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i had send this Subject: Urgent: Request for Comprehensive Compensation for Outstanding Shares in Karvy Scam (BSE Claim No. 917/370)

Dear SEBI,

I am writing to urgently follow up on my previous emails dated 27-09-2023 regarding the outstanding shares in the Karvy scam and my claim filed with the Bombay Stock Exchange (BSE) under Claim No. 917/370. I have not received a satisfactory response to my requests for comprehensive compensation, and I kindly request your immediate attention to this matter.

As stated in my previous emails, my claim primarily concerns the non-receipt of 400 shares of Punjab National Bank and 200 shares of State Bank of India, which are part of Claim No. 917/370. The default date for the Karvy scam is 23rd November 2020. I urge SEBI to promptly review my claim for these shares and ensure that appropriate compensation is provided for the losses incurred.

Furthermore, I would like to draw your attention to the compensation offered for my 20 shares of Reliance Industries Limited. While I appreciate the efforts made by SEBI and the BSE in addressing this issue, I believe that the compensation offered thus far does not adequately reflect the value of the shares as of the default date i.e 23rd November 2020. Therefore, I kindly request SEBI to reconsider and increase the compensation provided for these shares.

Additionally, I recently became aware of the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL, which deals with representations made by investors regarding relief/disposal of securities sub-judice before the Hon’ble SAT. I understand that this committee has been informed that securities under litigation would be valued at the closing price as on the date of default/expulsion. It has also been mentioned that the interim relief provided would be within the overall limit of Rs.25 lakhs per investor’s claim.
Please note that this request for compensation of my shares is a temporary relief, subject to the final decision of the Securities Appellate Tribunal (SAT) in the Karvy scam case. I understand that the final resolution will be based on the SAT’s order, and I am prepared to abide by their decision.


Considering this information, I kindly request SEBI to take into account the guidelines provided by the MCSGFC of NSEIL in the valuation and compensation of my outstanding shares in the Karvy scam. It is crucial to ensure that the compensation provided aligns with the closing prices as of the default date and falls within the overall limit specified.

I understand that SEBI and the relevant authorities are working tirelessly to resolve the Karvy scam and compensate affected investors. However, it is crucial to expedite the process and ensure that all outstanding claims, including mine, are addressed promptly and fairly.

I kindly request SEBI to prioritize my claim for the outstanding shares of Punjab National Bank and State Bank of India, as well as the reconsideration of compensation for my Reliance Industries Limited shares. If there are any further actions or documentation required from my end, please let me know, and I will promptly provide the necessary information.
Additionally, I would like to emphasize that the return of my Reliance Industries Limited shares is of utmost importance to me. I believe that the rightful ownership of these shares should be restored, rather than receiving monetary compensation. I kindly request SEBI to give due consideration to this request and take necessary actions to facilitate the return of my shares.
Thank you for your immediate attention to this matter. I look forward to a prompt and satisfactory resolution that ensures comprehensive compensation for the losses incurred by investors in the Karvy scam.

Regards,
<PRESIDIO_ANONYMIZED_PERSON>
8896462887
It seems like you have drafted a detailed letter to SEBI (Securities and Exchange Board of India) to address your concerns regarding the Karvy stock brokerage scam and your outstanding claim for shares in Punjab National Bank, State Bank of India, and Reliance Industries Limited. Your letter includes a request for an update on your claim, a reassessment of the offered compensation, and the return of shares rather than monetary compensation.

Here are a few points to consider:

1. Follow-up Procedures: Ensure you have followed all the necessary procedures for communication with SEBI. This may include sending letters through registered mail or email and using the designated portals or contact methods for investors to lodge grievances.

2. Keep Records: It is important to keep detailed records of all correspondence with SEBI regarding your claim, including the claim number, dates of correspondence, and any other relevant details.

3. Legal Counsel: If you haven’t done so already, you may want to seek legal counsel to help navigate the complexities of this situation, especially considering the involvement of the Securities Appellate Tribunal (SAT) and specific guidelines provided by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL.

4. Alternative Channels: Besides sending letters, consider exploring alternative channels such as the SEBI Complaints Redress System (SCORES), which is SEBI’s online platform for investors to lodge and follow up on their complaints against listed companies and SEBI-registered intermediaries.

5. Other Affected Investors: In cases like the Karvy scam, there may be associations or forums of affected investors. It could be beneficial to join such groups to collectively voice concerns and stay updated on any developments.

6. Regularity of Follow-ups: Regular and persistent follow-ups are important to keep your claim active. Make sure you consistently seek updates and information on the progress of the resolution process.

Your letter seems comprehensive, covering the key issues and concerns you have. However, it is imperative that you align this action with any advice provided by your attorney or financial advisor, who will be more familiar with the specifics of your individual case and the broader context of the Karvy scam’s resolution efforts.

