Feb 10
13

Complaint Against IDBI Bank and Banking Ombudsman Mumbai

For my atm dispute problem in idbi bank (dated 8 apr 2009) wadala naka nasik (a/c no.57310010011579) i lodged a complaint in banking ombudsman mumbai when i am fed up by idbi bank’s behavior.i got my money as bank revert it after long delay.

But it refuses to give me 100/- per day compensation as per rbi;s rule for delay. I again lodged a complaint to banking ombudsman but instead of helping me mr william wilson tigga (asst g m, b o, rbi) took side of idbi bank. He is a lawer of idbi bank & threat me-”do what you want do!”

I think he is taking a bribe from mrs kiran s balwani nodal officer idbi bank mumbai. please help me.

Customer Representative who handled the case:
1. Mrs Kiran S Balwani, Nodal Officer, IDBI Bank
2. Mr William Wilson Tigga, Asst. Gen. Manager, RBI

Customer’s Address:
124-a/k sargam bunglow bramhagiri hsg soc jail road nasik road nasik maharashtra. 9823115592

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Tags: Complaint Against IDBI Bank and Banking Ombudsman Mumbai, Customer Complaint, Customer Complaint Service, IDBI Bank Complaint

Posted in Banking Ombudsman IDBI Bank by Mr Anil Govind Patil 9 Comments

9 Responses to "Complaint Against IDBI Bank and Banking Ombudsman Mumbai"

admin says:

February 13, 2010 at 12:17 am
Reply
Hey Anil,

You truly deserve to be compensated. Go ahead and lodge a complaint in consumer court.
The world is very un-fair. You need to fight for your rights. Don’t give up. You are 100% gonna win and further delay will only cost the bank more.
- krishna kumar says:
  
  June 24, 2011 at 4:23 am
  Reply
  Hi Anil, you took the right step by going to the Banking Ombudsman first and if the Banking Ombudsman doesn’t listens to your problem carefully, then you can also appeal.
Y.C.Kalia says:

April 7, 2010 at 4:40 am
Reply
Ombudsman appointed by RBI has no teeth. Moreover the Ombudsman office is more influenced by private Bankers and common man is the sufferer, Recemtly I filled a complaint no: 20091001400004372 at the office of Ombudsman – New Delhi against Citibank – New Delhi. My complaint was for Deficiencies in Service in Closing my Account without any prior intimation or instruction from me, Citibank had siphoned off more than Rs.10.000 from my account by deducting Rs. 672 p.m. under the garb of service tax.
Declining to pay us our remittance from abroad valuing Euros 10000 , approx. Rs. 7 lacs ,since they closed the Account .
Influenced by Citibank personnel , who have free proximity in the office of Ombudsman, Ombudsman has given very vague observance and later terming the complaint as baseless and disposing it as ” Beyond the pecuniary jurisdiction of the Banking Ombudsman prescribed under sub clauses (5) and (6) of clause 12 . If the complaint was beyond his jurisdiction, where was the need for his one sided Observations and wasting 4 months , is it just to please Citibank personnel ??, who freely roam in the Office of Ombudsman at New Delhi , this fact was brought to the notice of Ombudsman in writing, but of no use.
RBI guidelines regarding Closing of account:
Closing of account without the instructions of the account holder would amount to deficiency in service. ( http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=171#2 )
were shown to Ombudsman and were given to him also during the meeting but he chose to remain silent on this , whereas the Deficiency of Service for Closing the Account is very much under the scope and jurisdiction of Ombudsman.
Is it the Status of Ombudsman and his Office at New Delhi for which we hear a lot regarding helping common man from the clutches of such unscrupulous Banks.
Is there anybody who keeps a check on such complaints whether they are dealt as per RBI rules and guidelines. If the above complaint is re-investigated, the Ombudsman himself can run in to trouble.
A common man will think twice before going to Ombudsman with his complaint.
For any further details kindly contact:
Y.C.Kalia
Ph: 9811076969
email: yckalia@yahoo.com
dt. 06/04/2010
Parmeshwar Gite says:

May 10, 2010 at 4:39 am
Reply
This is to inform you that on 23.3.2010 at about 14.20pm rushed to ATM Counter of Std. Chartered Bank At FORT(Mumbai)for withdrawal of Rs. 3000/-(Three Thousand).Accordingly I Insert my ATM card Being No.4214264540105430 of IDBI Bank,Dadar branch.It is surperised to me that after process the machine does not exhausted my said money.Nor the slip was exhausted. since i was in urgent need of money so i immediately rushed to CItI bank ATM counter,fort around 14.25 Where the process was completed and I got Rs.3000/-accordingly from there.
It surperised me that the transection slip shows that the amount of Rs.6000/- was debitted from my account however I received only Rs. 3000/- from Citi Bank ATM.
i, immediately made a written compliant in this regard to IDBI Bank ,Dadar Branch.

Since thereafter, I approached several time to the officer of the branch time without number,despite that giving mere assurance,the amount of Rs.3000/- has not yet been creditted in my account.

