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Ramalingam

Ramalingam Kalirajan  |11390 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 20, 2026

Ramalingam Kalirajan has over 26 years of experience in MF distribution and wealth management. He holds an MBA in Finance from the University of Madras and is a CFP (Certified Financial Planner) credentialed professional. He is the Director of Holistic Investment, a Chennai-based AMFI-registered Mutual Fund Distribution (ARN-4188) and APMI-registered PMS Distribution firm (APRN07386), helping clients build long-term wealth through mutual funds and other investment solutions.... more
Asked by Anonymous - Jul 19, 2026
Money

I am an investor in Finsol Securities Pvt. Ltd. SEBI Reg. No. INZ000328134. I have invested in securities, IPOs and Mutual Funds as per their announcement in whatsapp, & wen portal. Regret to say even after two months still I didn't get my Trade Code and compliance as per SEIB regulation. For withdrawal of funds in my account they demand service fee in advance. After maturity of Mutual Fund, it goes to my account with them. Is it correct? How to confirm with SEBI.

Ans: Several things you mentioned are classic warning signs of unregistered or fraudulent investment schemes:

No Trade Code / Client ID issued after two months. Every SEBI-registered broker must issue you a Unique Client Code (UCC) at account opening, not months later. This delay alone is a serious red flag.
Demanding a "service fee" before releasing your own funds. This is not standard practice anywhere in Indian regulated markets. Legitimate brokers deduct fees/brokerage automatically from your account or trade proceeds — they never ask you to pay extra money upfront just to withdraw what's already yours. This pattern (pay more to get your money out) is very commonly seen in fraudulent trading platforms.
Mutual Fund maturity proceeds going into "your account with them" instead of your own bank account. In genuine mutual fund investing, redemption proceeds go directly to your registered bank account via NACH/RTGS — never held or routed by an intermediary into some internal wallet or account they control.
Investment solicitation over WhatsApp and a "wen portal" (unofficial web portal). SEBI-registered entities are not supposed to solicit or manage investments through unofficial WhatsApp groups or unrecognized web portals. This is a very common pattern in "pump and dump" or fake broker scams currently active in India.

How to verify Finsol Securities' SEBI registration

Go to SEBI's official website (sebi.gov.in) and use the "SEBI Registered Intermediaries" search tool. Enter the registration number INZ000328134 and check if it's valid and matches the name "Finsol Securities Pvt Ltd" exactly.
Cross-check the same registration number on the stock exchange websites (NSE/BSE member search) since every registered broker is also listed there with their exchange membership details.
Be aware that registration numbers can sometimes be misused or copied by fraudulent entities — a valid-looking number doesn't guarantee the entity using it is legitimate, so cross-verification is important.

What to do right now

Do not pay any further "service fee" or any additional amount to them, no matter what reason they give. This is very likely designed to extract more money from you.
Raise a formal complaint on SEBI SCORES (scores.gov.in) — this is SEBI's official investor grievance portal and is the fastest way to get regulatory attention on this.
If money has already been transferred and you suspect fraud, file a complaint with your local Cyber Crime Cell (cybercrime.gov.in) as well, since this can also be pursued as a financial cyber fraud case.
Contact your bank to flag the transactions if you suspect unauthorised or fraudulent fund movement.
Keep all your records — WhatsApp messages, screenshots of the portal, payment receipts, any communication with them. This will help both SEBI and cyber cell investigations.

A note of reassurance

You did the right thing by asking before making further payments. Many investors in similar situations keep paying "one more fee" hoping to get their money released, and that usually leads to bigger losses. Pausing here and verifying is a smart, protective step.

Finally

Please don't send them any further payment. Verify the registration independently through SEBI's own portal, not just by trusting the number they've given you, and file a SCORES complaint soon — timing matters in these cases.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment
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.
Money

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Ans: Dear Prashanth,
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Hope this helps.

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my daughter has secured admission in CSE-AI at IGDTUW .Going by the reputation of the institute she withdrew from BITSAT,JOSAA, LNMIIT and MHT-CET counselings. But now after attending the college for few days, she has been completely put off by the real bad infra and attitude of teachers there.Only viable option left now for her is COMEDK, where she can get CSE in MSRIT.We are delhi based and budget is not a issue. Please suggest further course of action.
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Please also verify the current COMEDK counselling and reporting status, as deadlines and eligibility can vary by round. Before proceeding, confirm that her specific counselling status permits admission/reporting at MSRIT.

At the same time, it is important to remember that no institution is perfect; every college has its own strengths and areas for improvement. The decision should therefore consider academics, campus environment, faculty interaction, placements, peer group, location and overall student experience.

Finally, ensure that your daughter is comfortable and mentally prepared to relocate from Delhi to Bengaluru, and that you as parents are also equally comfortable with the transition. If MSRIT appears to offer a better overall fit after this evaluation, switching can be a reasonable option. If possible, it may be worthwhile to keep RVCE CSE as a preference until the final counselling round, provided your daughter has already included RVCE CSE among her choices. If the option remains available in the subsequent rounds, she can consider it based on the seat availability and her merit position. All The Best for Your Daughter's Prosperous Future!

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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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