Lender cheating me by selling my shares, what can I do?
28-Dec-2023 (In Banking / Finance Law)
i have taken loan against my shares @18% pa and paid interest accordingly but the lendor had done trading of my shares and not showing me the his demat statement i have already issued him notice to him but he has not replied to me
Dear Client,
Your broker's actions are not legal unless he or she sold the securities under certain conditions.
Common instances in which your broker's actions are legal:
If you have some type of discretionary account for which you have signed documents giving the broker permission to buy and sell securities for your portfolio, then your broker may sell from your account.
Second, if you have a margin account and your equity level has fallen below the firm's maintenance margin requirements, the brokerage has every right to sell your securities without contacting you or obtaining your permission.
Nothing much can be said at this stage. Post verifying ypur documents proper and precise advice can be given.
Expert Jurist LLP
Your broker's actions are not legal unless he or she sold the securities under certain conditions.
Common instances in which your broker's actions are legal:
If you have some type of discretionary account for which you have signed documents giving the broker permission to buy and sell securities for your portfolio, then your broker may sell from your account.
Second, if you have a margin account and your equity level has fallen below the firm's maintenance margin requirements, the brokerage has every right to sell your securities without contacting you or obtaining your permission.
Nothing much can be said at this stage. Post verifying ypur documents proper and precise advice can be given.
Expert Jurist LLP
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