This is a complete fraud company.
Here is what happened.
I received a call from one of the executives(Arush)of this company and told me a scheme work Rs. 10000 a month. Later I was assigned Ajay Sharma as a person to provide me trading tips.
It was agreed that they will provide me tips on the daily basis by calling me on my phone.
The day I took the service, same day, I got a call from an executive of this company, Karnika Patel, for a profit-sharing deal, where she said she will give me tips that will earn me Rs. 50 Thousand to One lac per day, and we have to share the profit with SmartMoneyFS as 50%-50%. She told their director and owner(Mr. Santosh Kumar Sahu) has undercurrent contacts with many of the top 50 companies and they get a direct tip from there on which scripts to trade on. It was a lucrative deal for me.
Since then they gave me some 3-4 scripts, in which I lost quite a big sum. This happened as all the script they suggested, they do not allow you to put a stop loss and do not let you buy/sell out of it until the script balance becomes zero. They say there is no stop loss since they are in touch with the company and the share is going down purposely. But now I realized, Since they don’t care about the loss as the loss is not shared, they hardly take care putting a stop-loss to the trade.
They have stopped giving me service when they realized that I have very less money in my demat trading account. When I raised the concern and threatened Santosh that I will reach out to SEBI with all the malpractice in his company, he agreed to get my money back through trade by 31st March.
I am about to raise a complaint with SEBI, if any of you have a similar issue, we can join together and raise it with SEBI.
Some other concerns I want to raise with SEBI is.
1) They trick you to share username and password of your account to check your balance and the trades you are doing. I have requested my trading company to share the IP address list from where all my account is accessed, which I can share with SEBI as proof.
2) I wonder and suspect if SmartMoneyFS get new/probable customer number from my trading company. As the day I opened the account I got a marketing call from SmartMoneyFS to take their service. I felt there is no other way, my number could reach them that I have opened a trading account. [of course, this can not be proved, this is a normal practice in India to share number data, but SEBI can tighter controls to have fair practices]
I have open question to Forum, I am planning to also knock doors of consumer forum, any tips about it?
Will close this concern with an advice to avoid this company for any share trading tips!