- Part 2- Fraud By Amrapali Aadya Trading and Investment Private Limited
- Investors Are More Perturbed By Indifference Of NSE Towards Their Interest
Fraud done by NSE’s Stock Broker Amrapali Aadya is getting bigger with each passing day and whole trust of investors, especially the retail ones, have been completely shaken. When www.khabarindia.in, decided to take up the cause of few duped investors by Amrapali Aadya few days ago, we didn’t have any idea of the scale of this fraud but since last one week we are getting numerous emails, phones, watsup of aggrieved investors, majority of whom are elderly and retired person.
To their shock, nobody had any idea that such type of fraud could happen in Indian Equity market, which is controlled by “all powerful” SEBI and it has been touted that exchanges like NSE have all stringent “fool-prove” mechanism in place to secure investors interest. Interestingly we now have complaint of 50+ investors of Amrapali Aadya and shockingly, despite lodging complaints to NSE, not a single investors got any satisfactory reply from India’s biggest Exchange, which is all prepared to come up with its huge IPO.
Cold Shoulder Response From NSE Towards Investors
When khabar india did its first story and talked to official spokesman of NSE over the issue, he also sort of shrugged off his shoulders, and said to get back to us over the questions asked but even after repeated reminders they haven’t reverted to us. Shockingly, NSE Spokesman and his “PR ally” also requested us to change the headline or our last story and made a commitment to come up with the replies but nothing has come up from them to safeguards the interests of investors. In the mean time some of the Aamrapali Aadya Investors have staged a demonstration in front of SEBI office in Delhi to help them get back their Stocks and Money. The response to NSE towards investors is even more pathetic. “I have made complaint to NSE but they are not taking seriously as per them they will take decisions as per their choice and only will provide money not the shares, Says Surender Gupta, a small investors. “I want my shares because I have invested for my daughter’s future pls help us,” He added. We have also asked many questions to NSE about how investors can safeguard their interest in this case but NSE Spokesman hasn’t reverted about that. In fact he verbally said that SEBI or any other “appropriate forum” would look into this matter as far as investors are concerned. Importantly many investors have also approached police and EOW with the matter but no redressal has happened to their complaints till now. In such a scenario, investors find themselves left in the lurch.
Collusion Between Broker and Exchange Staff?
Importantly the whole confidence of small retail investors has been totally shaken from the stock market. “Amrapali Aadya have cheated me of more than 95 lakh rupees. My life long earnings have been transferred by them into their account and pledged somewhere. Please help us retrieve our money.” Informed investor S. Harmohinder Singh. Investors are of the opinion that such kind of fraud by Aamrapali Aadya promoters couldn’t be done without the collusion with Depository and Exchange staff. Interestingly majority of Investors who have been duped by Aamrapali Aadya by transferring their Shares into pool account and then pledging (or Selling) it somewhere else without the consent of investors. This is clear violation of SEBI rule. “Clause 15 of Rights and Obligations document for Stock Broker, Sub-brokers and Clients as prescribed by SEBI vide its circular dated August 22, 2011 stipulates that securities of the clients cannot be used for itself.” “How such fraudulent by Amrapali Aadya went unabated for years, which is in clear violation of SEBI rules and what NSE and CDSL was doing when broker had pledged and sold equity of Investors without their consent from pool account since past 2-3 years,” Says investor Adarsh Gopal. “NSE always claim that it is having a world class a real time system, so how come they weren’t able to caught this wrong doing of Amrapali Aadya. My confidence on Stock market is completely shaken and advise to investors is that nobody should invest into Share Market, its all fraud,” he added.
Khabarindia.in Request To SEBI, Save Investors’ Confidence
Considering the plight of investors, khabarindia request SEBI to immediately take some action into Amrapali Aadya Scam so that confidence of retail investors would be restored in the capital market, otherwise it will too late. In the mean time NSE source informs us that Amrapali Aadya promoters have been given by SEBI to anyhow revive themselves by pumping money, but that exercise seems to be futile as no satisfactory action have been taken by promoters to put money. Considering that now SEBI will now start sort of ‘liquidation’ proceeding against the broker. NSE Source said that after this proceeding, it will be decided, as to how investors would be given their dues. “As per the norm dues up till Rs. 25 lakh per investors would be settled on pro rata basis out of investors protection fund,” informed NSE Source. If any investors have any complaint against Aamprapali Aadya then they can write to us at khabarindia.in@gmail.com. We will surely take up the matter.
