Fraud committed by IFCI Financial Services Ltd., by arbitrarily trading in Derivatives (F&O) without my consent

Location/place: Mumbai

Name of company/service: National Stock Exchange & IFCI Financial Services Ltd

In spite of informing Assistant Manager, Arbitration Department, NSE, Mr Cyril D’Souza, not to send letters by the primitive mode of postal despatch in this digital age, I regret to inform you that NSE are continuing sending correspondence by the postal route resulting in delay in receiving the same due to my outstation visits. In this connection I have written email of 27.06.12 and verbal intimation on phone. I have been persistently informing the Assistant Manager, Arbitration Department to ensure that communications are sent via email and mobile intimations both verbally on telephone and confirm receipt of the same by the addressee. It appears NSE does not seem to take heed to my advice and the primitive mode of postal dispatch seems to be ingrained with NSE although the stock exchange is run on a digital platform.
Further the Sole Arbitrator appointed by NSE Mr G A Nayak is making wild allegations, in his letters sent by post, of his own accord by stating that “While The Respondent was present, the Applicant was absent without assigning any reason for absence” which exposes the dark belly of the of the Sole Arbitrator’s biased views in favour of IFCI Financial Services Ltd., who has robbed me of over Rs.13 lakhs by arbitrarily trading in F&O segment without my consent and authorization and blatantly exceeded the limit of corpus in my Demat Account. And this person has the cheek of making baseless allegations of planning to decide the matter ex-parte when the Applicant has not been timely intimated by email or on the mobile and without convening any meeting/arguments/hearing. The Sole Arbitrator has failed in his primary duty of maintaining proper contact by email and ensuring that communications have reached the Applicant.
I have requested the Sole Arbitrator to fix all future meetings in coordination with me duly taking into consideration my availability and convenience and in this regard to ensure that all future communications be sent by email and also inform me on my mobile available with you with prior intimation of at least 15 days. His threat of settling the matter ex-parte smacks of his biased attitude. I request SEBI to take cognizance of this burning issue and issue strictures against NSE and the Sole Arbitrator.
On 29.06.2012 NSE committed another Himalayan blunder by sending a letter through IFCI Financial Services’ Manager Mr K Shantaraman Pai when hostilities between the Applicant and Respondent have reached their peak. I did not accept the letter from my bête noire as IFCI Financial Services are my sworn enemy having swindled over Rs.13 lakhs by wantonly indulging in F&O and swelling their ill-gotten kitty. I told the carrier of NSE letter without mincing words to run for his life or face assault for trespass into my residence. He beat a hasty retreat fearing the worst as he realized that NSE has used him as a Pawn to deliver NSE’s letter apparently from the aberrant & recalcitrant and unethical Sole Arbitrator who is acting like a Dictator throwing democratic caution and good corporate governance to the winds. I sincerely request SEBI to step in before things take to the worst under complete crass mismanagement by NSE.

Share for action

Leave a Reply

Your email address will not be published.