Please consider it my compliant for the wrong committed by the bank and do the needful so hat the said amount be credited in my account being no.45410010991597,IDBI Bank, Dadar Branch, Mumbai.
M.Palanisamy says:

July 8, 2010 at 5:40 am
Reply
Dear Sir
Sub: Rs. 1.00 Lakh Fraudulent funds Transfer from IDBI to IDBI Bank

Ref: My IDBI Salary account No. 006104000146357 – Coimbatore Branch

I am having my salary account with IDBI Bank, Dr.Balasundaran Road Branch, Coimbatore Branch for the past 3 years.

My IDBI Salary Account No. 006104000146357

In my Salary account I had Net Banking facility for my personal use. When I checked my balance 11.05.09, I was shocked and surprised to find that Rs.1,00,000/- ( Rupees One Lakhs only) by way of 4 transaction of Rs.25,000/- each on 09.05.09 – Saturday & 10.05.09 Sunday Fraudulent Transferred to another Two IDBI A/c No. 197104000019150 & 282104000000541.

The same day 11.05.09 immediately I discussed with IDBI and submitted Letter to Coimbatore branch for Fraudulent Transfer of Fund. Branch Head advised to file case and told to submit the FIR copy, the same day I met commissioner of Police Coimbatore and got FIR copy the same already submitted to IDBI Branch.

From that date onwards almost one year continuously following with IDBI branch, But I am not able to get any positive information from Coimbatore Branch. Whenever I ask them they telling, “We forward all the details to IDBI – HO Mumbai. If we get any reply from Mumbai Branch we will inform“, like the same reply I am getting.

Now Police people telling, “You approach to IDBI to get back your money because no one available that two fraud account holder address. This Funds transfer happen from IDBI to IDBI bank only. IDBI to settle your account and further they take action with that two Fraud account “ – The same reply I am getting from Police.

Now I humble request you sir, Please take up this matter with IDBI to get back my hard earn salary money. Please.
M.Palanisamy says:

July 8, 2010 at 5:43 am
Reply
From IDBI account to another IDBI account net Fraud happened of Rs.1.00 laksh.

Last one year i am following with IDBI no response.
I am basis doubt with IDBI bank people. Mrs. Kiran Balwani last one year cheeting me without any responsible. She is not suitable for that Post.
VIJAY KUMAR DAS says:

August 31, 2010 at 11:36 pm
Reply
Dear sir,

I have applied for net banking facility dated on 23/8/2010. But till date I could not received the Login pass word form the IDBI Bank. Being a old coustomer they should not treat like this.They should give the importance to old one.
My A/c no. is 92278.

Kindly arrange to get the pass word for net banking facilities.
parul h shah says:

May 17, 2011 at 10:16 am
Reply
There is a Rule in SEBI that only Brokers or Broking Firms can provide finance in Margin Funding to the clients only in specified A group shares. So brokers are not allowed to provide finance in Margin Funding to clients in other than the shares specified by SEBI. But the Brokers and Broking Firms provide finance in Margin Funding in the share other than specified by SEBI through their associate firms and authorized representatives, directors, signatories, employees etc. SEBI knows this since long back and allows illegally the said finance through the associate firms and authorized representatives, directors, signatories, employees of the brokers and broking firms. By allowing said finance through the associate firms and authorized representatives, directors, signatories, employees of the brokers and broking firms, SEBI has been ruining and killing the investors because when dispute arises between the client and broker or broking firm, the case of the client is not maintained in the Arbitration of BSE, because the Arbitration of BSE considers the associate firms and authorized representatives, directors, signatories, employees of the brokers and broking firms as different entity and therefore the client or complainant lose the claim due to the defective, faulty and anti-investor rules of SEBI and BSE. All the rules of SEBI and BSE are made only to save and protect criminal, fraud and mafia brokers and corporate. Investors are not safe in the hands of SEBI and BSE.

If SEBI do not want the associate firms and authorized representatives, directors, signatories, employees of the brokers and broking firms to provide finance in Margin Funding, there should be a Rule to save and protect the investors that if the brokers or broking firms provide finance in Margin Funding to the clients through its associates or through its authorized representatives, directors, signatories, employees, the brokers and broking firms will pay 5 times the claim of the client from its associates or through its authorized representatives, directors, signatories, employees. The SEBI must issue a circular immediately in the interest of investors, passing this Rule with retrospective effect.

I fought against SEBI for more than 3 years in the interest of investors to make change in the Rule of BSE Arbitration from period of 6 months to 3 years in the matter of time barring or limitation of time. On 9/2/2011, SEBI issued a circular and changed this Rule from period of 6 months to 3 years. This Rule of 6 months was only to save and protect only and only to criminal, fraud and mafia brokers and corporate. Actually all the Rules of SEBI and BSE are defective, faulty and anti-investor. All the rules of SEBI and BSE are made only to save and protect criminal, fraud and mafia brokers and corporate. Investors are not safe in the hands of SEBI and BSE.

SEBI and BSE are always sold in the hands of criminal, fraud and mafia brokers and broking firms in all most all matters and cases because investors are not united. The government and the concerned ministries are making and allowing SEBI and BSE to remain corrupt in the interest of criminal, fraud and mafia brokers and corporate. The complaints of the investors are always ignored, unheard, not listened, not replied or rejected and dismissed on the false grounds by SEBI and BSE to give favour to criminal, fraud and mafia brokers and corporate.

