Is there any obligation on a share broker to show reasons for rejecting his clients request or not?
pundalika achyuta bhat
(Querist) 24 July 2014
This query is : Resolved
Sir, I am having a trading account with one of the reputed share brokerage firm for the last 8 years. Due to some domestic reasons I could not operate the said trading account for the last 7 years. Last week I approached the nearest office of the said brokerage firm with a request to permit me to operate my trading account through their office and submitted the required documents/papers. After a period of some 21 days I received a phone call from the Head Office of the said brokerage firm informing mismatch in the documents/papers submitted by me. Further I was informed over the phone to submit the fresh documents/papers. Accordingly I submitted the fresh documents/papers. Today in the afternoon I again received a phone call from the Head Office of the said brokerage firm informing me that my request to transfer my trading account has been rejected for the discrepancy "middle name is mismatching". I requested the Officer on line to send me the "discrepancy/ies if any' in writing to my e-mail Id but the said Officer on line refused to oblige. The discrepancy pertained to my (late) father's name (usually known as middle name as per Maharashtra tradion and custom). Example: my father’s name (that is my middle name) as per I. Tax PAN CARD is Achyutha (my name as per I. Tax PAN CARD is Pundalika Achyutha Bhat. However my residential landline B.S.N.L. telephone bill and my Bank Account Pass Book mentions my name as "Pundalika Achyut Bhat".I tried my best to clarify to the Officer on telephone line that in Maharashtra name "Achyutha" is being pronounced as "Achyut" and accordingly my father's name is shown as per the local tradition and custom. The Officer was in no mood to listen to my clarification or was not obliging me to intimate their refusal in writing through my e-mail ID. Sir, now my question is - I would like to know though this forum whether in the instant case the said brokerage firm is under obligation or not to intimate me in writing about their decision to refuse my request with appropriate reasons.
Atlas Eva
(Expert) 25 July 2014
try and make a affidavit and state the proper name in it. also try and furnish your document matching the same name as per their record, or else visit their office and meet their manager and sort out the issue
ATLAS EVA CHARTERED SERVICES
CORPORATE LAW CONSULTANTS
MUMBAI
Devajyoti Barman
(Expert) 25 July 2014
Go to consumer forum. They seem to avoid you to usurp your account.
malipeddi jaggarao
(Expert) 25 July 2014
Send your request rectifying the irregularity pointed out by a sworn affidavit and all other related papers to the Head Office of the Borking Firm stating you are the real account holder and the firm should allow you to operate the account. It has to be sent by registered post with Ack.Due. Wait for their reply. If you do not get the reply within reasonable time, you can approach the consumer forum.
Rajendra K Goyal
(Expert) 25 July 2014
Remove the objection raised by them through acceptable documentary proofs. If they do not agree, send legal notice and file consumer forum.
ajay sethi
(Expert) 25 July 2014
these days even banks offer trading account . why you want to waste your time in running around courts against broking firm . forget it .
open an account with any bank which offers these facilities
T. Kalaiselvan, Advocate 
(Expert) 27 July 2014
You may follow the advise rendered by expert Mr. Ajay Sethi which seems more suitable.
pundalika achyuta bhat
(Querist) 28 July 2014
I fully agree with the view of Mr. Ajay Sethi. That is the most practical one to follow. I express my sincere thanks to all of you.
