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Fraudulent action on the client account by Finvasia under the guise of technical glitch.
Complaint sent to Finvasia on 15.4.23.
Dear Sir/Madam,
I am writing this legal notice to bring to your immediate attention the egregious, unprofessional and unacceptable conduct of Finvasia Securitites Private Limited (‘Finvasia’). On 13.04.2023 the Finvasia fired dummy orders in my client account FA104607 without my knowledge or consent. Despite several attempts to contact Finvasia during market hours, there was no response or communication from Finvasia end. The technical glitch orders were ultimately squared off with profits worth Rs. 7,27,901.25 EOD, however, the next day, the Finvasia tampered with my account and showed a loss of Rs. -524,053.51 leading me to a massive manipulated financial losses. I am extremely appalled and outraged by the flagrant and blatant disregard for my rights and interests as a client. The actions of Finvasia are illegal, unethical and amount to a complete breach of trust and duty.
I would like to put on record categorical that on13th April, after a few successful trades, the only trade initiated by me was trade nos. 520518895, 520518896 and 520518898 which were squared off at 13.59 hours (Please see my contract note). All other positional trades were fired by the technical glitch on my account to which Finvasia did not provide any solution. Till EOD my portfolio was showing a profit of 7,27,901.25 (both total MTM and day’s MTM), then how on 14th April it was shown as minus? This is an utterly fraudulent act by the Finvasia. As a result of Finvasia’s gross negligence and wilful misconduct, I am shown as having suffered substantial financial losses to the tune of Rs. 5.65 lakh.
As a retired person, I ventured in to options trading with a view to learn and earn a decent income to support my family and in the process over last three months I have incurred losses of Rs. 2 lakh.
I demand an immediate and full refund of losses incurred due to the reckless and irresponsible actions of Finvasia. I expect the refund of Rs. 5.65 lakh with a compensation of Rs. 1 lakh totalling an amount of Rs. 6.65 lakhs by the end of Monday, 17th April, 2023. If Finvasia fails to settle this amount by Monday EOD, the Finvasia will be liable to pay a penalty of Rs. 5000 per day. Please settle this amount by Monday EOD and avoid further damages. Already my trading is blocked for want of this untoward settlement.
In light of the foregoing, I demand that Finvasia immediately acknowledge the gravity of its actions and provide a comprehensive and satisfactory resolution to this matter. Failure to do so may result in legal proceedings being initiated against them without further notice.
Please note that this notice is being sent without prejudice to any legal rights and remedies that I may have in law or equity.
Thank you for your attention to this matter.
Sincerely

[Ambadas Huchche]