Prabhudas Lilladher Consumer Complaints

Prabhudas Lilladher Pvt Ltd (Prabhudas Lilladher), a Mumbai-based broking house operates in equity cash market, equity derivatives, currency futures and debt market segments. Other services offered by the company includes demat services, research services, Portfolio Management Services and Distribution of Financial Products like mutual funds, IPOs amongst others. Prabhudas Lilladher has membership in equity cash and derivative segments of both NSE and BSE. It also acts as a DP with CDSL and NSDL... Know more about Prabhudas Lilladher

Complaint against Prabhudas Lilladher Broker

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Prabhudas Lilladher brokerage complaints report provide detail about the number of complaints received by the stock exchanges from the Prabhudas Lilladher customers. The Prabhudas Lilladher consumer complaints report analyzes the Prabhudas Lilladher online complaint data provided by BSE and NSE. This report shows the health of the broker.

These complaints are serious grievances against Prabhudas Lilladher broker which the broker and customer failed to resolve. The customer then filed these legal complaints with the stock exchange.

The Prabhudas Lilladher complaint no. report also provides Prabhudas Lilladher’s number of active clients. This shows the growth of the broker year on year.

Prabhudas Lilladher Consumer Complaints

Exchange Financial Year Number of Clients   ? Total Complaints  ?
NSE 2019-20 23,390 4
BSE 2018-19 10,157 1
NSE 2018-19 20,179 3
BSE 2017-18 16,677 2
NSE 2017-18 19,993 4
BSE 2016-17 13,088 4
NSE 2016-17 14,175 5
BSE 2015-16 13,179 3
NSE 2015-16 12,369 4
NSE 2014-15 11,930 3
BSE 2013-14 65,741 6
NSE 2013-14 9,745 10
BSE 2012-13 63,321 4
NSE 2012-13 51,348 5
BSE 2011-12 58,609 6
NSE 2011-12 47,840 9

Prabhudas Lilladher complaint at NSE

2019-202018-192017-18
Defaulter Yes/NoNoNoNo
No. of clients at the beginning of the year
No. of active clients233902017919993
No. of complaints received *434
Resolved through the exchange334
Non actionable **000
Advised / Opted for arbitration000
Pending for redressal with exchange100
No. of arbitration filed by clients20
Decided by arbitrators in favour of the clients10
Decided by the arbitrators10
Pending for redressal with arbitrators10
% of No. of complaints as against No. of active clients0.010.010.02
% of complaints resolved as against complaints received75100100

Prabhudas Lilladher complaint at BSE

2018-192017-182016-17
Defaulter Yes/NoNoNoNo
No. of clients at the beginning of the year896438121876616
No. of active clients101571667713088
No. of complaints received *124
Resolved through the exchange124
Non actionable **000
Advised / Opted for arbitration000
Pending for redressal with exchange000
No. of arbitration filed by clients000
Decided by arbitrators in favour of the clients000
Decided by the arbitrators000
Pending for redressal with arbitrators000
% of No. of complaints as against No. of active clients0.010.010.03
% of complaints resolved as against complaints received100100100

Note:

  • * Including against its sub brokers, authorised persons, employees, etc.
  • ** Non actionable means the complaint that are incomplete / outside the scope of the Stock Exchange
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2 Comments

satyanarayana murthy
2. satyanarayana murthy  Jan 22, 2020 17:32 I Like It. | I Don't Like It. | Report Abuse Reply
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Prabhudas Lilladher Hyderabad, Vice President- Laxman Rao, Introducer - Dasrath and Fund Operator - Srinivas are Fraudsters.

I'm not an Expert in some of the Share and Trade Market Terminology used, but this is my best effort to convey what happened to be first and Worst financial fraud happened in my life.

Three of them (mentioned above) together formed a rig to benefit themselves and played with my portfolio which i transferred from HDFC securities. They slowly changed well performing portfolio into Daily Trades for their comission and targets and i lost around 27 lakhs. They even traded in Forex and commodoties without informing me.

Right now, i'm putting all my efforts on every public forum to get these fraudsters to the attention of the public, so that no one would not fall into thier trap.

I transfered around 61 to 62 lakhs equity shares fund from hdfc securities to Prabhudas Lilladher. I had about 20520 shares in one equity worth 40 lacs around and rest 20 lakhs across 6 to 7 equities. I had lot of research done and picked those stocks. This guy named Dasrath (Introducer) from Prabhudas Lilladher was referred by my brother-in law as i'm paying high transaction charges in HDFC securties. The very reason i asked to move my portfolio to Prabhudas Lilladher is because of lesser transaction charges on the equitiy shares buy and sell.

Plan - The SETUP: Introducer Dasrath and VP - Srinivas Rao walked into my house saying they will introduce themself and requested multiple times to give them an oppurunity with 10 lacs on a product (They never mention it was F&0) and took POA. And they started explaining me on the returns with a risk of 2 lacs. To gain my Trust they had even had their manager from head office mumbai (if i remember correcly his name is mahesh from Mumbai called me and telling me they do good). I said i do not have any liquid, so they started convincing me let's sale 5000 shares (worth around 190 each share at that time.) from my dream stock (20520 shares that i mentioned above which i accumulated at an average price of 201 rs). I told them it has a target of 250-300 within six months to one year. They started convincing me their Futures and Options will get better returns and they would want to try with that 10 lacs. To convince me, Mr. Laxman Rao logged into laptop and showed his personal portfolio and how the fund is managed and returns he got during the time period (He said your amount can even be doubled in one year). I personally told him i do not want 100% percent return but to manage my 10 lacs and he agreed upon (He never called me later). If there is loss beyond 2 lakhs, please stop it.