SEBI, the Administration of BSE, the Management of BSE and the Arbitration of BSE are sold in the hands of culprits, accused, respondents, fraud/criminal mafia brokers and corporate in all most all the cases and matters. They are only engaged in ruining and killing investors. Investors never get justice from them. They hide the facts and ignore the relevant documents. They never provide the information to the investors. They never reply to the investors. They always consider the false, fabricated, baseless, misleading, full of lies and full of false information replies and applications of the fraud, criminal and mafia brokers and corporate and therefore the arbitrators of BSE always, in all most all the cases/ references, give Award only in favor of fraud, criminal and mafia brokers and corporate.

I request you to read my letter in my case as follows which I sent to SEBI and BSE on 18/3/2011.

To,
The Secretary,
The Arbitration,
Bombay Stock Exchange LTD,
Mumbai – 400 001.

Respected sir,

Subject: Reapplication of the Ref case No. 05 /2008, in the arbitration of BSE, as per circular of SEBI.

This is with reference to my letter dated 10/3/2011 which I faxed to Mr.Crasto of BSE and Mr. U.K. Sinha of SEBI. I have not received reply therefore I think that you have agreed to accept my application once again. In the Award dated 30/6/2008 in the case Reference No. 05/2008, in all 11 points, the arbitrators did not mention the facts which have relevant documents that 1) my claim was filed within the period of 6 months. 2) The award contained only false information 3) The dispute was related to various withdrawals and transfers, of money and shares, done by Mr. Nipesh Patel transferred my money and shares from my Joint Bank and Joint Demat accounts from September 2005 to July 2007, this is as per the entries shown in the ledger. 4) I lodged my complaint with BSE on 4/7/2007, the said complaint was sent to IGRC by BSE on 5/10/2007, so BSE wasted 3 months. JHP Securities Pvt Ltd gave the reply of my complaint on 6/12/2007 so JHP wasted 2 months in giving the reply. Withdrawals and transfers of my money and shares took place till July 2007. I filed my reference on 25/1/2008 so there was not a case of time barring. The Award contained only false information.

I lodged my complaint with the BSE and SEBI on the 4/7/2007. The subject matter of the said complaint was “forgery and fraud case.” While knowing the subject matter of the complaint, SEBI and BSE were required to conduct investigation immediately. Whether it was appropriate for BSE and IGRC of BSE to force me to go to the arbitration of BSE? Whether it was under the jurisdiction of the arbitration of BSE to deal with the said complaint? After the said complaint I lodged with SEBI and BSE, I wrote many letters/complaints to the top officials and members of SEBI and BSE. I asked for the information that I was required to provide but SEBI and BSE did not provide me any information. At last in the year 2009, I got some information from SEBI under RTI. Till I got the information from SEBI under RTI, I believed that Nasdaq Securities became registered Sub-Broker of JHP Securities Pvt Ltd during the year 2004, but SEBI informed me though its letter Ref. No CPIO/AKS/JJ/457-2009/170575 dated July 21, 2009 that Nasdaq Securities became registered sub-broker of Prashant Jayantilal Patel (NSE Broker) on 18/1/2006 and it became registered sub-broker of JHP Securities Pvt Ltd on 4/5/2007. In the cases of Mr. Hitendra H Shah and Smt Sadhana Master, the Investigating Police Officer in the Borivali Police Station received forged certificate of registration of SEBI of registered sub-broker known as Nasadq Securities from JHP Securities Pvt Ltd and Nasdaq Securities because in the said certificate they erased the date of registration of Nasadq Securities as SEBI registered sub- broker of JHP Securities Pvt Ltd. In the copy of the said certificate, given to the Investigating Police Officer, date of registration was missing/erased.

In the letter dated 21/1/2008 by Mr. Hitendra H. Shah and in my letter dated 8/5/2008 addressed to Mr. Hemant Dharap and the Arbitrators/ Secretary respectively, I and Mr. Hitendra Shah asked BSE and SEBI to provide all the records of the transactions done on the bolt/ terminal of JHP Securities Pvt Ltd granted by BSE to the unregistered sub-broker of JHP named as Nasdaq Securities at Borivali (W), from 1/4/2004 till 31/3/2005 because on the advice and direction of JHP Securities Pvt Ltd, the said bolt/ terminal of JHP was only used by Nasdaq Financial Consultants from the date of installation of the said bolt till 3/5/2007. Nasdaq Financial Consultants was registered sub-broker of Inventure Growth and Securities Ltd from 12/1/2001 till 31/3/2004. SEBI cancelled the said registration of Nasdaq Financial Consultants on 31/3/2004. From 1/4/2004, in no circumstance, Nasdaq Financial Consultants could issue any bill to any of the clients or to any person, but on the advice and direction of JHP Securities Pvt Ltd, Nasdaq Financial Consultants was issuing bogus, fictitious and unauthorized bills to all its clients by getting it done all the transactions, from the year 2003 till 3/5/2007, on the said bolt of JHP Securities Pvt Ltd granted by BSE to Nasdaq Securities at Borivali (W). Nasdaq Financial Consultants could not issue a bill to any person from 1/4/2004 then how and why Nasdaq Financial Consultants was allowed by JHP and BSE to issue bogus, fictitious and unauthorized bills to all its clients from 1/4/2004 till 3/5/2007?

SEBI and BSE did not conduct investigation when I lodged my first “forgery and fraud complaint” with them on 4/7/2007, because they were well aware of the facts that BSE was involved in all the illegal, criminal, fraudulent and unfair activities of JHP Securities Pvt Ltd, Prashant J Patel, Superior Financial Consultancy Pvt Ltd, Nasdaq Securities, Nasdaq Financial Consultants, Mr. Nipesh Patel and all the Directors and Signatories of JHP and Superior. The rules, regulations, bye-l¬aws, working systems, policies, procedures, formalities etc of SEBI and BSE are Anti- Investors. If this is the way of functioning of SEBI, SEBI is not required at all and the salary paid to its employees is total loss and wastage. It seems that the Government has set up SEBI to save, protect and safeguard the interest of criminal, fraud and mafia Brokers and Corporate.

I gave all the relevant documents along with all my complaints to BSE, IGRC, Arbitration and SEBI, but all of them ignored the facts and relevant documents because BSE was involved in all the illegal, criminal, fraudulent and unfair activities of the respondents. SEBI wrote letters to BSE in reference to my each complaint and asked BSE to investigate the matter and send monthly Status Report but when BSE did not follow SEBI’s order, SEBI was required to take very hard steps on BSE. As SEBI failed to take actions on BSE and as SEBI did not conduct its own investigation on all the respondents it looked like that it was well understood formalities that SEBI and BSE followed to make me fool and to ignore my complaint. Such authority must be scraped by the Government or the investors must destroy it immediately, as it is indulged only in harassing and ruining the investors.

SEBI, the Administration of BSE, the Management of BSE and the Arbitration of BSE are sold in the hands of culprits, accused, respondents, fraud/criminal mafia brokers and corporate in all most all the cases and matters. They are only engaged in ruining and killing investors. Investors never get justice from them. They hide the facts and ignore the relevant documents. They never provide the information to the investors. They never reply to the investors. They always consider the false, fabricated, baseless, misleading, full of lies and full of false information replies and applications of the fraud, criminal and mafia brokers and corporate and therefore the arbitrators of BSE always, in all most all the cases/ references, give Award only in favor of fraud, criminal and mafia brokers and corporate.

In my case Ref. No 05/2008, the arbitrators were managed by the respondents therefore they gave Award “as not maintainable” on 30/6/2008, on the basis of false, fabricated, baseless, misleading, full of lies, full of false information replies and applications prepared by the advocates of the respondents on the direction of the arbitrators of BSE. The said Award was corrupt, false, misleading, fabricated, baseless, full of lies and full of false information. The arbitrators cannot be tolerated and the said Award can never be accepted. The said Award must be corrected and rectified. It should be based on facts and relevant documents only. Why should I go for Appeal when the said Award is corrupt and false? If I would have made Appeal, the same such corrupt arbitrators would have rejected my Appeal also. There is no justice to the investors in the arbitration of BSE but there is only setting and fixing between brokers or corporate, advocates and arbitrators. Investors never get justice in BSE and SEBI.

BSE did not conduct investigation on getting my complaint on 4/7/2007 even though SEBI insisted every time in reference to my complaints. The complaint was for my balance money and shares which Mr. Nipesh Patel (an employee and signatory of JHP Securities) fraudulently withdrew and transferred from my Joint Bank and Joint Demat accounts, on the advice and direction of Mr. Pankaj Patel and JHP Securities Pvt Ltd by misusing my void and forged Power of Attorney which they got signed from me by deceiving me by criminal breach of trust. The Award given on 30/6/2008 in the case Ref no. 05/2008 was corrupt, false, fabricated, baseless, misleading, full of lies and full of false information because the Award purposely and intentionally did not contain the following facts which have relevant documents.

1) BSE was well aware of the fact that the respondents were involved in illegal, criminal, fraudulent and unfair trade practices. They violated SEBI rules and BSE rules, regulations and bye- laws in every matter.

2) BSE purposely and intentionally did not conduct investigation even though it was insisted by SEBI every time. BSE did not follow SEBI and over ruled SEBI. BSE misrepresented every time to ignore facts and relevant documents

3) IGRC and the Arbitration must have to inform BSE to investigate the matter first because it was the complaint of forgery and fraud. IGRC and the Arbitration cannot proceed without the Investigation Report in the hand.

4) Whether it was under the Jurisdiction of the Arbitration to deal with the complaint of forgery and fraud or whether BSE was required to send the said complaint to the Governing Board? The arbitration did not mention it in the Award.

5. It is in the record of BSE that BSE granted bolt/ terminal of JHP Securities Pvt Ltd to its unregistered sub-broker Nsadaq Securities during the year 2003 or before by accepting forged documents from JHP Securities Pvt Ltd and Nasdaq Securities.

