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kuttan (manager)     29 November 2009

debit to broker

hi,i had a huge loss in currency futures trading recently.and my trading was off-line. my invested fund was  not sufficient tp pay the debit.now the broker is asking the money and otherwise they may go to leagal action.but i have no more money to give broker and i feel that they are also responsable for the loss as my trading was offline and they were able to cancel the contract to avoid the loss beyond my invseted fund.pl.advise what to do against the leagal action.

                                                             



Learning

 3 Replies

S. Bharath (Advocate and Arbitrator Formerly Civil Judge)     29 November 2009

Stop all instructions to your broker, notify your broker not to indulge in any transactions on your behalf with immediate effect; read through your agreement, which generally contains grievance-redressal procedure that involves the concerned Stock Exchange, including arbitration. Complie all your documents and statements, do your working meticulously and take them to your lawyer.

PJANARDHANA REDDY (ADVOCATE & DIRECTOR)     30 November 2009

 FOLLOW CONCILIATION PROCESS THROUGH AN ADVOCATE SETTLE AMICABLE. 

Smita_L01042008 (student)     12 December 2009

1. in case you have trades then u are liable to pay the debit.

2 please understand that trading and making invetsment in volatile stock market is your decision and therefore you can not blame or except from the liability and losses.

3. iit has nothing to do with online or offline trading. the only matter is that the trades are authorised by you or not.

4. in case you have not traded and trades are unauthorised then you can object to debit balances.

4.  under such circumstances you should file a complaint with respective Exchanges and SEBI.

5. kindly mentioned in detail so that i can guide you for the exact procedure


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