ICICI Securities gets court protection

Since the last three days that some people have been protesting against I-Sec, the company claimed and its staff were also threatened and intimidated, for the huge losses they suffered in share transaction done through an I-Sec sub-broker Rajeev Bansal, who died in February, this year. People who have been dabbling into share market through Bansal since 2008, realised only after his death that they had been duped.

Talking to Deccan Herald, I-Sec Executive VP Subir Saha said, “People can buy and sell shares on their own using ‘ICICI Direct’, the online trading platform of ICICI securities which has a fool-proof system against all frauds. But these investors dealt with Bansal who has acted independently.” Bansal as a Direct Business Catalyst (DBC) of ICICI Direct had been trading on behalf of a large number of clients since 2005.

Since investors alleged that Bansal’s wife Reena also worked jointly with her husband in deceiving investors, I-Sec has lodged a police complaint against her at the Koramangala police station. “We want the police to investigate Reena’s role in dealing with investors using our trading platform,” said Saha. Meanwhile, Reena has sought police protection from people whom she alleged to have been harassing her.

Interestingly, Saha pointed out that when aggrieved investors were asked to file written complaints giving details of their transactions with Bansal, only five out of the 38 investors have done so, till Thursday. He added, “We have nothing to hide and shall do everything needed to protect the interest of our genuine investors.”

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