SRINIVASAMURTHY VENKATRAM
New member
- Bank Name
- AXIS SECURITIES LIMITED a 100% subsidiary of AXIS BANK LIMITED.
- Customer Care Number
- 022-40508080
- Loss Amount
- 662266
- Ratings
- Opposite Party Address
- AXIS SECURITIES LIMITED,Unit No. 1001,10th Floor,Level-6,Q2 Building, Aurum Q Parc,Plot No:4/1 TTC,Thane-Belapur Road,Ghansoli,Navi Mumbai 400710
In respect of my subject complaint at the outset I am giving below the basic details of my- self (complainant) and Axis Securities(Respondant) as under for your records .
1.My-self{Complainant}
Name: Srinivasamurthy Venkatram
Address: A 198 Swagat City
Adalaj,
Gandhinagar 382421.
Gujarat.
Phone : 9687667203
EMail ID: s_venkatram@yahoo.com
My DP ID with AXIS SECURITIES : IN 304295
My Broking Account/Trading Account No with AXIS SECURITIES : 930762
My AXIS BANK S.B. Account No; linked to the Trading Account is 452010100005937
2,Respondent against whom the complaint is made.
Name: AXIS SECURITIES LIMITED/AXIS DIRECT
100% subsidiary of AXIS BANK LIMITED
Address: AXIS SECURITIES LIMITED
Aurum Q Parc ,Q2 Building,
Unit No:1001,10th Floor,Level-6,
Plot No: 4/1 TTC,Thane-Belapur Road,
Ghansoli,,
Navi Mumbai-40071o.
Maharashtra.
Phone :09769974254,022-40508080.022-61480808
Compliance Officer Details: EMail ID: compliance.officer@axisdirect.in Tel No: 022-68555574
3.Details of the Complaint
3.1: I had made investments in the following Equity Investment Schemes of AXIS DIRECT during the year 2022 . AXIS DIRECT is a brand under which AXIS SECURITIES LIMITED offers its Retail Broking and Investment Services.
i) Aggressive Axis Intellect Scheme(AAI)
ii) Basic Axis Intellect Scheme(BAI)
Both the above schemes make investments in Equities from the Funds invested. The Schemes also allows partial or full with-drawl of the funds invested in them.
As the investments made in the above AAI and BAI Schemes did not yield good returns ,I exited from both the AAI and BAI Schemes on 14th Feb'23.AXIS DIRECT had confirmed to me by separate mails both Dtd 14th Feb'23 duly confirming that my exiting of the AAI and BAI Schemes was successfully fulfilled at their end and the scrips/ holdings in the respective Portfolios will be successfully sold by them and the proceeds/Sale Values will be credited to my Broking Account as per regulations( T+1 Days as per SEBI's guidelines). Subsequently AXIS DIRECT had confirmed having sold the residual Holdings on 27th Feb'23 from both the AAI and BAI Schemes and confirmed the sale values of Rs .131061/- from AAI Scheme and Rs.43621/-from the BAI Scheme on the respective AAI and BAI Portfolio Statements(Performance Metrics Statements) Dtd Mar'23 sent to me from their end.The SUM TOTAL of the above TWO SALES VALUES confirmed by AXIS DIRECT is Rs.174682/-.AXIS DIRECT did not issue any Contract Notes on the Sales made by them on 27th Feb'23 nor the Sale was reported by AXIS DIRECT on their corresponding DEMAT HOLDING Statement of FEB"23. This is a serious violation of SEBI's Guidelines and actually amounts to Unfair Trade Practice by AXIS DIRECT from their end.
I had also requested for partial with-drawl of the following amounts on different dates from 6th Feb'23 to 22nd Feb'23 from both the AAI and BAI Schemes as under.