Please note that if further action is required, you should proceed as per the guidance of SEBI and your legal counsel, and ensure that any advice received online or elsewhere does not conflict with their instructions.
then this Subject: Urgent: Follow-up on SEBI Complaint No: SEBIE/MH23/0009530/1 - Request for Comprehensive Review and Reconsideration
Dear SEBI Team,
I trust this email finds you well. I am writing to urgently follow up on my previously filed complaint with SEBI under Registration No: SEBIE/MH23/0009530/1, which pertains to the outstanding shares in the Karvy scam, specifically under BSE Claim No. 917/370.
I appreciate the acknowledgment received from your end, and I understand that scrutiny of my review claim is currently underway. However, considering the urgency and gravity of the matter, I wish to reiterate the key concerns outlined in my initial complaint and request your immediate attention to the following points:
1. Outstanding Shares of Punjab National Bank and State Bank of India:
My claim primarily revolves around the non-receipt of 400 shares of Punjab National Bank and 200 shares of State Bank of India, as part of BSE Claim No. 917/370. Given the default date of the Karvy scam on 23rd November 2020, I urge SEBI to promptly review my claim for these shares and ensure appropriate compensation is provided for the losses incurred.
2. Reconsideration of Compensation for Reliance Industries Limited Shares:
While I acknowledge the efforts made by SEBI and BSE, I believe that the compensation offered for my 20 shares of Reliance Industries Limited does not adequately reflect their value as of the default date. I kindly request SEBI to reconsider and increase the compensation provided for these shares.
3. Guidelines from the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL:
I recently became aware of the guidelines provided by the MCSGFC of NSEIL, which specify that securities under litigation would be valued at the closing price as on the date of default/expulsion. It has been mentioned that interim relief provided would be within the overall limit of Rs.25 lakhs per investor’s claim. I request SEBI to take these guidelines into account in the valuation and compensation of my outstanding shares in the Karvy scam.
I understand the complexities involved in resolving the Karvy scam and compensating affected investors. However, I believe it is crucial to expedite the process and ensure that all outstanding claims, including mine, are addressed promptly and fairly.
If there are any further actions or documentation required from my end, please let me know, and I will promptly provide the necessary information. Additionally, I would like to emphasize that the return of my shares is of utmost importance to me, and I request SEBI to give due consideration to this request.
Thank you for your immediate attention to this matter. I look forward to a prompt and satisfactory resolution that ensures comprehensive compensation for the losses incurred by investors in the Karvy scam.
Best Regards,
Gauri Shanker
8896462887
Enclosure- Enclosed with this email, please find the reply received from BSE on 31-10-23, confirming the acknowledgment of my complaint and providing an update on the ongoing scrutiny. I believe this information may assist SEBI in expediting the review process.
Your follow-up email to SEBI seems to be a concise reiteration of your previous correspondence, with a focus on the aforementioned concerns regarding the outstanding shares from the Karvy scam. You’ve outlined the primary areas of your claim, requested a comprehensive review and reconsideration of compensation, and provided additional information concerning the guidelines set forth by the MCSGFC of NSEIL.

A few additional points to consider:

1. Reference Previous Communications: Make sure to reference all previous communications, including any reference numbers, to help the SEBI team quickly bring up the history of your complaint.

2. Enclosures: As mentioned, ensure that any enclosures, such as the acknowledgment from BSE, are correctly attached to your email. These documents can provide important context and evidence to support your claims.

3. Clarity and Brevity: While detail is important, ensure your email is as clear and concise as possible. This can help the SEBI team understand your situation quickly and act accordingly.

4. Follow-Up Schedule: Establish a follow-up schedule if this isn’t your first communication regarding the issue. Regular, but reasonable, intervals for follow-ups can help keep your claim active without being overwhelming.

5. Request a Timeline: It may be beneficial to ask for an estimated timeline for the completion of the review, so you have an idea of when to expect a response.

Remember, while your situation is urgent and important, regulatory bodies like SEBI often have procedures that take time. Continue to be persistent but patient. It’s also crucial to keep all records of your interactions with SEBI, and any other regulatory or judicial bodies, in a safe and organized manner.
received this as reply Claim of Mr. GAURI SHANKER in the matter of Karvy Stock Broking Limited, defaulter is already reviewed. Further, claim of non - receipt of shares of PNB & SBI are rejected for payment of compensation from IPF since the same is time barred, i.e. claim filed 3 years after the date of transaction. Claim of non - receipt of 20 shares of RIL is admitted for payment of compensation from IPF. Accordingly, compensation of Rs.16,200/- is paid from IPF.As per the norms the same is compensated at buy price. Hence, recommended for closure.ATR seems to be in order. Therefore, complaint disposed of.
The response you received indicates that there was a review of your claim in the matter involving Karvy Stock Broking Limited. From the information provided, it appears that SEBI or the relevant authority has decided the following:

1. Claims Regarding PNB & SBI Shares Rejected: Your claim for the non-receipt of shares of Punjab National Bank (PNB) and State Bank of India (SBI) has been rejected on the grounds of being time-barred, meaning the claim was filed too late – three years after the date of the relevant transactions.

2. Claims Regarding RIL Shares Admitted: The claim regarding the non-receipt of 20 shares of Reliance Industries Limited (RIL) has been admitted and compensation has been awarded from the Investor Protection Fund (IPF). They have compensated you with Rs. 16,200/- based on the buy price as per the norms.

3. Closure Recommended: The response suggests that based on the review and the actions taken (compensation for the RIL shares), the authority is recommending closure, and the complaint has been disposed of.

Given these developments, if you believe that the decision is not satisfactory or you dispute the reasons provided (for instance, whether the filing of the claim was indeed time-barred or whether the compensation amount is adequate), you may want to consider the following steps:

1. Immediate Response: Draft an immediate response expressing any objections you have to the rejection of your claim for the PNB & SBI shares or to the amount of compensation awarded for the RIL shares. Be specific about why you believe the decision should be reconsidered.

2. Legal Advice: Obtain legal advice to understand the options available to you. This may involve challenging the decision or seeking a legal remedy through courts or arbitration, depending on the circumstances and the available evidence.

3. Statutes of Limitation: Investigate the statutes of limitation that were applied to your case. Consult with a legal expert to determine if there are exceptions or provisions that would allow your claim for the PNB & SBI shares to be reconsidered despite the stated time limits.

4. Detailed Justification: If you decide to challenge the decision, ensure that you provide a detailed justification for why the rejection of your claims is incorrect or why the compensation is insufficient. This may include providing evidence of timely action on your part or presenting arguments for a higher valuation of the RIL shares.

5. Regulatory Appeal: If you believe SEBI’s decision may have been misinformed or unfair, look into the possibility of appealing to the appropriate regulatory appeal bodies, such as the Securities Appellate Tribunal (SAT).

