NEED HELP for stock releated fees

[RitamModak]

My grandfather have some shares holding back in 2009 ...and after that it is inactive....we have broker of VCK that time ...So yesterday they called my grandfather to office and tell the value of share holding is about 1.8 lakh now....Then They did KYC and Sell all the stocks ...and make us a payment of 76000+ and remaining amount is pending. they ask for a blank cheque and we give it to them (as no money is there in account) ..From 76000+ . We withdraw 70000+ and like 7000 balance remaining in account ...Now They are saying They will charge Advisory fee , Consultancy fee , Account activation charges and they will deduct 42240 rupees for all of that by blank cheque ...after getting the amount they will clear the pending's...


I want to know is there such a huge fee? and what to do as the account balance is only 7000 ...So if they Give the Cheque it will not cash..

I want to know what to do now?

@Skylar @ShavirB @TaxWiser @nikhilchauhan

 

[launchcraft]

There is surely some kind of fee involved like the advisory or the consultancy fee, but this amount is huge and no one can charge you this much.
You have to raise a complain regarding the malpractices, but first try to convince them that you know there is no such charge and if it is there it cannot be 42000, if they don't release your fund complain on rbi portal.
As far as your cheques is concerned it will get bounced if your account is not having enough cash.
So do not let them put that cheque for withdrawal.

 

[zacobite]

My grandfather have some shares holding back in 2009 ...and after that it is inactive....we have broker of VCK that time ...So yesterday they called my grandfather to office and tell the value of share holding is about 1.8 lakh now....Then They did KYC and Sell all the stocks ...and make us a payment of 76000+ and remaining amount is pending. they ask for a blank cheque and we give it to them (as no money is there in account) ..From 76000+ . We withdraw 70000+ and like 7000 balance remaining in account ...Now They are saying They will charge Advisory fee , Consultancy fee , Account activation charges and they will deduct 42240 rupees for all of that by blank cheque ...after getting the amount they will clear the pending's...


I want to know is there such a huge fee? and what to do as the account balance is only 7000 ...So if they Give the Cheque it will not cash..

I want to know what to do now?

@Skylar @ShavirB @TaxWiser @nikhilchauhan

they are cheating you.. pls go to the cops.. what charges are these beyond brokerage of. 25-.5%. and WHO gives blank. cheques?

 

[RitamModak]

they are cheating you.. pls go to the cops.. what charges are these beyond brokerage of. 25-.5%. and WHO gives blank. cheques?

I called bank and requested the check for hold ..after they said for this huge amount

 

[TaxWiser]

My grandfather have some shares holding back in 2009 ...and after that it is inactive....we have broker of VCK that time ...So yesterday they called my grandfather to office and tell the value of share holding is about 1.8 lakh now....Then They did KYC and Sell all the stocks ...and make us a payment of 76000+ and remaining amount is pending. they ask for a blank cheque and we give it to them (as no money is there in account) ..From 76000+ . We withdraw 70000+ and like 7000 balance remaining in account ...Now They are saying They will charge Advisory fee , Consultancy fee , Account activation charges and they will deduct 42240 rupees for all of that by blank cheque ...after getting the amount they will clear the pending's...


I want to know is there such a huge fee? and what to do as the account balance is only 7000 ...So if they Give the Cheque it will not cash..

I want to know what to do now?

■ Seek Clarification and Negotiate:

• Request a meeting or a detailed explanation from VCK Securities regarding the fees. If the fees are not justified, negotiate with them to reduce or waive some of the charges.
• Mention that you were not informed about these high charges beforehand and that such fees were not agreed upon.

■ File a Complaint:

• If VCK Securities does not provide a satisfactory resolution, you can file a complaint with the Securities and Exchange Board of India (SEBI) or the relevant financial regulatory authority. They can investigate the matter and ensure that your rights as an investor are protected.
• Make sure you have proper proofs like call recordings, emails etc. Supporting your accusations before filing the Complaint.

Watch some YT videos regarding the same: