Re: Beware Angel Broking Will Cheat You If You Leave Open Short Position For Next Da
I am using online trading services of Angel Broking .
On 4th January I short sold 57 shares of tatamotors @820 rupeese
On 4th January their application Angel diet stopped working at 3:27 pm and it did not allow me to squareoff 7 short position of Tatamotors @ 820.I was lucky to buy rest of 50 shares back on 4th January 2010 out of total 57 shares before 3:27 pm .
As the application stopped working at 3:27 pm I had no option left but to carry forward the 7 short position of Tatamotors for next day that is 5th January 2010
On 5th January 2010 I was advised by Angel Broking to buy 7 shares back from cash market and I brought 7 shares at 830 rupeese on 7 th January I found that Angel broking credited 7 shares @870 rupeese on 7th January 2010 saying me that these are shares you brought from cash market on 5th January and price is of auction market so dont confuse it with price you are charged 830 rupeese for shares you brought on 5th January and 870 for those 7 short shares brought from auction market .
That means Share with LTP of 785 was sold to me by Angel broking @ 870 rupeese saying its auction market price
And Angel broking even misguided me to purchase back 7 shares next day in lieu of 7 short position finally crediting those shares to my demat account at 830 rupeese as delivery shares .
Even today I have 7 share of Tatamotors in my account with last traded price of 692 I kept them with hope Angel broking will take these shares back but it refused after initial assurance and I m facing loss of 830-692 *7=966
I m lucky that I was able to buy back rest 50 shares else I need to multiply it by 50 .
Just see how mischeivious and misguidance Angel broking do to earn money from its clients so beware and never leave short position if you have account with Angel Broking as it is likely to cheat you and put you in double sided losses as it did to me
It was my first time I ever left short position open that too since their application stopped working at last moments of market .
I do welcome any advise or comment from your side
Hare Krishna
Ganesh
So Beware Angel Broking Can Cheat You If You Leave Open Short Position For Next Day ?
I have opened an A/c with Angel Broking in Jan 2010 with a deposit of 1.2 Lacs worth of shares. Initially I used to trade personally and for any queries I was informed to contact Mr. Amit Jadhav who was relationship Manager.
Then, Amit who was our coordinator started trading for me telling that he would trade for my shares and will confirm the purchase and sale transaction of shares with me. I had informed him , before any transactions please confirm with me, for the first few days he had coordinated with me however, later on he started trading without my knowledge and prior consent. I had requested Amit to share with me the
exact details about the status of my trading account. However, he replied that he will contact the backend and will revert but I never received any reply from him. He started informing me about the trade
transactions only if he makes profit.
By mid March over the phone, I had informed Mr. Amit to not to carry out the transactions from my trading account, as I was not getting clear status of my trading account and also I was not getting any confirmation calls for transactions being done from my account. He informed me that there were no losses in my account and further there are certain non approved shares which needs to be spooled from the backend and will provide the details ASAP. I had suspected some fraud at that time and asked Mr. Amit to provide with the contact details of his seniors. He said that he handles the team and he is the only point of contact for me for this trading account. As I was not receiving the details, my husband had visited your Vishal hall branch on Sunday, 4th April, 2010 and spooled the data of my trading account, in which brokerage of around 40k was debited from my trading account. Same day we had informed Mr. Amit again to stop the trading completely from my trading account and asked for the contact details of his seniors. He again reiterated that he is the sole point of contact for us in Angel and he will soon update us with all the details of transactions done including the shares which are not visible in the account at that point of time. According to him, around 80-85k worth shares including non approved shares were lying in my account after deducting brokerage of Rs. 40k. In May 2010 Amit said that he had met with an accident and he is on leave. After a week later, I had received a call from some other executive from the company asking me if I am interested in trading of any shares. I had clearly informed her that I had already told Amit Jadhav long back to stop trading and assuming that I have about 80-85k
worth of share into my A/c including non approved shares according to Amit which were not shown in my A/c. Even in May 2010 I had asked for reports of my A/c but he always avoided saying that he will get it
from back office and will give it to me. In mid June I got a call from Ms. Shimoli from your Andheri (E) branch and she informed me that there have been losses into my trading account; however at the time I was out of Mumbai. Hence, I had informed her that I will get back to her once I am back in Mumbai. On
31st July, 2010 I had gone personally to your Andheri (E) branch to sort out the matter. At the same time, I had also called online support on chat and asked him how to access non approved shares in my account. He informed me that there is only two companys shares worth Rs. 21k are lying in my account. In a sudden shock I was informed that only shares worth Rs. 21K are lying in my account and there is no any concept of non approved shares. I told Ms. Shimoli that we were informed by Mr. Amit that there are around 60-65k worth shares which were not visible in May 2010 and will soon be updated in my account, as those were non approved shares. Ms. Shimoli informed me that Amit Jadhav has been sacked as he had done losses in several A/c's. I had explained her all the facts that Amit was not calling us before doing any trading and he was on his own using our money and he made losses of about Rs. 1 Lac which we had saved to buy a home. I had requested Shimoli to inform these facts to the Branch head and refund all the losses incurred in my A/c, however she said that refund of losses is not possible even though she is aware that all the trades were not authorized by me.
I am co-ordinating the seniors of Angel Broking but not getting a satisfactory response.