6. The Arbitration of BSE purposely and intentionally ignored the facts in my complaints, replies and rejoinder. They gave Award relying on the false, fabricated, baseless, misleading, full of lies and full of false information replies and applications of the respondents.

7. In the said Award in the point No. 2 and 3, the arbitrators did not mention the facts which have relevant documents that 1) my claim was for my balance money and balance shares. 2) JHP Securities Pvt Ltd provided me finance through Superior Financial consultancy Pvt Ltd (an associate of JHP) and Mr. Pankaj Patel (an authorized representative, managing director and employee of JHP) and therefore the Agreement in Margin Trading Facility was to be considered that it was made between me and JHP.. 3) As per SEBI rules and BSE rules, regulations and Bye- laws, the Authorized Representative and the Managing Director of JHP Securities Pvt Ltd, Mr. Pankaj Patel, in his personal capacity cannot enter into any Financing Agreement to provide finance under Margin Trading Facility. 4) It was all arrangements and adjustments of JHP Securities Pvt Ltd to provide me finance only through Superior and Mr. Pankaj Patel under Margin Trading Facility. 5) It is in the record of BSE that BSE granted the terminal of JHP Securities Pvt Ltd to its unregistered sub-broker known as Nasdaq Securities at Borivali (W), during the year 2003 or before by accepting forged documents from the JHP Securities Pvt Ltd and Nasdaq Securities. 6) JHP Securities Pvt Ltd was developing cliental work illegally thorough their unregistered sub-brokers known as Nasdaq Financial Consultants and Nasdaq Securities. 7) Nasdaq Financial Consultants and Nasdaq Securities were working as unregistered sub-brokers of JHP Securities Pvt Ltd from the year 2003 till 3/5/2007. JHP Securities Pvt Ltd allowed only to Nasadq Financial Consultants to use the said bolt and allowed it to do transactions of the clients on the said bolt and allowed it to issue bills and ledgers. 9) Nasdaq Financial Consultants issued only and only bogus, fictitious and unauthorized bills to all its clients by getting it done transactions on the said bolt from the year 2003 till 3/5/2007 by using the registration number which was allotted by SEBI when it was registered sub-broker of Inventure Growth and Securities LTD. 10) BSE did not collect the details of payment made and documents of (A) Lease Line (B) ISDN and (C) ID of the said bolt from BSE, JHP Securities Pvt Ltd and Nasdaq Securities, for the period from the year 2003 till the year 2007. 11) As per the SEBI rules and BSE rules, regulations and bye-laws Mr. Nipesh Patel an employee and one of the signatory in JHP Securities Pvt Ltd could not become my Attorney nor could he become a Joint Holder in my Joint Bank and Joint Demat accounts, I being a client of JHP Securities Pvt Ltd. He could not work under Mr. Pankaj Patel in his personal capacity simultaneously. 12) On the direction of Mr. Pankaj Patel and JHP Securities Pvt Ltd, Mr. Nipesh Patel withdrew and transferred my money from my Joint Bank account by misusing my forged and void Power of Attorney.

8. In the said Award in the point No. 4, the Arbitrators did not mention any facts which have relevant documents that 1) JHP Securities Pvt Ltd provided me finance through Superior Financial Consultancy Pvt Ltd (an associate of JHP) and Mr. Pankaj Patel (an Authorized Representative and Managing Director of JHP) and therefore the Agreement in the Margin Trading Facility was made between me and Mr. Pankaj Patel by JHP Securities Pvt Ltd and Mr. Pankaj Patel. 2) It was all the arrangements and adjustments of JHP Securities Pvt Ltd to provide me finance under Margin Trading Facility only and only through Superior Financial Consultancy Pvt Ltd and Mr. Pankaj Patel and not from JHP Securities Pvt Ltd. 3) As per SEBI rules and BSE rules, regulations and bye-laws, an associate of JHP Securities Pvt Ltd known as Superior Financial Consultancy Pvt Ltd and the Authorized Representative & Managing Director of JHP Securities Pvt Ltd known as Mr. Pankaj Patel cannot enter into any Financial Agreement to provide finance under Margin Trading Facility. 4) The Financing Agreement between me and Mr. Pankaj Patel was void because Mr. Pankaj Patel did not follow it. 5) The Power of Attorney made and prepared by JHP Securities Pvt Ltd and Mr. Pankaj Patel was forged and void. JHP Securities Pvt Ltd, Mr. Pankaj Patel, Mr. Nipesh Patel, Nasdaq Securities and Nasdaq Financial Consultants took my signature on my POA by deceiving me and by criminal breach of trust. 6) JHP Securities Pvt Ltd appointed Mr. Nipesh Patel (an employee and signatory in JHP Securities Pvt Ltd) as my Attorney simultaneously in the same matter as he was also the Attorney of Mr. Pankaj Patel which he has disclosed in his Bail Application No.37 of 2007. JHP Securities Pvt Ltd and Mr. Pankaj Patel appointed/ kept Mr. Nipesh Patel as a joint holder in my Joint Bank and Joint Demat accounts. 7) The said Award contained only false information in its every point. My claim was filed only within the period of 6 months but the Arbitrators misrepresented the matter in their own way.

