Complaint - Banking?

Question

Dear Sir,  I Had Applied for an IPO OF Equitos. But The amount was not freezed in my account And subsequently did not receive the shares inspite of amount in my account being sufficient to the amount required to clear my asba transaction. When Inquired in my branch I was given a rickless answer to inquire to my broker where I submitted my application form. My broker is in possession of each & every document which proves that the application has been forwarded but the amount not being freezed by your bank ………I being the account holder is under a huge loss of not getting the shares inspite of having amount due to mishandling on the part of bank……….I am being suggested to approach bank as I have all the evidences of application being forwarded but not Processed by your Bank. I am the account holder with the bank & have never faced such a situation since 1990. So I trust the procedures and decided to inform the management of bank at a primary level & then approach bank Only & only if I don’t get a satisfactory answer. Hope I ‘ll get a satisfactory answer and will not have to involve bank between us. Awaiting for your kind co-operation, 
Amrish Khandhedia

Answer 1

Dear Amrish,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

As regards your complaint, only if you evidence  in the form of acknowledgement of receipt of your application at your bank can you make out a complaint. If you can prove that you submitted share application form to your bank, complete in all respects and in time and the bank has acknowledged receipt but failed to hold the funds under ASBA pending allotment of shares  you can lodge a complaint both with Nodal Officer of your bank and also SEBI for suitable action in the matter. Be sure about the facts by checking with your branch officials, before lodging complaint.

Regards

 

J R Mohandas