NOT TRANSFERING OF SHARES- INDIA INFOLINE SECURITIES PVT. LTD.

I have a Demat Account No.10154238,(Login name-SADARAOI) with about 70 scrips in my portfolio, with India Infoline Securities Pvt. Ltd. (D.P.302269) with my wife as a joint holder. I handed over personally 5 delivery notes listing 20 scrips, signed by both of us, to India Infoline office in Chembur on the 29th of September 2008 for transferring to my Demat Account No. 10438412 with IDBI Capital Market Services Ltd. (D.P. 300079). India Infoline has not yet transferred the shares. While initially the company claimed that some of the delivery slips could not be found or that the transfer required consultaion with their seniors,It did not bother to reply when asked for reasons for the delay. On enquiry from National Securities Depository Ltd., with whom I lodged a complaint, India Infoline came of with the excuse that the shares could not be transferred because of signature mismatch. When requested to provide Xerox copy of the signature which they found genuine to enable me sign further delivery notes to match this signature, they are not responding, even on request from NSDL Thus not only the 20 scrips waiting transfer, all other scrips in my account are stuck with India Infoline.

My correspondence with NSDL and India Infoline has been on for the 4 months and even after producing documentary evidence, not refuted by India Infoline on their flip flaps, NSDL has not taken any action. NSDL by their letter dated January 29, 2009 asked India Infoline to clarify matters to me within 3 days but the letter remains unanswered todate.

It appears that India Infoline has misused the shares held in my Demat account and hence were not readily available for transfer. Anyway It is not quite clear how the DP hold on to my stocks by resorting all types of gimmics against the specific delivery instructions The scrips remain untransfered for nearly six months now and since India Infolinehas declared mismatch of signatures on a mass scale, I am not in a position to submit fresh delivery slips.
Thanking you,

Yours faithfully,

I.Sadananda Rao (SADARAOI)