction settlements
2. Selling of delivered share script without customer permission
3. Non-delivery of buyed shares into customer demat account
4. Charging interest on debit amount
For last 2 months AB was unable to justify their wrong doing with any proof and so this complain went to IGRP(Investor Grievance Resolution Panel) panel for resolution.
NSE fixed 12th May to come for face-to-face interaction with Alice Blue representative in IGRP meeting.
Outcome of meeting:
1. IGRP panel told Alice Blue to pay me Rs17500 which I refused to accept as settlement amount and refused to sign on settlement paper.
2. Then Alice Blue representative was asking me 40k for settlement(closing of all issue) which I denied as I asked for 100k in settlement.
3. Since IGRP meeting failed to come to any conclusion so now this case moved to next level.
My questions to NSE in complaint:
1. Since Alice Blue is breaking one rule after another and no fear of any regulatory body so I asked NSE to put penalty and also tell their stand on all rules that AB is breaking.
2. Why free hand is given to Alice Blue? What is reason of protecting Trading member rather than protecting investor?
3. Govt is spreading slogan “Jago Grahak Jago” for awareness program to customer. When as an active customer/investor have reported issues/malpractice related to Alice Blue (trading member) then why NSE still sleeping and not able to impose penalty and expel them?
My Action:
1. I already lost money to AB and now I do not have to loose any thing then why I compromise with AB on low settlement amount, I made complaint to NSE in order to expose AB.
2. I advocated for expulsion and termination of their Trading member status.
Other pending Issues to raise in next meeting with NSE:
1. Excess brokerage charged by Alice Blue
2. Putting wisdom-capital as sub-broker without having certificate from NSE
According to NSE, All Sub-Brokers are required to obtain a Certificate of Registration from SEBI without which they are not permitted to deal in securities. SEBI has directed that no Trading Member shall deal with a person who is acting as a Sub-Broker unless he is registered with SEBI and it shall be the responsibility of the Trading Member to ensure that his clients are not acting in the capacity of a Sub-Broker unless they are registered with SEBI as a Sub-broker.
2 months before I complained to NSE regarding malpractices by Alice Blue. Complains regarding:
1. Cheating customer in name of Auction settlements
2. Selling of delivered share script without customer permission
3. Non-delivery of buyed shares into customer demat account
4. Charging interest on debit amount
For last 2 months AB was unable to justify their wrong doing with any proof and so this complain went to IGRP(Investor Grievance Resolution Panel) panel for resolution.
NSE fixed 12th May to come for face-to-face interaction with Alice Blue representative in IGRP meeting.
Outcome of meeting:
1. IGRP panel told Alice Blue to pay me Rs17500 which I refused to accept as settlement amount and refused to sign on settlement paper.
2. Then Alice Blue representative was asking me 40k for settlement(closing of all issue) which I denied as I asked for 100k in settlement.
3. Since IGRP meeting failed to come to any conclusion so now this case moved to next level.
My questions to NSE in complaint:
1. Since Alice Blue is breaking one rule after another and no fear of any regulatory body so I asked NSE to put penalty and also tell their stand on all rules that AB is breaking.
2. Why free hand is given to Alice Blue? What is reason of protecting Trading member rather than protecting investor?
3. Govt is spreading slogan “Jago Grahak Jago” for awareness program to customer. When as an active customer/investor have reported issues/malpractice related to Alice Blue (trading member) then why NSE still sleeping and not able to impose penalty and expel them?
My Action:
1. I already lost money to AB and now I do not have to loose any thing then why I compromise with AB on low settlement amount, I made complaint to NSE in order to expose AB.
2. I advocated for expulsion and termination of their Trading member status.
Other pending Issues to raise in next meeting with NSE:
1. Excess brokerage charged by Alice Blue
2. Putting wisdom-capital as sub-broker without having certificate from NSE
According to NSE, All Sub-Brokers are required to obtain a Certificate of Registration from SEBI without which they are not permitted to deal in securities. SEBI has directed that no Trading Member shall deal with a person who is acting as a Sub-Broker unless he is registered with SEBI and it shall be the responsibility of the Trading Member to ensure that his clients are not acting in the capacity of a Sub-Broker unless they are registered with SEBI as a Sub-broker.