An army officer narrates his harrowing tale of how his life savings got wiped out at Motilal Oswal, his victory in consumer courts and how SEBI took the brokers’ side despite clear grounds of fraud and forgery. And SEBI is supposed to protect investors’ interests!

The very first sentence in The Securities and Exchange Board of India (SEBI) Act, 1992 states as follows:

”An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto”.

Has SEBI lived upto this? Or does it work for the big guns of the industry. Hear my story and you be the judge.

I opened an account with Motilal Oswal Securities (MOSL) on 14 February 2006. Three months later, by 26 May 2006, I got wiped out. I had become a victim of unauthorised trading. I signed NO delivery instruction slips and yet my stocks were sold. I still wonder how! The broker will not tell me how he managed to dispose off my stocks without my authorisation/delivery instruction slip. My life savings were liquidated. I was seriously considering suicide. It took me two years to come out of the shock and the consequent severe setback to my health. Even to this day I am unable to comprehend how a broker can do it so audaciously and still get away. Unbelievable but true. Continue reading

Similar Posts:

• Motilal Oswal maintains ‘buy’ on DLF but lowers NAV
• Buy SBI, target of Rs 1605: Motilal Oswal
• Buy Sesa Goa; target of Rs 202: Motilal Oswal
• Motilal Oswal neutral on ABB
• Buy Mahindra & Mahindra, target of Rs 756: Motilal Oswal