AAI Scheme-Rs.290758/- and BAI Scheme -Rs.196826/-. Here also AXIS DIRECT confirmed to me by separate mails both Dtd 22nd Feb'23 that the with-drawls sought by me from the AAI ad BAI Schemes was successfully fulfilled at their end and from the amounts sought for with-drawl they would carefully select the scrips ,transact them at current market prices and then the proceeds would be credited to my Broking Account as per regulations(T+1 Days as per SEBI's guidelines). But there was no evidence of any buying and selling of scrips by Axis Direct from the amounts requested for with-drawl and the amounts requested for with-drawl Rs.290758/- from the AAI Scheme and Rs.196826/-from the BAI Scheme was confirmed on the respective AAI and BAI Portfolio Statements (Performance Metrics Statements) Dtd Mar;23 sent to me from their end. The SUM TOTAL of the above TWO WTHDRAWL AMOUNTS confirmed by AXIS DIRECT is Rs. 487584/- Actually this being cash with-drawls should have been immediately credited to my broking account by AXIS DIRECT within T+1 Days viz before 23rd Feb'23 as per SEBI"s Guidelines .But the same was not fulfilled by AXIS DIRECT. This is a serious violation of SEBI"s guidelines and amounts to Unfair Trading Practice by AXIS DIRECT from their end.
The Sum Total of the above SALES VALUES and WITHDRAWLS requested amounts to Rs.662266/-
Both the above specific SALE VALUES and WITHDRAWL AMOUNTS totalling to Rs.662266/- should have been credited in my Broking Account by AXIS DIRECT within T+1 days of the Transaction viz latest by 24th Feb'23 as per SEBI's Guidelines which AXIS DIRECT had themselves confirmed initially or atleast in early Mar'23 as confirmed by them on their respective Performance Metrics/Portfolio Statements Dtd Mar'23.
Unfortunately AXIS SECURITIES/AXIS DIRECT did not credit the above amounts to my Broking Account or to my Axis Bank Savings Account linked to their Trading Account till date even after three and half years despite several reminders sent to them from my end.This therefore clearly reflects the inefficient service by AXIS DIRECT.
The undersigned had taken up the matter through SEBI's SMART ODR PORTAL who arranged for ARBITRATION of the Dispute in DEC'24. The Arbitrator after TWO hearings dismissed my complaint vide his Arbitration Award Dtd 24th Dec'24on the ground that it is not substantiated with primary records like Demat Ledger,ECN"s and Bank Entries.. I informed SEBI on their SMART ODR PORTAL that the dismissal of my complaint by the Arbitrator is not acceptable as I had submitted the relevant DEMAT Holding Statement for the month of FEB'23 as also the AXIS DIRECT"S LEDGER REPORT for the period 01/02/23 to 06/04/23 with my Complaint and these records do not reflect the Sale Values as well as the With-drawl amounts requested which is a serious violation of SEBI's guidelines and actually amounts to unfair trading practice by AXIS SECURITIES As far as the ECN"s(Contract Notes) as already informed AXIS DIRECT did not send any Contract Notes for the Sale effected by them on 27th Feb'23 which is a serious violation of SEBI"s guidelines and actually amounts to unfair trading practice by AXIS SECURITIES
.Since the RESPONDANT /AXIS DIRECT did not provide any details related to non payment of the Sale Values and With-drawl amounts requested as confirmed by them on their own Port-folio Statements during the Arbitration Proceedings ,the Arbitrator under Pt.No: 5.10 of his Arbitration Award had stipulated that they/AXIS DIRECT should clarify the details on the same to me/ the Complainant for my clear understanding. Unfoftunately AXIS DIRECT did not provide any details on the same to me till date despite several reminders sent to them between Feb'25 to Apr'25 . I therefore once again approached SEBI in July'25 to resolve my complaint vide SEBI's Registration Number SEBIE/G125/GAND/020902/1 Dtd 30th Jul'25 for which SEBI replied stating that if I am not satisfied with the Arbitration Award , I can challenge the same in Court under Section 34.
