I am a regular investor having INDIABULLS Account no.506665. My account has been with INDIABULLS for a long time now and it is operated generally by me and my husband Mr. Rajat Dey Sarkar. The account is in my name. I was not informed that I will need to fillup “Power of Attorney” in my husband’s name to allow him to operate my account.I have enough industry experience to understand the legal/compliance issue here and I fully concur in terms of compliance requirement it is an essential document.
Hence when I was told about it 2 months ago I agreed to fulfill the formalities. I was informed that a certain individual will be coming to my office with the necessary papers. However when the person actually came he was only carrying my account statement on which my signature was taken along withcopy of PAN card. We were never informed about any proceedings after this.
About a month back we checked the account and the ID wasfound to be disabled. As a customer I would expect that I should have received some kind of intimation before blocking the ID altogether. That never happened.Neither was I informed that this is consequence of not filling up the“Power of Attorney”. This fact we found out from their customer care number.
From last one month my account is disabled preventing me from doing anymore transactions. We have been given various reasons like the concerned person on leave / stamp paper not avilable etc. hence the delay was happening. I do not understand how a company like INDIABULLS will stop its operations due to absence of some person.
NOW YESTARDAY I.E., ON 08/09/2012 I RECEIVED AN E-MAIL THAT RS.565.13 HAS BEEN DEBITED. Instruction Executed : Withdrawal Done. I DO NOT UNDERSATAND HOW THIS COULD HAPPEN WHEN THE ACCOUNT ITSELF IS DISABLED AND I HAVE ACCESS TO MY ACCOUNT. Secondly any money withdrawn from this account goes in my linked Bank savings account, the same has not happened in this case. Hence the whole matter has become suspicious. I WOULD LIKE TO KNOW WHERE IS MY MONEY?
This whole matter has given rise to speculation about fradulent practices at INDIABULLS who claim to be a very trustworthy company to work with.
I request you to kindly look into this matter immediately.
Indiabulls Account No: 506665