This response seems to be the conclusion of the review of your claim. However, if you believe that the resolution is incomplete or incorrect, it’s important to act swiftly within the guidelines established for appeals or further claims.
this is SAT order can this is relevant for my reply making "BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date of Hearing: 08.05.2023
Date of Decision: 07.06.2023
Misc. Application No.438 of 2023
And
Appeal No.366 of 2023
Anupama Parashar
G.K. 285, Kalindipuram,
Prayagraj, U.P.-211015.
…Appellant
Versus
The National Stock Exchange of India Ltd.
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (E), Mumbai-400051.
…Respondent
Mr. Anurag Soan, Advocate with Mr. Nishank Vashistha, Advocate for the Appellant.
Ms. Krushi Barfiwala, Advocate with Mr. Rudra Deosthali, Advocate i/b. Parinam Law Associates for the Respondent.
Date of Hearing: 15.05.2023
Date of Decision: 07.06.2023
With
Appeal No.441 of 2023
2
Bhanwarlal S. Lodha
Ground Floor, T-1122, Surat
Textile Market, Ring Road,
Surat-395002, Gujarat.
…Appellant
Versus
The National Stock Exchange of India Ltd.
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (E), Mumbai-400051.
…Respondent
Mr. Saurabh Bachhawat, Advocate with FCA Kamal Agrawal, for the Appellant.
Mr. Ishan Agrawal, Advocate with Mr. Ashutosh Mishra, Mr. Karma Vivan, Advocates i/b. Nyaayam Associates for the Respondent.
With
Appeal No.248 of 2023
Vikrant Leasing Ltd.
P-27, Princep Street,
3rd Floor, Kolkata-700072.
…Appellant
Versus
The National Stock Exchange of India Ltd.
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (E), Mumbai-400051.
…Respondent
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Mr. Saurabh Bachhawat, Advocate with Mr. Kamal Agrawal for the Appellant.
Mr. Ankit Lohia, Advocate with Krushi N Barfiwala, Mr. <PRESIDIO_ANONYMIZED_PERSON> and Mr. Rudra Deosthali, Advocates i/b. Parinam Law Associates for the Respondent.
CORAM: Justice Tarun Agarwala, Presiding Officer
Ms. Meera Swarup, Technical Member
Per: Justice Tarun Agarwala, Presiding Officer
1. For the reasons stated in the application, the delay in the filing of Appeal no.366 of 2023 is condoned. The application is allowed. 2. Even though different orders have been passed by the Member and Core Settlement Guarantee Fund Committee of the National Stock Exchange of India Ltd. (hereinafter referred to as ‘Committee’), the issue involved is common and, accordingly, these three appeals are being decided together. 3. In all these appeals the claim of the appellants for receiving compensation under the Investor Protection
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Fund (hereinafter referred to as ‘IPF’) has been rejected/disallowed on the ground that there has been no transaction in the trading account for more than 24 months and, therefore, the deposit with the defaulter is in respect of a loan with or without security. 4. In Appeal No.366 of 2023, Ms. Anupama Parashar vs. NSE, Karvy Stock Broking Ltd. was the broker and trading member of NSE. On 23rd November, 2020, Karvy was expelled under Rule 1 and Rule 2 of Chapter IV of the Rules of the Exchange and Byelaw (1) of Chapter XII of Byelaw (1) of Byelaws of the Exchange. 5. On 7th March, 2022, the said appellant lodged a claim for Rs.6,35,039.10 for compensation under the Investors Protection Fund. The Committee rejected the claim on the ground that there had been no trading activity for more than 24 months.
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6. In Appeal no.441 of 2023, the claim was for Rs.34,80,065.60 from the Investor Protection Fund on account of Karvy being declared a defaulter. The claim was lodged on 9th January, 2021 which was found to be inadmissible by an order of 29th June, 2021. A review was filed which was again rejected on 29th June, 2021. A second review application was filed on 6th September, 2021 which was dismissed as not maintainable. The appellant thereafter filed Appeal no.130 of 2023 which was allowed and by an order dated 2nd February, 2023, this Tribunal directed the Committee to decide the review application within four weeks. Based on the directions, the Committee passed the impugned order rejecting the claim on the ground that no trading activity had taken place by the appellant during 24 months from the date when Karvy had become a defaulter.
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7. In Appeal no.248 of 2023, Vikrant Leasing Ltd. vs. NSE, the broker/trading member of NSE was BMA Wealth Creators Ltd., who was declared a defaulter on 13th February, 2020. The said appellant lodged a claim for Rs.35,50,750 on 6th July, 2020 which claim was found to be inadmissible by an order dated 12th January, 2021. A review application was filed which has been rejected by the impugned order dated 6th January, 2023 on the ground that no transaction was executed by the appellant on the stock exchange platform for more than 24 months. 8. We have heard Mr. Anurag Soan, Advocate assisted by Mr. Nishank Vashistha, Advocate for the appellant and Ms. Krushi Barfiwala, Advocate assisted by Mr. Rudra Deosthali, Advocate for the respondent in Appeal no.366 of 2023, Mr. Saurabh Bachhawat, Advocate assisted by FCA Kamal Agrawal, for the appellant and Mr. Ishan Agrawal, Advocate assisted by
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Mr. Ashutosh Mishra and Mr. Karma Vivan, Advocates for the respondent in Appeal no.441 of 2023 and Mr. Saurabh Bachhawat, Advocate assisted by Mr. Kamal Agrawal for the appellant and Mr. Ankit Lohia, Advocate assisted by Krushi N Barfiwala, Mr. <PRESIDIO_ANONYMIZED_PERSON> and Mr. Rudra Deosthali, Advocates for the respondent in Appeal No.248 of 2023. 9. In order to decide the aforesaid controversy it would be essential to peruse the Bye-laws and the circulars issued from time to time. 10. SEBI issued a circular dated 28th October, 2004 stipulating that the Central Government vide notification dated 22nd August, 1985 had stipulated the setting up of an Investor Protection Fund by the stock exchange. The said notification further contemplated to create a compensation fund to take care of the legitimate investment claims which are not of speculative nature of the clients of defaulting member.
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Clause 12 of Annexure 1 to this circular dated 28th October, 2004 provided as under: “12. The claims received against the defaulter members during the specified period shall be eligible for compensation from the IPF/CPF.” 11. The aforesaid indicates that claims received against defaulting members would be eligible for compensation under IPF. Chapter XII of the Bye-laws of NSE deals with a declaration of a trading member as a defaulter and the procedure that is required to be followed. Bye-law 24 of Chapter XII provides that certain claims against a defaulter cannot be entertained by the Defaulter’s Committee. For facility, Clause 24 of Chapter XII is extracted hereunder: “Certain claims cannot be entertained 24. The Defaulters’ Committee shall not entertain any claim against a defaulter: (a) which arises out of a contract in securities dealings in which are not permitted or which are not made subject to Bye Laws, Rules and Regulations of the Exchange or in which the claimant has either not paid
9
himself or colluded with the defaulter in evasion of margin payable on bargains in any security; (b) [deleted]
© which arises from any arrangement for settlement of claims in lieu of bona fide money payment in full on the day when such claims become due;
(d) which is in respect of a loan with or without security;
(e) which is not filed with the Defaulters’ Committee within such time of date of declaration of default as may be prescribed by the relevant authority.”
A perusal of Clause (d) of the Bye-law 24 indicates that claims in respect of a loan with or without security will not be entertained by the Defaulter’s Committee. 12. Chapter XIII of the Bye-laws provides that where a trading member’s constituent suffers a loss from the said trading member being declared as a defaulter by the Exchange under Chapter XII then no claim of a claimant shall be eligible for compensation from IPF
10
unless he has acted as a constituent of the said trading member to the extent permitted by the Exchange. In effect, a constituent of a defaulter if he is unable to get a claim under Chapter XII then he can apply for compensation under the IPF subject to the eligibility of his claim. Clause 8 of Chapter XIII provides that a claim for compensation filed by a constituent would be processed in accordance with the procedure laid down by the Defaulter’s Committee and if the assets of the defaulter are insufficient to meet the approved claims, it shall forward the claims along with the recommendations of the Defaulters’ Committee to the Trust. 13. SEBI issued a circular dated 23rd February, 2017. Clause ‘D’ of the said circular relates to admissibility of the claim for making payment out of IPF in the stock exchange. This Clause D is extracted hereunder: “(D). Admissibility of claim for making payment out of IPF in Stock Exchanges
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In the event of default by the member, all transactions executed on exchange platform shall be eligible for settlement from IPF (subject to maximum limit), subject to the appropriate norms laid down by the Defaulters’ Committee.” 14. The aforesaid provisions provides that in the event of default by a member, all transactions executed on exchange platform shall be eligible for settlement from IPF (subject to maximum limit), subject to the appropriate norms laid down by the Defaulters’ Committee. From the aforesaid two things are relevant, namely, (i) One that all transactions must be executed on the exchange platform. (ii) Claim would be subject to the appropriate norms laid down by the Defaulters’ Committee. 15. One of the norms/procedure laid down by the Defaulter’s Committee is found in the minutes of the 35th meeting of Defaulter’s Committed dated 2nd July,
