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Complain for not releasing payout for subbrokership

Location/place: Mumbai

Name of company/service: Stock Market

Dear Team,
I have a GIGR remisier ship in Motilal Oswal Limited, wherein I AM NOT RECEIVING MY PAYOUTS SINCE LAST 2 MONTHS.
My remisier code is “BAPN1200” in their Borivali east branch.

I have started this remisier ship in the month of Dec-2010 and according to GIGR model of MOSL, there is a “Unique MOSL Expenses Assurance” for first 6 months. In this model MOSL give remisiership to ex-employees of other stock brokers and give them an assurance of at least 15000 income per month for first 6 months, without any condition. On this basis employees of brokers can leave their job and start a business. We also did the same and took the remisierhip from MOSL. Now after releasing payout for first 4 months, MOSL is denying to pay further for rest 2 months. Even whatever brokerage we have generated, is also not released by them since last 2 months, on the ground that there is not enough brokerage generated by you. This statement was not told/written by them at the time of registration.

I spent 25000 for deposit…6618 for registration…left job on this model…now how can they deny to release the payout.

My remisier ship started in the month of Dec-11, and the assurance remains till the month of May-12, but there is no payout since last 2 months. If someone does not receive salary for 2 months instead of working, what shall be their conditions…same in mine…for me it’s the source of income.

I also raised query on their complain ID, but no satisfactory answer is received.

Below is the details of brokerage done till date and payouts received.

Date Pay Out Month Gross Brokerage Remarks
13/02/2012 201100032342 Money Payout 12,549 Dec-11 2,155 Paid for 26 days
14/02/2012 201100032595 Money Payout 15,000 Jan-12 14,764
03/09/2012 201100034981 Money Payout 18,000 Feb-12 24,936
18/04/2012 201200000714 Money Payout 18,000 Mar-12 37,319
Apr-12 10,675 No payout of 15000/- received as per GIGR model
May-12 7,363 No payout of 15000/- received as per GIGR model
TOTAL 63,549 97,212

Request you to check the matter and help me to get the payout.

Regards,
Preksha
(Code – BAPN1200)
(Contact – 097027-45610)

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