Plan - Riding and No Transparency: Dasrath the introducer said - sir you will get daily calls in the morning and trade confirmation calls evening. Just say "OK" and we will take care of your fund.This is a BIG plan to misutilize my funds. On the Daily Trade confirmation calls, the operator would say "Sir, this is trade confirmation. If they booked profit he would announce it, for losses (MTM that day) he would cover up and say sir - it's in Carry Forward". Around the month of Oct 2019 (they started this plan during July 2019). Around october i had intial doubts as i started looking into the statements (going through all the Daily Trades). There was no back office login given to me to check what is actually happening. I asked for P/L statement of my entire fund on the trades (I saw -3.5 lacs in the last daily trade statement). Mr.Dasrath sent me a P/L saying sir, we are doing decent trading and you are at +2.5 lakhs in profit. Towards the end (Later Paragraphs) he was lying, sir that statement sent by operator is for July - Sep and we are in profit at that time.

Plan - Cover-up and More Greed: My doubts had increased as i see contradicting statements by the operator and Dasrath (He referred me Spice Jet to buy) and Operator says on another call - Why did you buy aviation ??. This is the time (Mid to Late October might have already lost around 5 lakhs on my initial fund of 10 lacs) they wanted to chop 20 lacs of my equity fund on from the remaining 15401 shares (i added around 500 shares at the same at price of 154 by adding more at the Dips). With the doubts, i asked them to STOP trading (VP - Laxman Rao never called me so far and it had already crossed 2 lacs he promised to put a full stop). Dasrath called me - Sir, let the operator continue, he is doing good. So the operator calls me, sir Dasrath spoke to you. We will sell 15000 of my dream share. Sir, you bought these at 200 rs per share, see now the value is 150 rs per share and the volumes are low as well and not a good stock(i even added another 500 shares at 154 rs as explained above). I explained him saying the operators are buying, let's keep it. He says the firm had analyst news that it would go down to 100 rs. Let me take out those which are worth around 1400+ (*) 148 = 21 - 22 lacs. He said he would re-invest half of the amount on other equities and the rest into trading (again showing me false statements of profit). We can rebuy your dream share once it touches 100 rs.

From here on they literally started playing for the added 10 lakhs and had plans to avoid me (by late Decemeber). Might have lost another 2-3 laks in trading and to cover it up he bought Forex Trading and Commodoties too and lost around 5 lakhs there. From Mid Decemeber on wards i have been asking for P/L statements. Both Dasrath and operators come up, server is not working, we will send it next monday. And the operator does not even pickup calls, saying i'm driving from outstattion. My wife is in Hospital. And finally he says, my incoming is not working etc. Even with these BIG losses occuring they did not stop it and never bought my dream stock back (atleast when it touched 140). Even their Prabhudhas Lilladher Web App - doesn't allow you place the order. Only thru mobile app it works at times. Is this again intentionally done, which i do not know.

I shouted at all of them during first week of Jan 2020, why they are not sending P/L statement even after asking multiple times and i would not like to continue with PL anymore. So suddenly operator comes into picture saying - Here is the final P/L statement. Total loss including taxes is 11,98000. This is when i had clear visibility, they traded like anything just for their comissions and margins. Even for MTM value of +60 and - 60 rs they trade.

My dream stock touched 260 - 280 during second week of Jan. If they did not touch that stock (intiall sold 5000 to start the fraud in June 2019 and Mid oct around 10000 shares). I wanted to exit atleast on 260-270. So the loss incurred was around 15000 shares * (265 - 165) = 15000 * 100 = 15 Lakhs. Due to the double impact these guys caused me loosing in the trades and equity (with out stopping trade at - 2 lakhs) = round 15 + 11. 98 laks = 27 Lakhs.

Conclusion with SORRY FACE - Finally Mr. Laxman Rao comes into picture. He and Dasrath (introducer) comes to my house saying "SORRY SIR" and we discussed a plan to recover. I shouted at them last night. Now another act starts - Sir, we will loose our Jobs if you escalate this and complain. I shouted at Mr.Laxman Rao you did not even care about looking into all these days. He says i only came to know yesterday and both of them started looking into P/L statement in my laptop as if this is the first time they had seen it. These guys are cheaters they will play with customers money like anything.By now the operator is GONE (as per Mr.Laxman Rao and Introducer). They again say, we will definitely recover it buying good stocks and avoid trading. You know what, i showed them the Argo Phos (recommended by Mr.Laxman Rao at the Firm) which they bought at 140 rs and it's worth 35 rs in just short time, how can i believe them on equities too. They are not professionals, just JUNK and CHEATERS. They even talk about another option, we will get you a plot for half the price to cover up the loss :( OMG. These suckers, i can't believe the extent to which they can manipulate. They are MANIPULATORS for sure. I challenged them why don't you infuse 10 lakhs into my account and prove that trading losses you made can be recovered and take your amount back. They started running at this point - Now you understand what they promised through TRUST versus what they are doing to Hard-Earned Money of our's.

If any of PL customers want to speak, please call me for references and facts.

I know i cannot legally fight (as due to number of signatures they take initially right). If any one had faced similar issues earlier, please let me know.

I don't know about the Brand Image and Reputation of Prabudhas Lilladher being a 140 year old company. But these three people sitting in Hyderabad office are Fraudsters.
Ajit kumar Nandi
1. Ajit kumar Nandi  Jul 5, 2018 18:14 I Like It. | I Don't Like It. | Report Abuse Reply
they are basically thief(.) They trade on the clients account and want to pass on the bug to the clients(.) As clients are ill equipped to maintain full daily details of the account , they easily escape (.) In my case often I used to find my share from holding are taken as security , I was unable to follow(.) Finally I found , the total capital is reduced by 70 to 80% (.)
They or their some agents have traded in my account and caused me loss and damages NOW they are trying to evade and avoid

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