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2010 which laid down certain guidelines as to how a transaction is to be treated as a loan transaction or not under Bye-law 24 of Chapter XII of the Bye-laws of NSE. For facility, item no.4 of the minutes which relates to the guidelines for loan transaction is extracted hereunder: “Item No.4 To consider and approve the guidelines for loan transactions. The Committee noted that The Defaulters’ Committee is empowered under Byelaw 24 of Chapter XII of the Byelaws of NSEIL not to entertain certain claims against a defaulter and Bye-Law 24(d) further provides that Defaulters’ Committee shall not entertain claims in respect of a loan with or without security. The Committee deliberated on the nature of claims which could be construed as transactions in the nature of loan and thereafter decided that for the purpose of processing of claims following could be considered as broad guidelines in assessing a claim as loan with or without security. 1. Where the claimant has given funds to the defaulter with the apparent intention to trade but, however, the claimant has not furnished any evidence with respect to the execution of trades for a substantial period of time after entering into an agreement with the defaulter and from the
13
available records it is evident that the defaulter had passed on credits which may be construed to be payments in the nature of interest; 2. Where the claimant has given securities to the defaulter with the apparent intention to trade but, however, the claimant has not furnished any evidence with respect to the execution of trades for a substantial period of time after entering into an agreement with the defaulter and from the available records it is evident that the defaulter had passed on credits which may be construed to be payments in the nature of interest;
3. Where the claimant has made payment to the defaulter despite having substantial credit balance with the apparent intention to trade but, however, the claimant has not furnished any evidence with respect to the execution of trades for a substantial period of time after such payment;
4. Where the claimant has delivered securities to the defaulter despite having substantial credit balance with the apparent intention to trade but, however, the claimant has not furnished any evidence with respect to the execution of trades for a substantial period of time after such payment;
5. Where the claimant has made payment and/or delivered securities to the defaulter with the express understanding that the defaulter would in turn give fixed return on funds and/or securities so given as the case may be as evidenced in the correspondent by the claimant or defaulter to the
14
Defaulters’ Committee or in the correspondent between the claimant and the defaulter and vice versa.
6. Where the defaulter has given credits to the claimant against the funds and/or securities provided by the claimant to the defaulter as evidenced from the available records that the defaulter had passed on these credits which may be construed to be payments in the nature of interest as the same are in excess of the value of the trades executed on the Exchange;
7. Where the claimant has deposited substantial amounts of funds and/or securities with the defaulter with the apparent intention to trade but, however, the claimant has not furnished any evidence with respect to the execution of trades for the amounts which are proportionate to the value of the amounts of funds and/or securities deposited;
8. Where the claimant has failed to withdraw the credit balance and/or securities from the defaulter for a substantial period of time without any trading activity or substantially meager trading disproportionate in value to the quantum of the trade balance or securities lying with the defaulter;
9. Where the claimant has given funds and/or securities to the defaulter with the apparent intention to trade and the trades have been executed in the Futures and Options segment of the Exchange but for which trades corresponding evidence of utilization of funds deposited is not
15
apparent from the records furnished by the claimant.
The Committee also decided that the above guidelines are generic in nature and the conclusion would further depend on documents submitted by each of the claimants and hence, Committee would ultimately take a view of every claim based on the above guidelines and the relevant documents.” 16. These guidelines provides that where a claimant has given funds or securities to the defaulter with an intention to trade but has not executed any trade for a substantial period of time and from the available records it is found that the defaulter has passed on credits which may be construed in the nature of payment of interest then such fund/interest given by the claimant will be treated as a loan under Chapter XII of the Bye-laws. Item no.8 of the guidelines further provides that where a claimant has failed to withdraw the credit balance and/or securities from the defaulter for a substantial period of time without any trading
16
activity then the said deposit of funds/securities would be treated as a loan. 17. In addition to the above, in the 56th minutes of the meeting of the Defaulter’s Committee held on 9th June, 2015 that the word ‘substantial period’ was clarified to mean 24 months prior to the date of expulsion. Subsequently, in the 59th minutes of the Defaulter’s Committee dated 28th August, 2015 the word ‘substantial period’ was further clarified to mean 24 months from the date of withdrawal of trading facility prior to expulsion or declaration of defaulter. 18. Thus, if any fund or security is deposited with a defaulter with the intention to trade but if the claimant has not traded for 24 months from the date of withdrawal of trading facility prior to expulsion or declaration of defaulter, then such deposit of funds/securities of the claimant would be treated as a loan but the same has to be supported by evidence that
17
the defaulter has passed on credits which may be construed to be a payment in the nature of interest. 19. NSE issued a circular dated 7th July, 2021, coming out with a policy for evaluation of claims. Annexure ‘A’ to this circular provides for claims for non-receipt for funds and securities where the client has entered into an agreement/understanding. For facility, the said clause from Annexure ‘A’ to the circular dated 7th July, 2021 is extracted hereunder: “Claims for non-receipt of funds and securities where the client has entered into an agreement/understanding: Where the claimant has given funds and/or securities to the defaulter member by executing an undertaking or with an understanding that defaulter would in turn generate assured return on funds and/or securities so given as the case may be as evidenced in the correspondence by the claimant or defaulter or in the correspondence between the claimant and the defaulter and vice versa where the defaulter may or may not have passed on credits which may be construed to be payments in the nature of return, such claims would not be considered admissible.
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Notwithstanding the above, the Member and Core Settlement Guarantee Fund Committee (MCSGFC) may in exceptional cases, depending on the facts and circumstances of the case, consider as eligible for processing applications received from the investors, which may not be in line with the methodology set out herein. Further, below mentioned claims against the defaulter/expelled member shall not be accepted by the Exchange. (a) which arises out of a contract in securities dealings which are not permitted, or which are not made subject to Bye-Laws, Rules and Regulations of the Exchange; (b) which arises from any arrangement for settlement of claims in lieu of bona fide money payment in full on the day when such claims become due;
© which is in respect of a loan with or without security;
(d) which is not filed with the Defaulters’ Committee (MCSGFC) within such time of the date of declaration of default as may be prescribed by the relevant authority;
(e) Claims of associate persons
(f) Claims not supported by adequate documents in respect of payments made to/received from trading member and also securities delivered/received, etc.
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(g) Claims for trades that are not executed on the Exchange.
(h) Claims of investors whose unique client codes are not registered with Exchange.
(i) Claim for damages/harassment/miscellaneous charges
(j) Claim for the interest on the amount claimed
(k) Loss emanating from delayed delivery of securities.
(l) Subscription/redemption of units under MFSS (Mutual Fund Service System) platform, trades executed on SLB (Securities Lending and Borrowing).
(m) Sham, non-genuine and collusive transactions.
(n) Claims lodged by Authorised Persons for return of security deposit/refund of brokerage/commission.
(o) Claims lodged by persons associated with the defaulting Trading member against whom disciplinary action has been taken by the regulator/relevant authority vide their orders.
§ Any other criteria/condition, which in the opinion of the MCSGFC renders the claim as ineligible, based on the facts of the case.”
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20. The aforesaid circular clearly indicates that where funds and securities generate assured returns, then such claim would not be considered admissible as depicted from Clause (a) to § and will not be entertained. However, the CORE Committee in exceptional circumstances depending on the facts and circumstance of the case, consider the claim to be eligible. 21. In the light of the aforesaid Bye-laws, circulars and norms laid down by the stock exchange, we find that in the instant case there is no trading activity of the appellants for a substantial period of time and, in any case, there has been no trading activity for more than 24 months from the date of withdrawal of trading facility prior to expulsion or declaration of the defaulter. Consequently, in our opinion, the claim is not admissible under Bye-law 24D of the Chapter XII of the Bye-laws of NSE as the claim was in respect of
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a loan since there has been no transaction for a substantial period of more than 24 months. Thus, the impugned order does not suffer from any error of law. The appeals are accordingly dismissed. In the circumstances of the case, parties shall bear their own costs. 22. This order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Certified copy of this order is also available from the Registry on payment of usual charges.
Justice Tarun Agarwala
Presiding Officer
Ms. Meera Swarup
Technical Member
7.6.2023 RHN:
The order by the Securities Appellate Tribunal (SAT) that you’ve provided is quite detailed and contains specifics of legal reasoning regarding similar cases involving claims for compensation from the Investor Protection Fund (IPF). Given the circumstances in your claim rejection notice, this SAT order may indeed provide relevant information that could be useful for crafting a response or an appeal.

