Address:112, EVA-1, Opp Joggers Park, Atabhai chowk, Bhavnagar – 364 002. Gujarat, India.
Website:www.econobroking.com
Hello,
Please refer to my Client Code MH18739 (Econo Broking Pvt. Ltd. )
This is to bring to your notice the fraudulent and unethical practices going on in Econo Broking Pvt. Ltd. (Formerly Known as “Bansal Comtrade Pvt. Ltd.”) branches mainly by Mr. Darshan Gopi Sing.
A whopping Brokerage + charges of 15000+ in a single day was charged to me. This is not acceptable as well as not affordable for a Medium account holder like me … Full details as below.
After a lot of persuasion I was convinced by Mr Darshan Singh to open a trading account in Ecno Broking and offering best services and competitive brokerage.
Later on Mr Darshan started recommending and forcing stocks to buy which I denied, citing that your head office has warned me not to accept recommendations. He then convinced me by saying that those warning are only for regular customers and you as an HNI are given a special service from our Vice President Mr. Dinker Pal himself who even appears on TV channels etc.
Later Mr.Dinkar Pal called me up and convinced me that I should maintain a Balance of about 1.25 to 1.5 lac only and he himself will start maintaining my portfolio. He also convinced me that he will see to it that the losses per trade will not be more than 400 to 500 rupees as he is a very safe trader. So I increased my trading balance.
Meanwhile I reminded Mr. Darshan that I have not received a copy of brokerage charges in my welcome letter thru email too. He convinced me that no need to worry as all brokerage charges are only Rs.20 per trade (Not per Lot)
He made me transfer my shares from IIFL to their account saying they will help get margin by Pledging. I agreed … but he started trading more than Margin amount, slapping me Late payment charges.
Many Losses were incurred in the just few trades but he kept on convincing that later trades will wipe out those losses.
One day he called me with a lot of commotion / excitement / shouting in the background and said he had traded 70 lots of nifty and immediately started shouting that we are in good profit and closing the trade. In fact he had slapped me a brokerage of 14, 000+ in one trade. It was utter confusion to me and very late for me to understand what exactly was happening.
In my whole life I had never seen what 70 lots of nifty are and this person just did it in a snap showing urgency and commotion.
I came to know about the losses only the next day after I received the statement by email.
On the same day he was still trying to trade 3000 lots of currency which I forcefully denied … he was saying the max loss if it happened will be around Rs.3000 only as the stoploss will be of 1 paisa only … On asking him what calculations he had made for 3000 lots with 1 paisa stoploss giving max loss Rs.3000 only and profit of 30, 000 to 50, 000 … he started giving vague and irrelevant answers. Luckily for me that day usd fell more than 15 paise and I was saved with hell of a lot of brokerage too.
On complaining, Mr. Darshan assured me that the extra brokerage of Rs.14, 000 charged will be returned in 3-4 days and not to worry.
… there after he kept on calling every 8-10 days saying that the process of refund is in progress and will be returned soon. One day he literally with full emotional drama begged saying due to covid the office staff is less and to give more time in the new lockdown and not to approach Honorable court as the refund is approved and there is no need to file a court case. For couple of more month he fooled me citing same argument of pandemic.
For months now I was fed up with their false promises and lies hence reverted to Mr. Rashmin Relia of Compliance Department Ecno Broking but I never got any reply to my 2 reminder emails. … Even their Vice President Mr. Dinkar Pal himself called me and said that the damage will be repaired just give me time and he never called back again.
I request full refund of the wrongly charged brokerage as well as all the losses caused by forceful trading in both equity and FnO.