• Broker fraud

My stock broker does not provide stock buy details due to which i can not pay taxes. How can i get the information out of him?
Asked 4 years ago in Consumer Law

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19 Answers

You have a right to a detailed copy of your accounts ie shares bought and sold. In fact, a pdf file is sent to every investor after the  transactions. Send him a legal notice to disclose the income and currently held assets.


A complaint can also be filed with the SEBI.

Rahul Mishra
Advocate, Lucknow
14107 Answers
65 Consultations

You can ask him Balance sheet of Trading via email other wise worn him you are going to send him Legal Notice and complaint in SEBI, NSE, BSE website.

Ganesh Kadam
Advocate, Pune
12997 Answers
264 Consultations

Send him a legal notice first with the help of local lawyer.

Dalip Singh
Advocate, New Delhi
1093 Answers
36 Consultations

Complain against broker to SEBI / stock exchange for failure to furnish details of stocks bought by you 

broker is bound to furnish Detailed bills to client 

Ajay Sethi
Advocate, Mumbai
97459 Answers
7878 Consultations

First complain against broker as mentioned herein above 

 

you can invoke arbitration clause in your contract with broker 

 

litigation fees vary depending upon lawyer engaged by you 

Ajay Sethi
Advocate, Mumbai
97459 Answers
7878 Consultations

It depends upon the extent of fraud. If a huge amount is involved litigation is advised.

Rahul Mishra
Advocate, Lucknow
14107 Answers
65 Consultations

don't worry, send me complete case details.

adv roshan khatri

www.khatrilawhouse.org

Roshan Khatri
Advocate, LUCKNOW
138 Answers

Yes litigations are always worth it. 

Expenses depends on lawyer you choose.

Rahul Jatain
Advocate, Rohtak
5365 Answers
4 Consultations

Dear sir,

The stock broker is bound to provide the details. They usually sent it by E-mail periodically or after each transaction.

If they do not provide you can get issued a legal notice asking for all the details. 

You can also complaint to SEBI and/or BSE/NSE. 

A litigation is advisable only if you are incurred monetary losses. The litigation costs would depend on the lawyer you engage. There is no strait jacket formula.  

Best wishes.

Agam Sharma
Advocate, New Delhi
617 Answers
6 Consultations

You will be getting the transactions details in the statement, if you dont get then you can give a complaint against the broker with SEBI.

Also if you suspect any fraud being played by the broker, you can make a complaint against him with SEBI, his licence will be cancelled.

 

T Kalaiselvan
Advocate, Vellore
87657 Answers
2353 Consultations

Any transaction in your demat account is notified by the NSE and BSE based on your transactions and trading in your account in case there is no transaction has been done in your own account then definitely you will have no information first of all it is your responsibility to find out if you have made any transaction trading and made any profit because this is mandatory requirement that you have to disclose your income in your income tax returns if there is any agreement between you and your broker then you can take legal action accordingly.

 

Please rate this answer if you like it.

Vimlesh Prasad Mishra
Advocate, Lucknow
6852 Answers
23 Consultations

No litigation is maintainable so soon.

First you take preliminary action i.e., sending legal notice and complaint against him after which you can  go for litigation if necessary.

 

T Kalaiselvan
Advocate, Vellore
87657 Answers
2353 Consultations

CDSL and NSDL send a Consolidated Account Statement (CAS) on your registered email id or You may also login to CDSL/NSDL directly to check if the stocks in your broker’s backoffice.

Send legal notice to broker and complain to SEBI also. Broker cannot refuse to share stock purchase details. Change him. 

Yogendra Singh Rajawat
Advocate, Jaipur
23009 Answers
31 Consultations

Please issue legal notice to your broker and serve upon him through WhatsApp and E- mail about your lawsuit and lawfull demand. 

Ramesh Pandey
Advocate, Mumbai
2541 Answers
8 Consultations

- Legally the said broker is bond to furnish the details to you , and further due to his fault you cannot pay taxes . 

- Hence, you can lodge a complaint against the said broker before SEBI , and thereby claim compensation as well. 

- As per the Securities and Exchange Board of India (SEBI) , Investors who lose money while trading in the stock market based on the recommendations provided by their broker cannot drag the brokerage firms to the consumer court,

Mohammed Shahzad
Advocate, Delhi
14747 Answers
224 Consultations

You can send a legal notice to the company/Broker through a lawyer and can claim the amount paid by you through this legal notice. The company is bound to reply to the given notice within 15 days of receipt of notice. If the company fails to reply to the said notice you can file a recovery and cheating case case against that company.

Mohammed Mujeeb
Advocate, Hyderabad
19326 Answers
32 Consultations

Call us through the website for further assistance.

Mohammed Mujeeb
Advocate, Hyderabad
19326 Answers
32 Consultations

You can file complaint to sebi as well as cheating complaint against him to police or court

Prashant Nayak
Advocate, Mumbai
32831 Answers
209 Consultations

1. You should tell him that if he doesn't provide you details then you are going to send a complaint to SEBI and broker's parent company against broker.

2. If he still doesn't provide you details you can make complaint to SEBI and file suit before consumer forum against broker. 

Mohit Kapoor
Advocate, Rohtak
10687 Answers
7 Consultations

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