The SAT order appears to discuss a few key points that are relevant to your situation:

1. Claims against Karvy Stock Broking Ltd. and other defaulters for compensation under the IPF.
2. Eligibility criteria for compensation, specifically highlighting that there must be trading activity within a certain period (24 months as mentioned in the order) for a claim to be considered.
3. The definition of transactions classified as loans versus those intended for trading, which affects the admissibility of claims.

The SAT order emphasizes that for a claim to be eligible for compensation from the IPF, there must have been trading activity on the exchange platform within 24 months leading up to the expulsion or withdrawal of the trading facilities of the defaulter (in this case, Karvy or any other brokerage firm in question). Furthermore, the guideline indicates that if a substantial period elapses without trading activity, any funds or securities deposited may be treated as a loan, which is not covered by the IPF.

Considering this, the SAT order might be relevant in the following ways for your case:

- Support for Appeal: If you have evidence of trading activity within the 24-month time frame specified, the SAT order could support your grounds for appealing the decision regarding your claim.
- Clarification of Definitions: The SAT order describes how claims are assessed and offers a clearer understanding of what is seen as a “loan” versus a trading-related deposit. If you believe your deposits were not loans, this order might help in articulating that argument.
- Precedent: If the principles used in the SAT order apply to your case, it can act as a precedent. You may argue that similar logic should be applied in assessing your claims.
- Presentation of New Evidence: If there is new evidence or context not previously considered in your rejected claim, such as records of trading activities, you could present it in light of the SAT order’s emphasis on trading activities.