9. In the said Award in the point No.5, the Arbitrators did not mention the facts which have relevant documents that 1) BSE granted the bolt/ terminal of JHP Securities Pvt Ltd to its unregistered sub-broker known as Nasadaq Securities at Borivali (W) during the year 2003 or before by accepting forged documents from JHP Securities Pvt Ltd and Nasdaq Securities. 2) JHP Securities Pvt Ltd allowed only to Nasdaq Financial Consultants, an associate of Nasdaq Securities, to use the said bolt and to do transactions of its clients and issue ledgers and bills to its clients. 3) JHP Securities Pvt Ltd has developed cliental work illegally through their unregistered sub-brokers known as (a) Nasdaq Financial Consultants and b) Nasdaq Securities from the year 2003 till 3/5/2007 by allowing Nasdaq Financial Consultants to do transactions of its clients on the said bolt. 4) Nasdaq Financial Consultants and Nasdaq Securities were working as unregistered sub-brokers of JHP Securities Pvt Ltd from the year 2003 till 3/5/2007, and therefore they did not enter into Agreement with any of the clients. 5) Nasdaq Financial Consultants filled up from its all the clients, Individual Client Registration & Application Form while using the bolt of JHP Securities Pvt Ltd but did not enter into Bipartite or Tripartite Agreement with the clients. 6) As BSE granted the said bolt of JHP Securities Pvt Ltd to Nasdaq Securities during the year 2003, BSE and SEBI were responsible to see that why Nasdaq Securities and Nasdaq Financial Consultants were using the said bolt and doing the transactions of the clients on the said bolt and why Nasdaq Financial Consultants was not the member of BSE and why there was not an agreement between me and Nasdaq Financial Consultants for that BSE, SEBI and JHP must answer to me as all them are responsible for this. 7) When BSE granted the said bolt of JHP Securities Pvt Ltd to its unregistered sub-broker known as Nasdaq Securities during the year 2003 or before, and BSE and JHP allowed Nasdaq Financial Consultants to do transactions of its clients on the said bolt, BSE and SEBI must have to explain that why Nasdaq Financial Consultants and Nasdaq Securities were not the member of BSE.

10. In the said Award in the point No.6, the Arbitrations did not mention the facts which have relevant documents that 1) I have not made any allegations on JHP Securities Pvt Ltd but I have mentioned only the facts in my complaints. 2) JHP Securities Pvt Ltd cannot disassociate itself in its own way from any of the respondents. 3) There are evidences and proofs that JHP Securities Pvt Ltd provided me finance in Margin Trading Facility through Superior Financial Consultancy Pvt Ltd (its own associate) and Mr. Pankaj Patel (an authorized representative of JHP Securities Pvt Ltd). 4) As per SEBI rules Superior Financial Consultancy Pvt Ltd and Mr. Pankaj Patel cannot provide finance in Margin Trading Facility. 5) It was all arrangements and adjustments of JHP Securities Pvt Ltd to provide finance in Margin Trading Facility only through Superior Financial Consultancy Pvt Ltd and Mr. Pankaj Patel.

11). In the said Award in the point No.7, the Arbitrators did not mention the fact which has relevant documents that 1) the Award did not contain the facts. 2) the Award did not mention the relevant documents that I have given to the Arbitration. 3) It did not mention that all the replies and applications of the respondents were false, fabricated, baseless, misleading, full of lies, and full of false information. 4) the Award was given not on the basis of facts and relevant documents but it was given only and only on the basis of false, fabricated, baseless, misleading, full of lies and full of false information replies and applications of the respondents.

12) In the said Award in the point No.8 and 9, the Arbitrations did not mention the facts which have relevant documents 1) the subject matter of my complaint dated 3/7/2007 was “Forgery and Fraud” 2) it did not mention that whether it was under the Jurisdiction of the Arbitration of BSE to deal with the said complaint? 3) My claim was for my balance money and shares and not related to any particular transaction. 4) BSE granted the said bolt of JHP to Nasdaq Securities during the year 2003 or before by accepting forged documents from JHP Securities Pvt Ltd and Nasdaq Securities. JHP Securities Pvt Ltd allowed only to Nasdaq Financial Consultants to do transactions of its clients on the said bolt from the year 2003 till 3/5/2007, and allowed it to issue ledgers and bills. 5) Tripartite Agreement was required to be entered into between me, JHP Securities Pvt Ltd and Nasdaq Securities as BSE granted the said bolt during the year 2003 or before but it was not made so therefore the Agreement between me and JHP Securities Pvt Ltd should be considered to be void.

13) In the said Award in the point No.10, the Arbitrators did not mention the facts which have relevant documents that 1) JHP Securities Pvt Ltd provided me finance in Margin Trading Facility through Superior Financial Consultancy Pvt Ltd and Mr. Pankaj Patel, the evidences and proofs of which were given to the Arbitration of BSE and SEBI. 2) It was all the arrangements and adjustments of JHP Securities Pvt Ltd to provide finance in Margin Trading Facility only and only through Superior Financial Consultancy Pvt Ltd and Mr. Pankaj Patel therefore agreement between me and Mr. Pankaj Patel should be treated as agreement done/ made between me and JHP Securities Pvt Ltd.

14) JHP Securities Pvt Ltd did not follow my Individual Client Registration & Application Form with them. JHP did not transfer my money and shares in my Individual Bank and Demat accounts, the information of which I gave in my Individual Client Registration and Application Form. JHP was compulsorily required to transfer my money and shares in the said accounts which I mentioned in the said form but JHP transferred my money and shares in my Joint Bank and Joint Demat accounts in their own way without my Power of Attorney, which led to forgery and fraud committed by Mr. Nipesh Patel on the direction of JHP Securities Pvt Ltd and Mr. Pankaj Patel.

15) BSE did not provide me the required information purposely and intentionally. BSE did not conduct investigation on the respondents, BSE hide the facts, BSE ignored the facts and relevant documents. BSE, IGRC and Arbitration ignored my replies and rejoinder. The Arbitration relied only on the false, fabricated, baseless, misleading, full of lies and full of false information replies and applications of the respondents.

16) For aforesaid facts and reasons, the Award can only be considered as corrupt, false, fabricated, baseless, misleading, full of lies and full of false information Award. It cannot be accepted at all and there is no need for me to go for Appeal but SEBI, BSE, Arbitrators and respondents must be punished severely. SEBI, BSE and the respondents must pay me 10 times of my claim as compensation

17) Respondents, BSE and SEBI have ruined me completely and killed my life. They frustrated me and put me in depression.

I kindly request you to consider this letter as my re-application.

Thanking you,

Yours faithfully,

(Smt. Parul H. Shah)
C.C to:-
1. Sri Madhu Kannan, BSE.
2. Sri U.K Sinha, SEBI.
3. The General Manager, MIRSD Dept, SEBI.
4. The President of India.
5. The Finance Minister, the Government of India.

Now read the letter dated 8/5/2011 which my husband sent to the consultants for the steps to be taken against 1) BSE 2) Brokers and 3) ICICI Bank to get our money back and get compensation from all.

Dear sir,

This is with reference to telephonic talk I had with you on 8/5/11 for my and my wife’s complaints against (1) Brokers (2) ICICI Bank and (3) Bombay Stock Exchange. In this cases I was supposed to send you all the documents but I thought that first I must give you the details of the case in brief through mail. The cases are similar of like nature but complicated but as you are lawyer you will get idea immediately. My wife approached to the Arbitration of BSE but her case Ref no 05/2008 was dismissed on totally wrong grounds as not maintainable because they said that the entity is different and it was the case which was affected by time limitation of 6 months.

The arbitrators of BSE were sold in the hands of the accused/respondents and therefore they dismissed on totally wrong grounds as not maintainable. The facts were informed to the top officials in BSE and SEBI time from the matter was with IGRC and Arbitration of BSE, but as they were sold they never replied me. All of them are playing with the life of investors and their family members.

Details of the case:-

JHP Securities Pvt Ltd (Main BSE Broker) was providing me finance in Margin Funding through Superior Financial Consultancy Pvt Ltd (an associate of JHP) and through its authorized representative and managing director known as Mr. Pankaj Patel from the year 2004 till July 2007. JHP Securities was developing clientele work through its unregistered sub-brokers known as 1) Nasdaq Securities and 2) Nasdaq Financial Consultants both were associates. Bombay Stock Exchange granted the terminal/bolt of JHP to its unregistered sub-broker Nasdaq Securities during the year 2003 in the office of Nasdaq Financial Consultants. When the bolt was granted during the year 2003, Nasdaq Securities did not become the registered sub-broker of JHP. Actually Nasdaq Securities became SEBI registered sub-broker of JHP on 4/5/07. So from the year 2003 till 3/5/07 Nasdaq Securities worked as unregistered sub-broker of JHP. Now know carefully Nasdaq Financial Consultants (an associate of Nasdaq Securities). Nasdaq Financial Consultants now read as NFC was registered sub-broker of Inventure Growth and Securities Ltd from 12/1/01 till 31/3/04. On 31/3/04 SEBI cancelled the registration number of NFC. Kindly note that Nasdaq Securities did not have SEBI registration number from the year 2003 till 3/5/07, but NFC got SEBI registration number on 12/1/01. JHP Securities knew all these facts and allowed only NFC to use and operate the said illegal bolt of JHP as NFC did have SEBI registration number as it was a sub-broker of Inventure Growth and Securities Ltd but NFC was not sub-broker of JHP. JHP allowed only NFC to use the said bolt, allowed NFC to develop clientele work and allowed NFC to issue bogus, fictitious and unauthorized bills to all its clients from the year 2003 till 3/5/2007. NFC was using the said illegal bolt of JHP, was doing transactions of its clients on the said bolt and was issuing fictitious bills to the clients, using SEBI registration number of sub-broker of Inventure. It means NFC was doing transactions of its clients on the bolt of JHP but was issuing bills bearing SEBI registration number of sub-broker of Inventure. BSE can only grant the terminal of broker to its SEBI registered sub-broker. So when BSE granted the terminal of JHP during the year 2003 to Nasdaq Securities, Nasdaq Securities did not become registered sub-broker of JHP during the year 2003 as Nasdaq Securities became registered sub-broker of JHP on 4/5/07. So BSE granted the said illegal bolt of JHP to its unregistered sub-broker known as Nasdaq Securities during the year 2003 only and only by accepting forged documents from JHP and Nasdaq Securities. Nasdaq Securities and NFC were working as unregistered sub-brokers of JHP from the year 2003 till 3/5/07.

