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Guy next door (Xyz)     19 August 2014

Service dispute by iifl

Hi,

I had opened an trading account with IIFL long back.

They had promised to manage my portfolio and give decent recents.

I had communicated my expectations to them through email, in which i had clearly mentioned that they should never make loss of more than 10% of portfolio worth. Also i had indicated that i will not be able to judge the trade that they do.

Within 6 months they wiped off my entire investment (about 3Lakhs). (I had to pump in cash in between due debit balance).

But they made brokerage of Rs.50000.

All trades were done in consent with me by calling me.

I had raised a complaint with SEBI. But IGRP directed us to mutually settle and due lack of awareness i thought to take whatever they give and fight it out later in consumer court. 

Now when i consult a lawyer whether this case can be taken to consumer court, she says that since i had signed "mutual consent" case is very weak to take it the court.

 

Questions:

1.Is the above opinion by the lawyer true?

2. Is there any possibility at all to take if further and punish IIFL and recover more money?

3. If so, can any Bangalore based lawyer help me out with necessary details and charges (please email me)

 

Attachments:

1. My email listing my expectations (Expectations.docx)

2. My complaint sent to SEBI (Sebi-settlementletter.pdf)

3. Final settlement statement (LetterToSEBI.docx)

Thanks,

Saravana



Learning

 1 Replies

Kumar Doab (FIN)     19 August 2014

The stock has been purchased/sold with your consent.

The settlement has happened with 'Mutual Consent'.

Has the company paid Rs.25000/ and have you accepted it too?

Now you want to agitate.........................

You can certainly seek second opinion from another lawyer.

You had stated in writing to stop loss at 10% and this alone may be in your favor.

However let a lawyer well versed with such cases opine on the matter before you proceed further. 

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