From the above it may be noted that my efforts to get a resolution to my above Complaint through SEBI has only been futile and would therefore be very much obliged if the same is resolved from your end as the non payment of the total amount of Rs 662266/- which is legitimately due to me from AXIS DIRECT despite their own confirmation of the same on their own Portfolio/Performance Metrics Statement which is entirely due to their violation of the Fair Trading Practice as well as inefficient services . Since this amount is not paid to me for more than three and half years they may be asked to pay the same with 8% simple interest per annum as applicable to senior citizens and an additional 8% for the mental harassment caused to me on this matter during the last three and half years viz the total amount payable to me by AXIS SECURITIES/AXIS DIRECT as of date amounts to Rs.901680/-.I shall be highly obliged if you would consider my complaint and resolve the same from your end at the earliest as it is entirely due to unfair trading practice besides violating SEBI's stipulated guidelines T+1 days of transactions done by AXIS SECURITIES besides their inefficient service in not resolving the matter from their end for more than three and half years despite several reminders sent to them.
I have attached all relevant records as listed under in support of my above complaint for your kind perusal and resolving my genuine complaint of Deficient in Services and Unfair trade practice followed by AXIS SECURITIES/AXIS DIRECT leading to non payment of amounts that is legitimately due to me in respect of my Holdings sold by them as well as cash with-drawls requested from their investment schemes both of which was confirmed by them initially at the time of exiting on 14th Feb'23 as well as confirmation of withdrawls requested on 22nd Feb'23 as also on their own Portfolio/Performance Metrics Statements Dtd Mar'23 sent to me from their end.
1.Annexure A-My initial request mail Dtd 22nd Aug 23 sent to their Compliance Officer on 22nd August'23.
2. Annexure B-My recent mails/reminder mails sent on 22nd Aug'25/29th Aug'25/5th Sep'25.
3.Detailed note on my complaint Dtd 27th Nov'24 submitted for Arbitration arranged by SEBI.
4. Annexures 1 to 9 to evidence and substantiate the details provided in my above complaint
Kindly note that my complaint which is entirely due to unfair trade practice and inefficient services from AXIS DIRECT which is an 100% subsidiary of AXIS BANK is not settled by SEBI although AXIS DIRECT had violated their guidelines of settlement of any transaction within T+1 Days. I therefore have no option than to approach your Consumer Forum/Court for an early settlement of my complaint from your end.
Kind regards,
S.Venkat Ram.
1.My-self{Complainant}
Name: Srinivasamurthy Venkatram
Address: A 198 Swagat City
Adalaj,
Gandhinagar 382421.
Gujarat.
Phone : 9687667203
EMail ID: s_venkatram@yahoo.com
My DP ID with AXIS SECURITIES : IN 304295
My Broking Account/Trading Account No with AXIS SECURITIES : 930762
My AXIS BANK S.B. Account No; linked to the Trading Account is 452010100005937
2,Respondent against whom the complaint is made.
Name: AXIS SECURITIES LIMITED/AXIS DIRECT
100% subsidiary of AXIS BANK LIMITED
Address: AXIS SECURITIES LIMITED
Aurum Q Parc ,Q2 Building,
Unit No:1001,10th Floor,Level-6,
Plot No: 4/1 TTC,Thane-Belapur Road,
Ghansoli,,
Navi Mumbai-40071o.
Maharashtra.
Phone :09769974254,022-40508080.022-61480808
Compliance Officer Details: EMail ID: compliance.officer@axisdirect.in Tel No: 022-68555574
3.Details of the Complaint
3.1: I had made investments in the following Equity Investment Schemes of AXIS DIRECT during the year 2022 . AXIS DIRECT is a brand under which AXIS SECURITIES LIMITED offers its Retail Broking and Investment Services.
i) Aggressive Axis Intellect Scheme(AAI)
ii) Basic Axis Intellect Scheme(BAI)
Both the above schemes make investments in Equities from the Funds invested. The Schemes also allows partial or full with-drawl of the funds invested in them.
