Misuse of shares by amrapali adya trading

tushar kumar (Querist) 01 August 2023 This query is : Resolved
My shares were transferred to other demat account without my consent in 2012 by my broker Amrapali Adya trading and investment pvt ltd and later on this broker was blacklisted by SEBI in 2017 for misusing clients funds and securities. I was having 1000 shares of kotak mahindra bank in 2012 which is there in cdsl statement and later on in the same year they were transferred to other account. Can anyone help me on what steps can i take to get the shares or amount recovered.

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A user is seeking advice after their shares were transferred to another demat account without consent by their broker, Amrapali Adya Trading and Investment Pvt Ltd, back in 2012. The broker was later blacklisted by SEBI for misusing client funds. The user only recently discovered the unauthorised transfer when checking their CDSL statement, as previous statements from the broker were found to be forged. They are looking for guidance on how to recover their shares or their value, given the broker's current legal troubles.

SIVARAMAPRASAD KAPPAGANTU (Expert) 02 August 2023
1. The unauthorised transfer of shares happened in 2012 and now we are in 2023
2. When did you notice that your Shares were transferred to another party without your authorisation;
3. On noticing, did you send any notice or sought clarification from the Share Broker;
4. If so, please give the specific date of such notice to the Share Broker
5. What was their response if any.

tushar kumar (Querist) 02 August 2023
We got to know about this couple of months back when we checked teh demat account statement from CDSL. All this while we were relying on the transaction statement shared by the broker till 2017 and when the broker was blacklisted we filed the claims of the share from BSE by attaching the statement received from the broker as proof which was rejected as the statements were forged. Currently the CEO and MD of the company is in Jail and SEBI has imposed heavy penalties on the company for misuse of clients securities. I have the CDSL statement now in which I can see that the shares were transferred to the companies demat account. Please refer to the link related to the scam which this broker did - https://www.casemine.com/judgement/in/637fac2a2c0ff70466914f24

T. Kalaiselvan, Advocate (Expert) 03 August 2023
You have to take legal action against the broker who fraudulently transferred the shares to other demat account.
By the whose demat account is that?
Did you contact the company about this?
You can lodge a complaint about this with the economic offences wing police

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