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I was recently lured in stock market trading in futures and options. Person on the other end called me many times to convince me. Tall promises were made of returns however an investment of approx 2 lacs was lost due to poor knowledge by the trader. My login credentials was taken to trade. Evidence of calls and WhatsApp messages are available. How can this be litigated?
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A. File a complaint to IGRP "Investor Grievance Redressesal Panel"
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Shreyash  Mohta
Shreyash Mohta Exp: 1 Year(s) Kolkata
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 2 Year(s) Aurangabad
Shah Rukh  Ahmad
Shah Rukh Ahmad Experience: 2 Year(s) South Delhi
Prodyut  Banerjee
Prodyut Banerjee Experience: 11 Year(s) Kolkata
As mentioned in the FAQs regarding the overseas direct investment in RBI's official website stating that for an Indian entity investing in a WOS in a foreign country operating in financial services sector it has to have net profit in the preceding 3 years, I wanted to clarify whether proprietary investing(investing activities carried out with the company's own capital) falls under the financial services sector as we see that there is no service offered to the clients( or there is non existent of clients for the business activity carried out). Awaiting for your reply Thank you
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A. Approach to the any charted accounts for better understanding please
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Rameshwar  Dadhe
Rameshwar Dadhe Exp: 2 Year(s) Aurangabad
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore
Hi, Recently I have subscribed to a basic plan of a stock Advisory firm worth Rs 10,000 and the subscription plan includes advice only on "stock cash" only but the executive of the company gave me Banknifty call which is not present in my subscription plan and because of that I have incurred 70,000 loss, after the loss the executive stopped attending my calls and I am getting no proper response from advisory firm. What kind of legal action can I take on the firm and how to get my money back?
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A. Issue a legal notice and thereafter if they do not comply file a money recovery suit.
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Shreyash  Mohta
Shreyash Mohta Exp: 1 Year(s) Kolkata
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 2 Year(s) Aurangabad
Abhimanyu  Shandilya
Abhimanyu Shandilya Experience: 14 Year(s) Kolkata
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore
Dear sir / madam, * I want to know cross currency forex trading in india is legal or not. ex,. EUR/USD, GBP/USD... * We can trade by Foriegn online brokers from india is legal or not.. like fxpro.com, ifcmarkets.co.in Kindly suggest me..
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A. Dear Sir, It is legal to some extent.
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Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Exp: 33 Year(s) Bangalore
Shreyash  Mohta
Shreyash Mohta Experience: 1 Year(s) Kolkata
Hi, I am an employee in a reputed BPO in Noida. I am in a debt trap. I have a debt of around 12 lakhs due to my negligence towards spending. The debt burden has come through credit cards and personal loans. I am earning meagre 30000/ a month which is not enough to pay off even the minimum amount of my credit card bill which is multiplying every month due to its fine and interest. I am almost going to depression now. I have not seen any way to get rid off my debt.Is there anyone who help people in distress or in need? Is there people who come forward to help me by lending money to pay off my debt, so that I can get rid of the fine and interest? I will repay you through EMI or as per your will. We can make an agreement for that. If someone who is willing, Please come forward and save me..Please.....
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A. How to File Insolvency Petition An individual can file an insolvency petition if he/she is unable to pay his/her debts and needs protection from creditors. Filing of insolvency is governed by the Provisional Insolvency Act of 1920 and in this article, we look at the procedure for filing insolvency petition in India. When Insolvency Petition can be Filed by an Individual An individual can file an insolvency petition if he/she is unable to pay his/her debts on fulfillment of any of the following three conditions: Debts amount to more than Rs.500 Individual is under arrest or imprisonment in execution of a money decree There is an subsisting order of attachment against his/her property in execution of such decree When Insolvency Petition can be Filed by Creditor A creditor can file an insolvency petition under the following conditions: Total amount of debt due to the creditor is more than Rs.500 The debt is already due or at a future date Insolvency petition has been filed within three months of the commission of act of insolvency Where Insolvency Petition can be Filed Insolvency petition can be filed at a district court having jurisdiction in which the debtor resides or carries on business. If the debtor has already been arrested or imprisoned, then the insolvency petition can be filed where he/she is in custody. Once an insolvency petition is filed, the Court can appoint an interim receiver after presentation of the insolvency petition or before an order is made. On making an order of adjudication, the property of an insolvent individual would vest with the official assignee or the receiver and becomes divisible among the creditors. Distribution of Assets The distribution of assets of an insolvent individual are executed as per the priority of debt provided by the Provincial Insolvency Act of 1920. Under the Act, the following dues have highest priority to all other debts: Debts due to the local government or any local authority; Salary or wages, not exceeding Rs.20, of any clerk, servant or labourer, for services rendered to the insolvent individual during four months preceding the date of presentation of insolvency petition. Rent due to the landlord, for an amount not exceeding one month’s rent. Once the above payments are made, all debts proved in the insolvency petition are to be paid ratably according to the amount of debts, without any preference amongst the creditors. After the order of adjudication and taking into consideration the report from the official assignee or receiver, the court may grant an absolute order of discharge. The order of discharge releases the debtor from all debt payable, except for any debt due to the Government and any debt incurred due to fraud or fraudulent breach of trust.
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Deepak  Bade
Deepak Bade Exp: 9 Year(s) Nanded
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 2 Year(s) Aurangabad