As the investments made in the above AAI and BAI Schemes did not yield good returns ,I exited from both the AAI and BAI Schemes on 14th Feb'23.AXIS DIRECT had confirmed to me by separate mails both Dtd 14th Feb'23 duly confirming that my exiting of the AAI and BAI Schemes was successfully fulfilled at their end and the scrips/ holdings in the respective Portfolios will be successfully sold by them and the proceeds/Sale Values will be credited to my Broking Account as per regulations( T+1 Days as per SEBI's guidelines). Subsequently AXIS DIRECT had confirmed having sold the residual Holdings on 27th Feb'23 from both the AAI and BAI Schemes and confirmed the sale values of Rs .131061/- from AAI Scheme and Rs.43621/-from the BAI Scheme on the respective AAI and BAI Portfolio Statements(Performance Metrics Statements) Dtd Mar'23 sent to me from their end.The SUM TOTAL of the above TWO SALES VALUES confirmed by AXIS DIRECT is Rs.174682/-.AXIS DIRECT did not issue any Contract Notes on the Sales made by them on 27th Feb'23 nor the Sale was reported by AXIS DIRECT on their corresponding DEMAT HOLDING Statement of FEB"23. This is a serious violation of SEBI's Guidelines and actually amounts to Unfair Trade Practice by AXIS DIRECT from their end.
I had also requested for partial with-drawl of the following amounts on different dates from 6th Feb'23 to 22nd Feb'23 from both the AAI and BAI Schemes as under.
AAI Scheme-Rs.290758/- and BAI Scheme -Rs.196826/-. Here also AXIS DIRECT confirmed to me by separate mails both Dtd 22nd Feb'23 that the with-drawls sought by me from the AAI ad BAI Schemes was successfully fulfilled at their end and from the amounts sought for with-drawl they would carefully select the scrips ,transact them at current market prices and then the proceeds would be credited to my Broking Account as per regulations(T+1 Days as per SEBI's guidelines). But there was no evidence of any buying and selling of scrips by Axis Direct from the amounts requested for with-drawl and the amounts requested for with-drawl Rs.290758/- from the AAI Scheme and Rs.196826/-from the BAI Scheme was confirmed on the respective AAI and BAI Portfolio Statements (Performance Metrics Statements) Dtd Mar;23 sent to me from their end. The SUM TOTAL of the above TWO WTHDRAWL AMOUNTS confirmed by AXIS DIRECT is Rs. 487584/- Actually this being cash with-drawls should have been immediately credited to my broking account by AXIS DIRECT within T+1 Days viz before 23rd Feb'23 as per SEBI"s Guidelines .But the same was not fulfilled by AXIS DIRECT. This is a serious violation of SEBI"s guidelines and amounts to Unfair Trading Practice by AXIS DIRECT from their end.
The Sum Total of the above SALES VALUES and WITHDRAWLS requested amounts to Rs.662266/-
Both the above specific SALE VALUES and WITHDRAWL AMOUNTS totalling to Rs.662266/- should have been credited in my Broking Account by AXIS DIRECT within T+1 days of the Transaction viz latest by 24th Feb'23 as per SEBI's Guidelines which AXIS DIRECT had themselves confirmed initially or atleast in early Mar'23 as confirmed by them on their respective Performance Metrics/Portfolio Statements Dtd Mar'23.
Unfortunately AXIS SECURITIES/AXIS DIRECT did not credit the above amounts to my Broking Account or to my Axis Bank Savings Account linked to their Trading Account till date even after three and half years despite several reminders sent to them from my end.This therefore clearly reflects the inefficient service by AXIS DIRECT.
