Commodity Forum for Futures Trading

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THIS IS ANOTHER ONE I FOUND ON COMPLAINTS.COM
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Hi ,

I am new to the world of commodities and I started investing in commodities through karvy Commodities , one of the reputed brokerages around 6 months back.

While opening the account they assured me that they will provide information on how & when
to trade. Also they will keep me updated on my positons regularly.

With this presumption I was happy that I have opened account with Karvy one of the best professinally managed brokerages.

After opening the account there was couple of trades which were done on-behalf of me and I was regularly updated on my positions. So far so good.

But after some months suddenly there were no communication from them and with lot of difficulty & followups I managed to find out my portfolio position.
It was down by 50%.

I was shocked at this & contacted the person who was handling my account & learnt what led to this. After that I told him to always inform me about any open positions & always keep a stop loss for any trade. Also I told hime to regularly update me by phone or mail my latest portfolio status.

So again he began to trade on my behalf & he kept me in loop for some time. But after couple of weeks there were suddenly no communication.

After numerous attempts I tried to follow up on whats happenning with my portofolio. I had a major shock of my life. My portfolio was completely wiped off and I had only 3% of my initial capital left in my
account.

I firmly believe that I could have averted this positions if the brokerage had proactively communicated me my portfolio status on regular basis.

Also they were hiding information whenever I tried to find out telling the person handling my account is not available.

So it is my firm belief that the brokerage is at fault by denying me the right of information. So how do I get justice and whom to approach for this.

can I take it up with MCX/NCDEX/consumer forum ?

Please help me out.

Regards,
Surendran (surendran77@gmail.com)

More:
http://www.traderji.com/investors-grieviences/5677-karvy-fraud-mcx-clients-grievance-4.html?posted=1#post52383

Hope Karvy takesup this with all affected investors and resolve the matter amicably.

More to Come on KARVY MCX Fraud in Hyderabad...

Send if you have anything in connection to this to:

[url=mailto:anhazari@yahoo.com]anhazari@yahoo.com[/url]

This is a very common thing that happens with ( Chop ) Firm in the industry. I really suggest that other investors read you expierence and really research what firm and the broker at that firm. We all understand the risk in the markets, we should not have to put up with brokers not returning calls or not using common sense when putting on positions.


If I were you I would contact what ever regulatory board that oversees the companies business.

I suspect there is more to this. I find it hard to believe that a broker could make trades in your account without you recieving any confirmation, online or verbaly. I'd like to hear the other side of the story.

I think he should have pulled the account at the very first miscommunication.

I've allways heard it referred to as churning. Does anyone know of a website like http://www.nfa.futures.org/ where you can check on the history of Indian brokerages??