power of attorney

is mcx has rules like power of authority?

This means exchange members can do any trade in his client account without permission.

Originally Posted by ramakrishnan

is mcx has rules like power of authority?

This means exchange members can do any trade in his client account without permission.

Hi Ram, If your demat service provider has power of attorney in account opening forms, that's quite normal. From what i heard, its required by them to hold shares or commodities on your behalf in their accounts. The shares & commodities belong to you, but they hold it on your behalf. I may be wrong, but this is what i heard.

If you are opening accounts with well known service providers, don't be worried about it. May i know which service provider you are opening with?

i opened account in procon advisory services india pvt ltd. the company url is PROCON Advisory Services India Private Limited.


Last year January i opened account in this company. They got lot of sign in application form. They told me, they trade in my account and give good profit every month without any loss. They start trading in my account and lost 2.6 lakes.

i went to that company and ask about loss. They told me , "you signed in power of attorney form , so don't ask about loss , we will meet court".

They cheating me.

can you tell me how i can recover my amount from him?

Originally Posted by ramakrishnan

i opened account in procon advisory services india pvt ltd. the company url is PROCON Advisory Services India Private Limited.


Last year January i opened account in this company. They got lot of sign in application form. They told me, they trade in my account and give good profit every month without any loss. They start trading in my account and lost 2.6 lakes.

i went to that company and ask about loss. They told me , "you signed in power of attorney form , so don't ask about loss , we will meet court".

They cheating me.

can you tell me how i can recover my amount from him?

Oh my! This sounds really bad. Did you know that they were going to trade on your behalf in your account?

If so, then nothing can be done really. You can't just complain when your account ended up in losses. The statement that they make that "give good profit every month without any loss" is so wrong and is a bad marketing gimmick. You must have known that trading can yield losses.

If you didn't know about it all along, its very sad to hear and you can try lodging a case in the court. But, its really hard for an individual to put up a fight against a company.

i don't know , They were trade on behalf on my account. but they were not sent any contract note. as per the mcx law they should sent contract note every day.

how i can verify they trade behalf of my account?

Originally Posted by ramakrishnan

They told me, they trade in my account and give good profit every month without any loss. They start trading in my account and lost 2.6 lakes.

Like i said, If they did tell you that they were going to trade on your behalf, there's not much you can do now to recover.
But yes, as i understand, they should have sent you contract notes.

hello sir, i am from coimbatore Tamilnadu. your location is chennai. i think you know tamil. if you give your cell number i will call and clarify my doubts.