Responding to a claim’s rejection with reference to a relevant SAT order requires careful preparation and potentially legal guidance to ensure that your interpretation of the order aligns legally with your case. If you decide to pursue an appeal based on the principles stated in the SAT order, consult with a legal expert who can review the specifics of your situation and the applicability of the SAT’s decision in your context.
Yes I have evidence of trading activity within the 24-month time frame specified
If you have evidence of trading activity within the 24-month timeframe specified by the SAT order and contrary to the grounds for rejection of your claims, this is significant and should be highlighted in your response or appeal. Here is a suggested approach to move forward:

1. Gather Evidence: Compile all relevant documents and evidence that show your trading activity within the specified timeframe. This could include contract notes, account statements, trade confirmations, or any other official records that demonstrate that trades were executed.

2. Consult Legal Counsel: Before you proceed, it would be advisable to consult with a lawyer who specializes in securities law to review the evidence and to ensure that the appeal is framed correctly according to the legal standards and the precedents set forth by the SAT.

3. Draft a Response or Appeal: With your legal counsel’s advice, draft a formal response or an appeal letter that clearly articulates your claims and includes references to your evidence. Highlight how the evidence contradicts the grounds for the rejection of your claims. Use the SAT order to argue why your claims should be treated similarly to the cases mentioned in the order.

4. Refer to SAT Order: Specifically reference the relevant sections of the SAT order that pertain to the recognition of transactions and trading activity. State clearly why, in light of this order and your evidence, your claims warrant reconsideration.

5. Submit to the Relevant Authority: Once your response or appeal is ready and reviewed by legal counsel, submit it to SEBI, the Exchange, or the Defaulter’s Committee that initially reviewed your claim. Make sure to follow their protocols for submitting an appeal or response.

6. Request a Review: In your response or appeal, formally request a review of the decision based on the new evidence you are presenting. You may also request a meeting or a hearing to discuss the matter in detail if that option is available.

Remember to keep all original documents and evidence securely, and only provide copies unless specifically asked to present original documents. Legal proceedings and appeals can be complex and lengthy, so patience and diligence will be important throughout the process. It’s essential that every step in the process is conducted with careful consideration and with expert legal assistance.
also use this “the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL dealing with the representations made by the investors with respect to relief/disposal with respect to the securities sub-judice before the Hon’ble SAT, was informed that securities under litigation
Confidential
would be valued at the closing price as on the date of default/expulsion”
In addition to your evidence of trading activity, the information regarding the valuation of securities under litigation by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL is important for calculating the potential compensation for your claim.

When you prepare your response or appeal, you should also:

1. Highlight Valuation Guidelines: Clearly point out the guidelines provided by the MCSGFC of NSEIL, which state that securities under litigation should be valued at the closing price on the date of default/expulsion. This supports your claim for fair compensation based on accurate valuation.

2. Emphasize the Precedent: Emphasize the precedent set by the MCSGFC and the SAT in dealing with similar claims where securities were valued at closing prices on the default date. This precedent should apply to your case to ensure consistency in the treatment of all claims.

3. Calculate Potential Compensation: If you haven’t already, calculate the potential compensation based on the closing prices of your securities on the date of default/expulsion to provide an estimated value of compensation you believe should be provided.

4. Prepare a Formal Calculation Statement: Include a formal statement that outlines the valuation of your securities based on the closing prices on the date of default/expulsion. This will provide clarity on the amount you believe you are entitled to and will be helpful in presenting a clear case.

5. Address Any Confidentiality Concerns: Respect confidentiality terms as indicated by the “Confidential” note in your reference. Ensure that any confidential information is treated with the appropriate level of sensitivity and only disclosed if necessary and permitted by legal standards.

Finally, when you submit your appeal or response:

- Include All Evidence: Attach all evidence of trading activity, valuation statements, and relevant guidelines or precedents to your submission.
- Official Submission: Submit the appeal or response through the official channels, with all the required forms and documentation.
- Legal Representation: Consider having your legal counsel submit the appeal on your behalf, if possible, to ensure proper legal form is maintained.

Remember that this kind of appeal process can be complex and requires a detailed understanding of securities law as well as a clear interpretation of the guidelines and orders provided by regulatory bodies like SEBI and adjudicatory bodies like the SAT. It is crucial to work closely with your legal counsel throughout the process to present a strong and valid case for the reconsideration of your claim.
Now draft a reply to NSE from My side
Certainly, below is a draft of a possible response to the NSE regarding your claim. Please ensure you consult with your legal advisor to tailor this response to fit the specifics of your case and to ensure that it meets all legal and procedural requirements.

—

[Your Full Name]
[Your Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]

[Date]

To
The National Stock Exchange of India Ltd.
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (E),
Mumbai-400051

Subject: Request for Reconsideration of Claim – [Your BSE Claim No.]

Dear Sir/Madam,

I am writing in response to the decision regarding my claim for compensation arising from the Karvy Stock Broking Limited default case, specifically my BSE Claim No. [Your BSE Claim No.].

I have reviewed the decision to reject the claim for non-receipt of shares of Punjab National Bank (PNB) and State Bank of India (SBI) on the grounds of the claim being time-barred, as well as the decision to compensate the claim for the non-receipt of 20 shares of Reliance Industries Limited (RIL) at the value of Rs.16,200/- from the Investor Protection Fund (IPF).

Upon careful consideration and in light of new evidence which has come to my attention, I respectfully urge the committee to reconsider the valuation and admissibility of my claims based on the following points:

1. Evidence of Trading Activity: Contrary to the decision suggesting my claims are time-barred, I have documented evidence of trading activity within the crucial 24-month period prior to the expulsion of Karvy. This evidence establishes my active trading status and, as per the guidelines and recent Securities Appellate Tribunal (SAT) orders, substantiates the legitimacy of my claim.