I and My wife joined NFC in January, 2004 and NFC introduced us to JHP Securities Pvt Ltd in October, 2004.

JHP Securities was involved in all illegal, fraudulent and unfair trade practices through its associates, employees, authorized representative & managing director and unregistered sub-brokers. From October, 2004 till 31/3/2005 JHP provided finance in Margin Funding through its associate known as Superior Financial Consultancy Pvt. Ltd and from 1/4/2005 onward JHP provided finance through its authorized representative & managing director known as Mr. Pankaj Patel. Mr. Pankaj Patel entered into Financial Agreement with me and my wife separately on 28/4/2005. The purpose of the Financial Agreement was that he was providing finance. To have full control on the said finance and shares purchased through the said finance, he opened our Bank and Demat accounts jointly with Mr. Nipesh Patel who is close relative of Mr. Pankaj Patel and he was an employee and signatory in JHP. JHP and Mr. Pankaj Patel appointed Mr. Nipesh Patel as our attorney in our separate individual Power of Attorney. The purpose of making Power of Attorney was to have full control of finance. The POA was signed, sealed, stamped, notarized and accepted on 1/2/2005. Actually POA was to be made after Financial Agreement was entered on 28/4/2005. POA was to be made only in context to Financial Agreement, but it was not made so. In Financial Agreement there were only 3 Parties mentioned known as 1) Borrower- I or my wife 2) financier- Mr.Pankaj Patel and 3) Broker-JHP. So according to Financial Agreement Mr. Pankaj Patel cannot make payment to any other party other than parties mentioned in the Financial Agreement but as he did not make POA in context to Financial Agreement he got my shares and money transferred to other parties other than 3 parties mentioned in the Financial Agreement. In the Bail Application Mr. Pankaj Patel informed that Mr. Nipesh Patel is his legal Attorney in the execution of Financial Agreement and he also informed that in the said matter Mr. Nipesh Patel is my and my wife’s attorney in our separate POA for execution of my and my wife’s Joint Bank and Joint Demat accounts. So how can Mr. Nipesh Patel (an employee and signatory of JHP) become attorney of Mr. Pankaj Patel and my or my wife’s attorney in the same matter at same time? As per SEBI rule an employee and signatory of a broker cannot become attorney of the client of the broker.

My POA was signed, sealed, stamped, notarized and accepted on 1/2/2005. The said POA was notarized fake or blank without the details of Bank and Demat account numbers filled in it. My Joint Bank A/c was opened in ICICI bank in June, 2005 and Joint Demat A/c was opened in Dec, 2005. My wife’s POA was signed, sealed, stamped, notarized and accepted on 1/2/2005. Her Joint Bank A/c with ICICI Bank was opened on 12/4/2005 and her Joint Demat a/c was opened on 14/4/2005. ICICI bank confirmed in writing in its letter dated 30/9/2010 that they filled the details of the said accounts numbers in the POA in their own way after the accounts were opened in ICICI Bank. ICICI Bank opened the said accounts by deceiving us by criminal breach of trust and allowed Mr. Nipesh Patel to operate our accounts illegally and allowed him to transfer our money and shares illegally, unauthorized transfer of money and shares. We have received 3 letter through Miss Chanda Kochhar of ICICI Bank from Senior Management Desk, informing us that they analyses the points for redress and investigating the case. In ICICI bank transactions were also happened through internet and for that they filled forms from us, the forms to be filled by corporate.

I and my wife have filed criminal case against Broker, its associates, employees, signatory, authorized representative and unregistered sub-brokers. My charge-sheet has been sent into court and in my wife case police is still investigating. In my wife case my wife has made party to BSE-its CEO and the manager of Investors Service Dept.

We are totally finished, ruined and killed. It is very difficult for us to survive even for next month.

Kindly let me know what steps can I and wife take to get our money and demand big compensation from 1) Brokers 2) ICICI Bank 3) BSE and SEBI.

I and my wife wrote many letters to the top officials in SEBI but they did not reply us.

Thanking you,

Hiten Shah
Reyaz says:

April 5, 2012 at 4:51 am
Reply
Respected concern,
Am Reyaz Ahamad doing II MBA at sakthi institute of information & management studies, Anna University. I had taken education loan from IDBI bank ltd at july 2011 and i submitted form for interest subsidy at the same year but still the officials from the idbi bank ltd demend me to pay the interest for my loan amount. Still my interest subsidy form is under their carpet. it is not yet processing and they demand me to pay the interest amount till jan 2013. I need to know how much amount was allocated to IDBI bank for interest subsidy and I applying this complaint under right to information act. Also please take this complaint to your special reference and process my complaint as soon as possible. Because IDBI official irritating and giving pressure to pay interest even after i applied for subsidy. Please process my complaint against IDBI bank ltd.