my broker sold my holdings what should I do ?

@nainesh1 (1656)
India
March 31, 2009 3:23am CST
I have been trading in the stock market for two years. Last year's downfall made me to stay away from the market for 3 to 4 months. Now I came to know that my broker had sold all of my holdings without my permission. I has asked him for clarification. I had planed my holdings to be kept for more than a year to save capital gains tax, so if they buy back those stocks for me I lose the advantage of saving tax. I had to give broker some money as a Dp charges plus some other charges but value of that was less than tenth of my holdings. They sold my holdings and gave remaining money credit in my account. What the legal steps can I take against the broker ?
2 responses
skyblue
@skyblue (1299)
• India
1 Apr 09
If you had debit balance on your account, then your broker can sold your stock. After all you gave the permission at the opening of your dmat account. But if you are sure that, there was not debit balance in your account, then can make a complain to sebi. Sebi will surely take action against this broker house. Will you please tell me the broker name.
nainesh1
@nainesh1 (1656)
• India
1 Apr 09
The debit balance was only tenth of my holding. If they need to get debit they should sell up to where debit can be zero not full holding. my broker is indiainfoline.
Informer
@Informer (802)
• India
31 Mar 09
Hi Nainesh, The thing happened with you also happened with so many people last when brokers run out of money and they started sellings holding of their customers..For this purpose you can go to market regulator( which is SEBI In india)and also can reach to the stock exchange as they have their departments for those things..For more details if you are from India You can visite NSE-india.com.. Happy Business nxt time buddy..