The undersigned had taken up the matter through SEBI's SMART ODR PORTAL who arranged for ARBITRATION of the Dispute in DEC'24. The Arbitrator after TWO hearings dismissed my complaint vide his Arbitration Award Dtd 24th Dec'24on the ground that it is not substantiated with primary records like Demat Ledger,ECN"s and Bank Entries.. I informed SEBI on their SMART ODR PORTAL that the dismissal of my complaint by the Arbitrator is not acceptable as I had submitted the relevant DEMAT Holding Statement for the month of FEB'23 as also the AXIS DIRECT"S LEDGER REPORT for the period 01/02/23 to 06/04/23 with my Complaint and these records do not reflect the Sale Values as well as the With-drawl amounts requested which is a serious violation of SEBI's guidelines and actually amounts to unfair trading practice by AXIS SECURITIES As far as the ECN"s(Contract Notes) as already informed AXIS DIRECT did not send any Contract Notes for the Sale effected by them on 27th Feb'23 which is a serious violation of SEBI"s guidelines and actually amounts to unfair trading practice by AXIS SECURITIES
.Since the RESPONDANT /AXIS DIRECT did not provide any details related to non payment of the Sale Values and With-drawl amounts requested as confirmed by them on their own Port-folio Statements during the Arbitration Proceedings ,the Arbitrator under Pt.No: 5.10 of his Arbitration Award had stipulated that they/AXIS DIRECT should clarify the details on the same to me/ the Complainant for my clear understanding. Unfoftunately AXIS DIRECT did not provide any details on the same to me till date despite several reminders sent to them between Feb'25 to Apr'25 . I therefore once again approached SEBI in July'25 to resolve my complaint vide SEBI's Registration Number SEBIE/G125/GAND/020902/1 Dtd 30th Jul'25 for which SEBI replied stating that if I am not satisfied with the Arbitration Award , I can challenge the same in Court under Section 34.
From the above it may be noted that my efforts to get a resolution to my above Complaint through SEBI has only been futile and would therefore be very much obliged if the same is resolved from your end as the non payment of the total amount of Rs 662266/- which is legitimately due to me from AXIS DIRECT despite their own confirmation of the same on their own Portfolio/Performance Metrics Statement which is entirely due to their violation of the Fair Trading Practice as well as inefficient services . Since this amount is not paid to me for more than three and half years they may be asked to pay the same with 8% simple interest per annum as applicable to senior citizens and an additional 8% for the mental harassment caused to me on this matter during the last three and half years viz the total amount payable to me by AXIS SECURITIES/AXIS DIRECT as of date amounts to Rs.901680/-.I shall be highly obliged if you would consider my complaint and resolve the same from your end at the earliest as it is entirely due to unfair trading practice besides violating SEBI's stipulated guidelines T+1 days of transactions done by AXIS SECURITIES besides their inefficient service in not resolving the matter from their end for more than three and half years despite several reminders sent to them.
I have attached all relevant records as listed under in support of my above complaint for your kind perusal and resolving my genuine complaint of Deficient in Services and Unfair trade practice followed by AXIS SECURITIES/AXIS DIRECT leading to non payment of amounts that is legitimately due to me in respect of my Holdings sold by them as well as cash with-drawls requested from their investment schemes both of which was confirmed by them initially at the time of exiting on 14th Feb'23 as well as confirmation of withdrawls requested on 22nd Feb'23 as also on their own Portfolio/Performance Metrics Statements Dtd Mar'23 sent to me from their end.
1.Annexure A-My initial request mail Dtd 22nd Aug 23 sent to their Compliance Officer on 22nd August'23.
2. Annexure B-My recent mails/reminder mails sent on 22nd Aug'25/29th Aug'25/5th Sep'25.
3.Detailed note on my complaint Dtd 27th Nov'24 submitted for Arbitration arranged by SEBI.
4. Annexures 1 to 9 to evidence and substantiate the details provided in my above complaint
Kindly note that my complaint which is entirely due to unfair trade practice and inefficient services from AXIS DIRECT which is an 100% subsidiary of AXIS BANK is not settled by SEBI although AXIS DIRECT had violated their guidelines of settlement of any transaction within T+1 Days. I therefore have no option than to approach your Consumer Forum/Court for an early settlement of my complaint from your end.
Kind regards,
S.Venkat Ram.