Who are the worst brokers !

do you guys communicate with you brokers on a regular basis??. for me I dont get any advice , news, help .. nothing!!!

in my opinion SKM is the worst. i tried out with 2 advisors and both burnt my funds with wrong decisions taken without notifying me . Today my entire pf is a loss. The Chairman when informed about the brokers, defended them when its obvious that the decisions and methods used were incorrect and against the laws of CSE.

damayanthi wrote: The Chairman when informed about the brokers, defended them when its obvious that the decisions and methods used were incorrect and against the laws of CSE.

I think you must provide a much detailed explantion on what happend to you so that at least others would avoid these brokers.

SKM lanka does not allow internet access to both the client as well as to the broker. Its either one or the other. In this instance the broker had the use of the internet ac. So the understanding was that the broker would send an email statement every time a transaction had taken place , either a buy or a sell. In this instance, the broker bought stocks without the knowledge of the client and bought on credit, and after weeks of holding on to them disposed of them to cover debtor balance leaving a hugh loss for the client. No debit note or credit note reached the client by postal mail(due to a postal strike) and no e statements were sent as instructed too. Completely illegal system. So when choosing a broker , its very important to be careful. I dont know if someone can advice the steps one should take to do justice for this careless trading act and to avoid other people from falling to the same mess. Complaining to the Chairman of the company had no effect. Statistics are available to proove the case. Does any know if the broker firm or the broker is liable to pay the loss to the client?

My investment adviser is the best! All he predicted was right. . This gratitude for him. Thank you so much Mr. R for guiding me and for the valuable advice.

Who is Mr R??

swan03 wrote:My investment adviser is the best! All he predicted was right. . This gratitude for him. Thank you so much Mr. R for guiding me and for the valuable advice.

Hi, do u mind sharing the name of the advisor. pl send a private message if u dont want to mention in the forum.
thanks

damayanthi wrote:SKM lanka does not allow internet access to both the client as well as to the broker. Its either one or the other. In this instance the broker had the use of the internet ac. So the understanding was that the broker would send an email statement every time a transaction had taken place , either a buy or a sell. In this instance, the broker bought stocks without the knowledge of the client and bought on credit, and after weeks of holding on to them disposed of them to cover debtor balance leaving a hugh loss for the client. No debit note or credit note reached the client by postal mail(due to a postal strike) and no e statements were sent as instructed too. Completely illegal system. So when choosing a broker , its very important to be careful. I dont know if someone can advice the steps one should take to do justice for this careless trading act and to avoid other people from falling to the same mess. Complaining to the Chairman of the company had no effect. Statistics are available to proove the case. Does any know if the broker firm or the broker is liable to pay the loss to the client?

This is quotation from my bought/sold note from capital trust,

If any Un-authorised purchases/sales have been made in your CDS account,you should immediately complain to the CEO/Compliance officer of your broker firm in writing.If the Firm fails to respond to your complain within 7days of the complaint, you are advised to inform the CSE immediately.

Hope this will help u.

rijayasooriya wrote:

damayanthi wrote:SKM lanka does not allow internet access to both the client as well as to the broker. Its either one or the other. In this instance the broker had the use of the internet ac. So the understanding was that the broker would send an email statement every time a transaction had taken place , either a buy or a sell. In this instance, the broker bought stocks without the knowledge of the client and bought on credit, and after weeks of holding on to them disposed of them to cover debtor balance leaving a hugh loss for the client. No debit note or credit note reached the client by postal mail(due to a postal strike) and no e statements were sent as instructed too. Completely illegal system. So when choosing a broker , its very important to be careful. I dont know if someone can advice the steps one should take to do justice for this careless trading act and to avoid other people from falling to the same mess. Complaining to the Chairman of the company had no effect. Statistics are available to proove the case. Does any know if the broker firm or the broker is liable to pay the loss to the client?

This is quotation from my bought/sold note from capital trust,

If any Un-authorised purchases/sales have been made in your CDS account,you should immediately complain to the CEO/Compliance officer of your broker firm in writing.If the Firm fails to respond to your complain within 7days of the complaint, you are advised to inform the CSE immediately.

Hope this will help u.

thank you , i will write with the facts to CSE. Is the broker firm liable to pay? Can we demand them to pay for unauthorised losses incurred?

swan03, What is your broker firm?

Roboticfx wrote:swan03, What is your broker firm?

Hi swan 3, what is your broker firm?

damayanthi wrote:

Roboticfx wrote:swan03, What is your broker firm?

Hi swan 3, what is your broker firm?

Capital Trust.

swan03 wrote:

damayanthi wrote:

Roboticfx wrote:swan03, What is your broker firm?

Hi swan 3, what is your broker firm?

Capital Trust.

Thank you for sharing

damayanthi wrote:

swan03 wrote:

damayanthi wrote:

Roboticfx wrote:swan03, What is your broker firm?

Hi swan 3, what is your broker firm?

Capital Trust.

Thank you for sharing

You are welcome Damayanthi. The broker firm is good. Choose a good investment adviser. Wish you good luck!

swan03 wrote:

damayanthi wrote:

swan03 wrote:

damayanthi wrote:

Roboticfx wrote:swan03, What is your broker firm?

Hi swan 3, what is your broker firm?

Capital Trust.

Thank you for sharing

You are welcome Damayanthi. The broker firm is good. Choose a good investment adviser. Wish you good luck!

Yeah , that is the problem. One has to just walk in and sign up with the first guy/gal u see in the office. How else to know how clever or poor they are in their performances unless one tries a person out. Best is a recommendation and the risk is ours.!!isnt it