Deepak  Bade
Deepak Bade Experience: 9 Year(s) Nanded
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore
Dear Sir, Madam, I am NRI, settled in USA (US citizen) . My native is near Vadodara in Gujarat where I do have Agriculture Land, House and Bank account with local bank in my Village. My question here is that How to file police FIR for lost share certificates as it was bought by me in young age when I was living in my Village in Gujarat. As it is very old investment, I lost the physical certificate over a period of time. I do have Dividend voucher as proof with me. Look forward for your advice. Thank you
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A. 1.File a General Diary with the concerned Police Station at your native place (no need for FIR) 2. Send a letter to the Registered Office of the company for issue of duplicate certificate along with a)the copy of dividend warrant showing your ledger folio no and other details of your shares b) Affidavit regarding loss of certificate c)indemnity bond d)self attested copy of your PAN/ AADHAR and other documents e) copy of the aforesaid Police General Diary. Consult a suitable Corporate Lawyer
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Prodyut  Banerjee
Prodyut Banerjee Exp: 11 Year(s) Kolkata
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 2 Year(s) Aurangabad
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore
Hi Sir I had engaged one sub-brokerage firm based on his commitment to deliver 4-5% return minimum through trading. For this I had opened one account with Aditya Birla and deposited Rs 16 Lacs. 1. With in 2-3 days of experience, I realised that the firm's interest was brokerage as I did not find any strategy. 2. The owner called up and persuaded to give him time so that he can show performance. He requested for 3-4 months of time to show result. 3. After a period of 3.5 months, I have found that there was already a loss of Rs 6.5 Lacs in the account and capital had eroded. 4. During this period there was no call from him or his team on the trades done just information was coming through Aditya Birla report, which I did not follow. 5. One day when Aditya Birla team spoke and took feedback, I confirmed that I did not have any idea on the losses since there was no confirmation or intimation given by sub-broker. 6. Aditya Birla locked the account . 7. Again the owner pleaded and pleaded to give him chance as he was occupied in his family related issue as his mother was cancer patient and he him self was not well. 8. I approved to resume account (primarily on humanitarian ground)and he started trading again with daily intimation coming to me . 9. On the first day itself of resuming, I showed him the call which he executed when actually in market call was to book profit at that level. 10. He requested to check and resumed trading. 11. For 1.5 months there better calls and portfolio slightly started recovering losses. 12. He started giving daily reports and taking confirmation on mail. 13. I confirmed since I continued to trust him. 14. Meanwhile, I got suspicious again since calls were very less as compared to earlier time. 15. When checked, I realised again there were calls, in which, money got struck due to wrong positions and hence money was not available for trade. 16. I confronted him again and asked for P&L statement. I realised the lossess had balloned in excess of Rs 8 Lacs. 17. When Aditya Birla asked opinion, I confirmed that I had no idea on his calls so Aditya Birla blocked account again. 18. This time despite his request, I have not resumed sevices.Though he committed that he shall reimburse his brokerage amount which I did not take. 19. There are thee open positions in which there is loss accumulated. 20. Total loss as on date is around Rs 10 Lacs. 21. Now he is not responding to phone calls or messages when I am seeking clarification as to why there was no stop loss put to presently open calls. 22. If he was attentive, he could have put situation under control by putting stop losses., which he did not do. In such situation what can I do to recover losses from him when 1. I have many times called on his quality of calls(proved) 2. Not putting timely stop losses.(proved) 3. Now no responses from his side. The amount of loss is Rs 10 Lacs. Please guide. Regards Rajesh Gupta
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A. Dear Sir, Get issue a legal notice and file a civil suit.
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Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Exp: 33 Year(s) Bangalore
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 2 Year(s) Aurangabad
I'm a joint owner of my property along with my mother. My younger brother lives with us and he has to get a rent agreement made in order to get tax benefits. Is it possible to have him enter into an agreement with only my mother (so that the rent amount doesn't show up in my income) without any special power of attorney. If POA is really required in this case, can it be made to start at a previous date(just like the rent agreement)? How much will it cost?
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A. Dear Sir, It is confidential please meet in person.
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Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Exp: 33 Year(s) Bangalore
Shanti Ranjan  Behera
Shanti Ranjan Behera Experience: 22 Year(s) Bhubaneswar
I have a funds in my account (First Texas Bank) I'm trying to transfer those funds to my Indian bank account but when I'm doing the transaction asking for code i.e, COT code for I reached out to the bank they has been given a code but again asking the another code called tax transfer code. For that COT code I have been paid $850 but again asking for these tax code. Can you help me out from this?
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A. U should approach concern bank authority. Don't go ahead before it
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Rameshwar  Dadhe
Rameshwar Dadhe Exp: 2 Year(s) Aurangabad
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore
Ambrose  Leo
Ambrose Leo Experience: 9 Year(s) Bangalore
Shanti Ranjan  Behera
Shanti Ranjan Behera Experience: 22 Year(s) Bhubaneswar
ask_a_question

Tom Mathew

Posted 7 months ago

I had deposited some money from Indian bank to foreign forex platform. After I heard it is illegal. What to do.
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A. Dear Mr. Mathew, Please get in touch with the bank and the bank will sort out the matter. In case of difficulty, share the details and I will tell you what to do next. Shanti Ranjan Behera Advocate
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Shanti Ranjan  Behera
Shanti Ranjan Behera Exp: 22 Year(s) Bhubaneswar
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 2 Year(s) Aurangabad
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 33 Year(s) Bangalore

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