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Author Topic: Cheated by IIFL - pls help  (Read 812 times)

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Offline saravana

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Cheated by IIFL - pls help
« on: August 19, 2014, 05:44:26 AM »

I had opened an trading account with IIFL long back.

They had promised to manage my portfolio and give decent recents.

I had communicated my expectations to them through email, in which i had clearly mentioned that they should never make loss of more than 10% of portfolio worth. Also i had indicated that i will not be able to judge the trade that they do.

Within 6 months they wiped off my entire investment (about 3Lakhs). (I had to pump in cash in between due debit balance).

But they made brokerage of Rs.50000.

All trades were done in consent with me by calling me.

I had raised a complaint with SEBI. But IGRP directed us to mutually settle and due lack of awareness i thought to take whatever they give and fight it out later in consumer court.

Now when i consult a lawyer whether this case can be taken to consumer court, she says that since i had signed "mutual consent" case is very weak to take it the court.


1.Is the above opinion by the lawyer true?

2. Is there any possibility at all to take if further and punish IIFL and recover more money?

3. If so, can any Bangalore based lawyer help me out with necessary details and charges (please email me)


1. My email listing my expectations (Expectations.docx)

2. Final settlement statement (Sebi-settlementletter.pdf)



Offline advsarmaroy

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Re: Cheated by IIFL - pls help
« Reply #1 on: November 05, 2014, 02:45:39 AM »
first of all you have entered into a contract with a person  for delivery of services whoes outcome is independent of the person with whom you have entered into a contract.

Knowing fully well that there is a word "CHANCE" involved.

you have a very weak case, your lawyer is right, even if you go to court it won't be any good to you.

next time invest in FIXED DEPOSIT
Advocate Sarmaroy
Corporate lawyer / Real estate law expert


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