Location/place: CHENNAI
Name of company/service: EDELWEISS FINANCIAL ADVISORS LTD
Dear Concern,
I am a self employed from Chennai. I’ve been worked in stock broking industry for 7 years. I was interested to become a business person, so I quit my job and associated with Edelweiss Financial Advisors Ltd as a Sub Broker.
I trusted the brand Edelweiss and impressed by their local employees approach, I’ve taken a franchisee with them. They have committed to provide all service standards to me.
But things were not on the right track.
I’ve started to enroll my clients, and all my clients are quality clients, they have started the trade immediately after the account activation. Here I’ve mentioned the hurdles, struggles, harassments, given by Edelweiss below.
SMS Issuse :
Normally every stock broker used to provide SMS alerts regarding market trend and etc. After TRAI regulations it has been restricted to some extent. Though I knew that, I’ve enquired them regarding the service. They said they are unable to provide SMS service to my clients but they can provide it to me, so that I can forward the same to my clients. I agreed.
But till date I never ever received not even one single SMS from Edelweiss regarding market updates. And they didn’t respond to mails regarding the service.
Terminal Issue:
Every broker has to provide trading terminal to their franchisees when they provide the required NCFM Certifications. I’ve provided the same. But till date I was not received the trading terminal, so that I can’t able to serve my clients. I was humiliated in both the ends from Edelweiss as well from my clients too. I can’t blame my clients since its my responsibility to serve them. But Edelweiss didn’t allow me to do my business efficiently.
I’ve risen as many as mails to Edelweiss, but they didn’t respond for anything.
Transparency Issue:
As I enrolled as a Sub broker, I requested to provide them MOU (Memorandum of Undertaking) which has to be providing at the time of sign up itself. But they didn’t provide me the same and after my frequent mails they gave it to me.
And, I had a doubt about my client’s revenue, my sharing and my charges applicable to Exchanges. I requested them provide the details but they didn’t respond to my mails as usual. Finally I told them that I’ll bring this issue to their CEO, then they have forwarded a mail which was not clear.
I requested them explain the same, but nobody assisted me at all.
AMC Issue:
Every Stock broker used to apply AMC for clients account. Similarly Edelweiss also have the same and it was mentioned in their application form itself.
But when enrolling the clients, their operation department asked to provide a different amount for AMC which was not mentioned in the application form. I had a doubt and enquired in the local office, they asked me to check with the Head Office.
I’ve sent a plenty of mails to their official email ids, and didn’t received not even one single response from the consign persons. Here I’ve mention the email ids below.
• [email protected]
• [email protected]
• [email protected]
• [email protected]
• [email protected]
• [email protected]
Every email I’ve got it from their respective websites, local branch, and from my received emails.
It seems the company literally cheating the investors and they are having their own regulations than SEBI.
The saddest things it that no one has treated me like their associate and thought I was begging to them for my survival. I was completely frustrated and mental tortured by this poor response. And lost my hope of being a Self Employee.
Payout Issue :
Finally this was the biggest harassment I faced with Edelweiss.
Every Sub broker used to work for their earnings and I am not the exception. They have committed me to pay the payouts by every month 10th.
I quit my job and don’t have salary; I completely depended on their payouts. But never ever the payouts was released in time and every time I have shout with them through mails and phone to receive my hard earn money.
I used to get a hand loan from outside till I receive the payouts. Due to their delay I was the victim to pay interest to my hand loans.
I am Now :
All my aim, ambition, interest was getting a clients, serve them, let them earn profits , so that I can generate revenue through brokerage. And thought of expanding my business in every frequent interval.
But Edelweiss, didn’t allow me to enroll clients because of their new AMC policy, which was not clarified to me so that I am to my clients.
They didn’t provided me the trading terminal, so that I cant able to serve my clients.
They didn’t given me research support as committed, so that my clients didn’t earn profits and guidance.
I was tortured for my payouts, didn’t receive the money in time and occurred loss by paying the interest to loans.
Finally the worst thing in my life is I lost my hope of being a self employee. They killed my desire, ambition, interest everything.
Compensations:
Edelweiss must understand the seriousness of the business they are involved. They have to treat their associates as an human beings at least.
I was earned Rs.60,000/- as my salary before to this and lost my job and salary because of the interest with Edelweiss. I demand thrice the time of compensation from Edelweiss which is Rs.12,60,000/-.
1 time for irresponsible behavior
1 time for my financial loss
1 time for the harassments, wrong commitments and finally for killed my interest.
I Kindly request you to look in to this issue and help me to get the compensation from Edelwiess Financial Advisors Ltd.
Thanks & Regards
P.Dhamodharan
Sub Broker – 7121357
Edelweiss Financial Advisors Ltd
9840122525.
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