Jaago Investor Jaago: Anil Singhvi fights for Investors' Rights, shows how to recover lost money
Zee Business Managing Editor Anil Singhvi tells you what to do if your broker traded without your permission, or you are facing other problems as an investor and are not being able to recover your money.
![Jaago Investor Jaago: Anil Singhvi fights for Investors' Rights, shows how to recover lost money Jaago Investor Jaago: Anil Singhvi fights for Investors' Rights, shows how to recover lost money](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2019/10/11/102893-anil.jpg?itok=N7Sxq49S&c=4d942a74b30a9cd43bb1639dd6002b86)
Stockbroker trading without informing the investor, broker's office getting shut down and many other problems are faced daily by investors. Simply reprimanding the broker is clearly not enough in the absence of proper knowledge about how to lodge an official complaint to recover one's money. Ultimately, the matter is just cast aside without any solution and the investor just loses his money. This further boosts the morale of the brokers and they become regular offenders causing further losses to investors. To address these common issues that lead to the loss of huge money of share market investors, To address this massive problem, Zee Business Managing Editor Anil Singhvi has taken up the good fight on behalf of the investors. In this programme, he has given a clarion call to investors to rise up and take the issue head-on. Singhvi has revealed how to do that by revealing proper guidelines that an investor can follow to recover lost money.
See Zee Business Live TV streaming below:
Speaking on the first and foremost step that an investor must do after facing a situation generated by across broker's default, Anil Singhvi said, "When you come across any kind of broker's default, you first go to the official website of the BSE, NSE and lodge an official complaint there online. Apart from this, one can lodge an offline complaint also as there are 24 regional offices which cover almost all big cities in India."
See Zee Business tweet below:
अगर बाजार में लगा है आपका
पैसा हर निवेशक के हक की बात
ब्रोकर में फंसा पैसा, तो क्या करें
जानिए 09:26 pm पर अनिल सिंघवी के साथ pic.twitter.com/M7x5181Mgt— Zee Business (@ZeeBusiness) October 11, 2019
Singhvi said that people can complain against their broker at SEBI also. The SEBI's SCRS cell covers all grievances of stock market investors.
Documents required
Asked about the documents that an applicant must produce before the bench at the time of hearing, Singhvi revealed what is required - contract note, trade statement, trade bill note or trade note, Demat account statement, bank account statement, fully filled arbitration form, ITR and communication with the broker. However, if someone has given a loan to the brokerage house, then it won't come under the purview of such complaints.
When money will be recovered
On how much time it will take to get one's lost money in a broker's default case, Anil Singhvi said that it takes around 5-6 months at the arbitration court and if the broker doesn't agree with the arbitration court's verdict, he can knock at the door of the Appeal Bench. A broker can go to the Appeal Bench within 30 days of the Arbitration Court's verdict. Once the matter goes into the Appeal Court, it may take around 4-5 months more.
Watch Zee Business video here -
अनिल सिंघवी की मांग: ब्रोकर से परेशान ट्रेडर्स और निवेशक, सेबी और एक्सचेंज ले जल्द एक्शन@AnilSinghvi_ @FinMinIndia @PMOIndia @narendramodi @SEBI_India @BSEIndia @NSEIndia @ashishchauhan @vikramlimaye @NSDLeGovernance pic.twitter.com/v6AQllW3Dl
— Zee Business (@ZeeBusiness) October 11, 2019
Dealing with recalcitrant Broker
The broker may not comply with the Appeal Bench verdict as well. In such a case, the exchange has the power to deduct the broker's deposit and transfer into the bank account of the share market investor. But, generally, it doesn't happen. Broker either transferred the money into the victim's account or to the exchange. The aggrieved investor will then get the money reimbursed from the exchange.
Amount under jurisdiction
However, such grievance redressal is possible only when the lost amount is around Rs 15 lakh to Rs 25 lakh. If you have lost money above this quantum, then you have no option but to go to the court directly instead of wasting time in knocking at various institutions mentioned above.
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