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Super Senior Citizen Charged Penalties by Broker: Can I Appeal?

Milind

Milind Vadjikar  | Answer  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Mar 30, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Kuldeep Question by Kuldeep on Mar 29, 2025Hindi
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My institunal broker applied for an IPO, on my behah, The application had no slot for quantity or amount. My deposit with broker was 45 lakhs. .. I was alloted shares worth 75 lakhs. I had informed my institunal broker about my insbility to mopup such a large fund. The broker bloked my account and pressurised me to deposit balance . I flately submitted my insbility. Now IPO is opened up, but my funds are still not released. They are now trying to impose a penality of 10% of alloted amount i.e. 7.5 lakh. A part from this, penality too. Figure not conveyed yet. Moreover, all these to be paid first . Sir, I am a super senior citizen of 80yrs, I had deposited fund as a investor only, but now became a DEFAULTER snd crimal and lable to pay heavy amont. SIR, I SEEK YOUR HELP AND GUIDENCE THANKS KULDEEP GARG

Ans: Hello;

I do not know what exactly was the understanding between you and your broker.

However you may raise a grievance online with sebi scores portal.

Be prepared to provide your concern in a short and crisp format and upload documentary evidences of all requisite papers, in soft copy version.

Best wishes;
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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sir am 26 yrs old . and I was doing company secretary couse but unfortunately couldn't clear in 2024 i join my father's personl office he was a accountant and later started his own firm and he was a advocate.. but sometimes I feel that ca degree is important for our office work when it comes to audit . so for providing ace to office I want to pursue ca but it's too hard as am not able to clear cs like ( 199 ) marks left with only 1 marks to pass . so I have a doubt that am not able to pas cs so how can I pass ca . i don't talk with my parents about my this thinking .. it's like am able to clear cs ? with ofc ? or not ? or it's just a bad decision for me ! please sir replyyyt !
Ans: Dear Priyanka,

Thank you for being so honest about everything!

Do you like CA and CS first of all? This is the first question you have to ask yourself!

The next question I want to you ask yourself is, ‘am I scoring less marks because I have not studied / lack of interest or lack of understanding of concepts?’ Seek help if you really want to clear these exams!

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And please sit and have a heart to heart chat with your parents!
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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