Shares sold stolen missing by unauthorised transactions -
I am regularly trading through M/s IDBI Capital Market Services Ltd.
On 03-08-2015 I found 20000 Unitech shares missing from my Open Position in E-Margin. The Relationship Manager told me to check in Portfolio. It was available. But I could not trade. I started taking screen shots and followed up with regular email. They sent me entire Unitech trades done by me. It did not contain information of who placed orders. I asked for that. On 24-08-2015 they sent operator wise trade detail. Analysing that, tabulating total buy and total sell and remaining net quantity on daily basis, I established that 200000 Unitech shares are stolen /missing / manipulated. I filed complaint with SEBI/NSE.
Further analysing the earlier statement sent by them on 03-08-2015 I established another 50000 shares were stolen /missing / manipulated on 17-07-2015, the day, I was frequently prevented from trading with a message "another person logged in' (this was reported by email on that day itself).
So total Unitech shares went missing 250000. Out of this 200000 was showing in daily portfolio statement and I took regular screen shots.
But alas, on 28-08-2015 I found this 2 Lakh Unitech disappeared from Portfolio also. Added injury 60000 JPAssociate shares also vanished. My buying power was showing huge negative and I could not trade. On phone enquiry I was told that 'by mistake' shares got converted into delivery and in Demat. Same day evening I got SMS that 60000 JPAssociates and 21679 IFCI shares are debited from my DEMAT. Where it went? This time was told by Relationship Manager, it is available in Portfolio. I lodged second complaint with NSE in their online complaint portal.
I started downloading and checking the every day NSE transaction reports. It is in PDF. Once I open it, I find nowhere the date mentioned. So, when I download it from everyday email, I can not prove in any forum the date of trading.
For an investment of 45 lakh that placed after selling my residential flat, now hardly 5 lakh is left. About 13 Lakh lost, About 27 Lakh stolen.
With great difficulty and my more than average knowledge in excel formula and accounting methods, I established how the shares are missing. Any average person could have simply assumed, he had lost entire investment.
I spoke to a share trader. He is telling, it is very common. They call it 'Trade Change'. That shares purchased and held by one person will be illegally sold on behalf of another 'known' person. Every broker and operator does that. Even in arbitration nothing can be proved. Arbitrators are select few people of ex-bankers and retd judges who are regularly taken care of by trades with freebies, costly ipads and other gifts. In front of others, they will shout at trades and talk as if supporting client. The actual judgement will be always in favour of Brokers. It is unwritten law.
If a bank, or its subsidiary can manipulate different account statement for same client for same period, whom to trust? www.iob.luz.cc will show, how I was duped by IOB bank and how fradulent they are in stealing my money in a brazen manner.