2. Valuation of Securities: In accordance with the guides provided by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL, it is my understanding that securities under litigation should be valued at the closing price on the date of default/expulsion. Hence, I request a revaluation of the 20 shares of RIL based on these guidelines to reflect the accurate value as of that date.

3. SAT Order Reference: The recent SAT order dated 07.06.2023 in Misc. Application No.438 of 2023 and related appeals has set important precedents regarding claims under similar circumstances. The findings in these appeals resonate with the facts of my case and provide an interpretative framework that should be applicable when reviewing my evidence and claims.

In light of the above, I kindly request a comprehensive review and reassessment of my claims. Enclosed with this correspondence, please find the relevant supporting documents, including [list any documents you are including, e.g., trading activity records, account statements, other evidence].

I appreciate the diligent work that NSE and the regulatory authorities are undertaking to resolve the claims arising from the Karvy default. I trust that my request for reassessment will be taken with the utmost consideration to ensure fairness and justice are upheld in the resolution of investor claims.

Please inform me of any additional information required or further steps I need to take. I look forward to a prompt response and am hopeful for a favourable resolution.

Thank you for your time and attention to this matter.

Sincerely,

[Your Signature (if sending a hard copy)]
[Your Printed Name]

Enclosures: [list the documents you are enclosing]

—

Make sure to attach all the mentioned enclosures and to send this letter via a method that provides you with proof of delivery. Keep copies of all your correspondence for your records. The content may need to be adjusted based on your individual situation and the legal advice you receive.
write to BSE
Here’s a draft template for a response to the Bombay Stock Exchange (BSE) regarding your claim following the Karvy Stock Broking Limited default. Please customize it according to the specifics of your case and consult your legal advisor before submitting it.

—

[Your Full Name]
[Your Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]

[Date]

To
The Bombay Stock Exchange Ltd.
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai-400001

Subject: Reconsideration of Claim - [Your BSE Claim No.]

Dear Sir or Madam,

I am writing further to your response regarding my claim associated with the default of Karvy Stock Broking Limited, under BSE Claim No. [Your BSE Claim No.]. I have taken note of the decision to reject my claim for the non-receipt of shares of Punjab National Bank (PNB) and State Bank of India (SBI) due to a time-barred submission, and the affirmed compensation for the non-receipt of 20 shares of Reliance Industries Limited (RIL).

After a meticulous review of this decision and in light of new decisive evidence I have accrued, I am contacting you to respectfully call for a reassessment for the following reasons:

1. Proof of Trading Activity: Contrary to the basis for rejection, I possess indisputable evidence of active trading within the 24-month period before Karvy’s expulsion date. This evidence substantiates my engagement in trading and, pursuant to protocols and jurisprudence from comparable cases adjudged by the Securities Appellate Tribunal (SAT), should validate my claim.

2. Securities Valuation Guidelines: The protocols set by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL should be observed, which position that securities under litigation ought to be appraised based on the closing price as on the date of default/expulsion. Accordingly, I request a re-evaluation of the RIL shares I held according to these norms, ensuring a just and correct valuation.

3. SAT Order Precedent: The SAT’s order observed on 07.06.2023, within Misc. Application No.438 of 2023 and the corresponding appeals, provides a legal precedent that aligns closely with the circumstances of my case. The principles laid out in these judgments offer a legal rationale that should be applied when re-examining my case.

Based on the aforementioned, I am seeking a reevaluation of my claims, including the admissibility and correct compensation assessment.

Herewith enclosed, you will find the supportive documents and evidence for your reference, including [detail the documents you are enclosing].

I value and acknowledge the responsibility that BSE upholds in addressing the ongoing issue and providing equitable resolutions to the investors impacted by the Karvy default. I am hopeful that my application for a claim reassessment will be met with due consideration and equity, reflecting the commitment to uphold justice in investor resolutions.

Please guide me if further documentation or steps are required from my end. I anticipate a prompt and affirmative resolution to this matter.

Thank you for your attention and cooperation.

Yours faithfully,

[Your Signature (if submitting a physical copy)]
[Your Printed Name]

Enclosures: [Detail the list of documents you are enclosing]

—

Ensure this letter is sent through a traceable method (registered post, courier with tracking, etc.), and maintain copies of everything for your records, including proof of posting and delivery. Adapt the content to suit the particulars of your case and follow any legal counsel you have received.
write mail and fill all details from my previous mail and Bold imp pt
Below is a customized response to the Bombay Stock Exchange (BSE) in the form of an email, using the details from your previous message. It highlights the important points in bold for emphasis. Make sure to review and adjust the email if necessary, and consult with your legal advisor before sending it to ensure it addresses all legal and procedural requirements relevant to your case.

—

Subject: Urgent Reconsideration of BSE Claim No. 917/370 for Karvy Default Compensation

Dear Bombay Stock Exchange Authorities,

I am writing to you concerning my claim associated with the Karvy Stock Broking Limited default case and registered under BSE Claim No. 917/370.

Following your recent communication rejecting my claim for the non-receipt of 400 shares of Punjab National Bank (PNB) and 200 shares of State Bank of India (SBI) due to it seemingly being time-barred, and the decision to award compensation for the non-receipt of 20 shares of Reliance Industries Limited (RIL), I must raise crucial points for your immediate reconsideration:

1. Active Trading Within Statutory Period: It is important to note that I possess concrete evidence of active trading within the 24-month period leading up to Karvy’s expulsion, directly contradicting the basis for the rejection of my claim. This evidence accurately demonstrates active trading on my part and should, in line with existing precedents, affirm the validity of my claim.

2. Adhesion to Valuation Guidelines: In line with the guidelines provided by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL, which state that securities under litigation are to be valued at the closing price on the date of default/expulsion, I respectfully request a revaluation of my RIL shares in adherence to these stipulations for a fair and equitable compensation assessment.

3. Precedent Set by SAT Order: The SAT’s recent order dated 07.06.2023, in connection with Misc. Application No.438 of 2023 and related appeals, sets important precedents relevant to my appeal. Since the legal reasoning articulated therein correlates significantly with my circumstances, I urge its consideration and application in the reassessment of my claim.

