I am a retired resident of New Delhi, who opened an online share trading account with CD Equisearch in Oct 2010, depositing a margin money of Rs 3 lakhs. Recently when I called upon CD Equisearch on the 10th of September 2011, I was told that the balance in my account were some stocks worth only Rs 14000. I was baffled and wanted CD Equisearch to explain how can this happen.

On further inquiry and after lodging an official complaint one of the VPs informed on the 26th September, that one of the CD Equisearch employees including one of their general managers had connived and managed to use my ID and password in collusion with their IT service team and have been trading with my user ID and deposit money to earn heavy incentives for their benefit. They informed that that they will take action on the employees and they will revert.

However to date there has been no further news from the company regarding the action taken.

How can an online share trading company like CD Equisearch allow such practices to take place and what have been the checks and balances? Other companies like ICICI Direct, Standard Chartered etc make it mandatory for the subscriber to periodically change the user ID and Password to prevent such fraud. The account is kept locked if there be any such attempts to fraud. Why was this was not done by CD Equisearch?

Finally since I have lost such a considerable sum of money what is the way can take action on CD Equisearch so that they can compensate me for this loss which is entirely due to their irresponsible management? Can some one advise what is the recourse I have to get justice!

Regards

Is this case still pending or solved. if not solved please reply to this message and i'll help you in solving this.

Originally Posted by hiemvanezi

I am a retired resident of New Delhi, who opened an online share trading account with CD Equisearch in Oct 2010, depositing a margin money of Rs 3 lakhs. Recently when I called upon CD Equisearch on the 10th of September 2011, I was told that the balance in my account were some stocks worth only Rs 14000. I was baffled and wanted CD Equisearch to explain how can this happen.

On further inquiry and after lodging an official complaint one of the VPs informed on the 26th September, that one of the CD Equisearch employees including one of their general managers had connived and managed to use my ID and password in collusion with their IT service team and have been trading with my user ID and deposit money to earn heavy incentives for their benefit. They informed that that they will take action on the employees and they will revert.

However to date there has been no further news from the company regarding the action taken.

How can an online share trading company like CD Equisearch allow such practices to take place and what have been the checks and balances? Other companies like ICICI Direct, Standard Chartered etc make it mandatory for the subscriber to periodically change the user ID and Password to prevent such fraud. The account is kept locked if there be any such attempts to fraud. Why was this was not done by CD Equisearch?

Finally since I have lost such a considerable sum of money what is the way can take action on CD Equisearch so that they can compensate me for this loss which is entirely due to their irresponsible management? Can some one advise what is the recourse I have to get justice!

Regards

Originally Posted by srmunagala

Is this case still pending or solved. if not solved please reply to this message and i'll help you in solving this.

Dear srmungala
Yes the case is still pending.
I have been running from pillar to post for the last six months, and have written many times to CD Equisearch but to no avail.

I recently evenlodged a email complaint to Bloomberg ithe program abnchored by Vivek Law, but he never bothered to reply even.

can you help me?

Dear All
My case as recounted in my earlier mail remains unsolved. CD EquiSearch has done nothing so far. and I am in helpless in my country as a senior citizen having lost a large amount of my savings to unsrupoloustraders like CdEquisearch.Why does the SEBI allow such firms like CD Equisearch to continue business when they are helping their employees cheat investors?

Originally Posted by hiemvanezi

Dear All
My case as recounted in my earlier mail remains unsolved. CD EquiSearch has done nothing so far. and I am in helpless in my country as a senior citizen having lost a large amount of my savings to unsrupoloustraders like CdEquisearch.Why does the SEBI allow such firms like CD Equisearch to continue business when they are helping their employees cheat investors?

Sir What your mobile number i can help you in this. The complaint can be drafted and submitted and matter can pursued further but you need to discuss the case in details.

Dear sir
Please note that my mobile number is 09350261001
I will be sharing all the details once we talk and know that there can be some justice done in my case.
Regards


[QUOTE=cons.labana;123314]Sir What your mobile number i can help you in this. The complaint can be drafted and submitted and matter can pursued further but you need to discuss the case in detail