While being explained the schedule of charges during the opening of my Demat Account within the Value Trade Scheme, I was asked to pay a “Security Deposit” to the tune of Rs 10,000. The understanding for this deposit amount being that it would be refunded whenever I wished to close my trading account. A year later when I expressed my wish to close the trading account and asked for a refund of the deposit, I was told this : “As per the Value Trade Scheme you need to generate the brokerage till the expiry of the said scheme. However the brokerage generated till the expiry of scheme period shall be reversed subject to maximum of up front fees deposited paid by you. Any brokerage generated over and above up front fees deposit will not be reversed. In case the brokerage generated by you is less than the Value Trade amount than the said scheme will automatically get discontinued at the expiry and standard brokerage will be applicable for your trading account. You shall receive the refund of only brokerage generated by you within the scheme period and remaining amount will be forfeited. Hence in your case remaining amount has been forfeited.” This is in complete violation of the terms discussed with me by the Relationship Manager of the concerned branch and a complete misuse of my trust in their dealings.

I demand I be refunded the amount of Rs 9936.66 in full and nothing more. This is in line with what was promised to me while paying this Security Deposit of Rs 10,000 upfront.

Complainant Information
name- arghac