We had opened a PMS Account with Standard Chartered Bank in July 2011 and our shares worth more than 25 lacs were transferred from Kotak Securities on 4th August. When we complained about no response, we were informed by Standard Chartered Bank that our account was opened on August 13, 2011 and shares were received on 5th Septemebr.

The SC Bank representative had committed the brokerage as 0.3%, whereas in documents it was mentioned as 0.50%. When no one contacted us from SC Bank for a long time, we escalated the matter with local representative Mr. Asheesh Bhardwaj. Finally, we received a Model Portfolio as an attachment and without any explaination of same from Mr. Prashan Chobe on 21st Septemeber. We failed to understand the content of this portfolio and contact him on phone, We were informed by Mr. Prashant, who is looking after our account from Mumbai that he proposes to sell our entire stock and will purchase new stocks as per model portfolio. We strongly objected to this since it was not informed to us at the time of signing the agreement. We objected that our shares are purchased at a very high prices and if we sell them at one go, we shall be incurring huge losses. Besides, the bank would have earned their brokerage. It seemedas aploy to make money by selling & buying our stocks worth more than 25 lacs - without any assurance that our losses + brokerage will be compensated in what time frame.

So finally. asked the Standard Chartered Bank to close our PMS Account no. NDRM 0003 on 18th October 2011. However, the bank has sent us their Debit Note for Portfolio management Fees for Rs. 4402.00.

Since then, the SC Bank has been evading the issue.When we escalated the matter, they have informed me that we have been provided regular services & local representative has informed that in case, we close our account before one year, they will charge 1% exit load charges.

Pl. note that we have suffered heavy, since we could not trade in last 6 months and Standard Chartered Bank has been sitting our shares -which is highly unethical.

Kindly intervene in this matter and help us get our shares back without any financial liability.

Regards

Ranjan Kulshreshtha