Given these critical points, I am requesting an immediate and thorough review of the decision related to BSE Claim No. 917/370. For your convenience, I have attached the necessary supporting documents and evidence, including copies of my trading activity records.

I understand the challenges involved in resolving the claims related to the Karvy default. However, a prompt and fair resolution is indispensable for maintaining investor trust and confidence. Please inform me of any additional steps I need to undertake or further information I need to provide.

I appreciate your swift attention to this pressing matter. Looking forward to your positive response and a satisfactory resolution.

Yours sincerely,

GAURI SHANKER
8896462887

Enclosures:
- Documentation of active trading within the 24-month period
- Any additional evidence and supporting documents provided in the previous communication

—

Before sending the email, make sure you attach all the relevant documents you cited. The email should be sent to the official BSE email address designated for dealing with such claims. Keep a copy of the email and any confirmation receipts that verify the email has been sent and received.
for Documentation of active trading within the 24-month period I had attached consolidated ledger statement
Understood. In your email response to the BSE, you should mention specifically that you have attached the consolidated ledger statement to support your claim of active trading within the 24-month period prior to the Karvy expulsion. Here is your email template with that detail included:

—

Subject: Urgent Reconsideration of BSE Claim No. 917/370 for Karvy Default Compensation

Dear Bombay Stock Exchange Authorities,

I am writing to you concerning my claim associated with the Karvy Stock Broking Limited default case and registered under BSE Claim No. 917/370.

I received your response to my claim and after reviewing the grounds upon which my claims were rejected and compensation was assessed, I am reaching out to urge an immediate reconsideration based on the following critical points:

1. Active Trading Within Statutory Period: Contrary to the grounds on which my claim for shares of Punjab National Bank (PNB) and State Bank of India (SBI) was rejected, I have attached a consolidated ledger statement as concrete evidence of active trading within the relevant 24-month period leading up to the expulsion of Karvy. This should affirm the validity of my claim, warranting a reevaluation.

2. Adherence to Valuation Guidelines: The Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL has stipulated that securities under litigation should be valued at the closing price on the date of default/expulsion. Therefore, I earnestly request that the compensation for my 20 shares of Reliance Industries Limited (RIL) be reassessed accordingly for a fair and accurate reflection of their value.

3. Precedent Set by SAT Order: The SAT’s order from 07.06.2023 in connection with Misc. Application No.438 of 2023 provides tangible precedents for cases similar to mine. The legal principles set forth by the SAT should inform the reassessment of my claim, given their direct relevance to the present matter.

Prompt and comprehensive attention to this request is important not only in terms of my individual case but also for upholding the integrity of the BSE’s investor protection measures.

Please review the attached documents and kindly instruct me on any further requirements or steps necessary from my end. I hope for and appreciate a swift response from your esteemed institution.

Thank you for your time and consideration.

Warm regards,

GAURI SHANKER
8896462887

Enclosures:
- Consolidated Ledger Statement (Evidence of active trading within the 24-month period)
- [List any additional supporting documents]

—

Make sure to attach the mentioned Consolidated Ledger Statement and any additional documents that provide support for your claim before sending the email. Keep copies of the email and any confirmation receipts or responses you receive.
Ok Now I am complaining on Scores SEBI against BSE now draft a mail to SEBI regarding All this earlier SEBI reg no SEBIE/MH23/0011163/1
Here’s a draft template for an email you might send to SEBI via the SCORES platform to lodge a complaint against BSE regarding your claim. Please note that for SCORES complaints, a structured format within the SCORES platform is typically used, but this draft email can guide the information you may need to include within that system.

—

Subject: Follow-up and Urgent Request for Review - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am writing to escalate and seek urgent intervention in my matter with the Bombay Stock Exchange (BSE), Claim No. 917/370, concerning the Karvy Stock Broking Limited default situation. My previous correspondence and submissions have not resulted in a fair reassessment of my claim, and thus I am turning to SEBI for assistance.

SEBI Registration No: SEBIE/MH23/0011163/1

BSE Claim No: 917/370

Key Points for Urgent Review:

1. Evidence of Active Trading: Despite providing a consolidated ledger statement as incontrovertible evidence of active trading within the 24-month period prior to Karvy’s expulsion, the BSE has rejected my claims for the non-receipt of shares of PNB and SBI.

2. Adherence to Valuation Norms: The compensation assessed for my 20 shares of Reliance Industries Limited (RIL) does not align with the valuation guidelines provided by the MCSGFC of NSEIL, which dictate securities under litigation should be valued at the closing price as on the date of default/expulsion.

3. Precedent from SAT Order: The SAT’s order dated 07.06.2023 in Misc. Application No.438 of 2023 provides a legal framework applicable to my case, which has not been appropriately considered by the BSE during the reassessment of my claim.

4. Lack of Response to Substantiated Claim: Despite transparently communicating the grievance and furnishing all required evidence, the response from BSE has been dismissive, and my requests for fair compensation remain unaddressed.

I am therefore seeking SEBI’s direct intervention to ensure that my claims are reevaluated judiciously and just compensation is awarded in line with the established guidelines and precedents. The delay in resolving this issue is causing continuous distress and financial burden.

Please find attached relevant documents, including the consolidated ledger statement and additional evidence that substantiate my active trading activity within the specified timeframe, for your perusal and action.

Thank you for considering my plea. I trust in SEBI’s commitment to investor protection and look forward to a favorable outcome.

Warm regards,

<PRESIDIO_ANONYMIZED_PERSON>
8896462887

Attachments:
- Consolidated Ledger Statement
- [Any additional documents you wish to include]

—

Before sending this email, ensure that you include all required documents as attachments. Also, remember that SCORES complaints are usually made directly through the platform, where you’ll fill out the required forms and upload necessary documentation. This email can be used as a guide for the information you might need to submit via SCORES. After lodging your complaint, note the acknowledgment number provided by SEBI and keep a copy of all correspondence for your records.
dont use this words Despite providing a consolidated ledger statement as I had mailed today to bse as their reply is awaited
Understood. Here’s an updated draft for the email to SEBI regarding the BSE claim, considering that you are awaiting a response from BSE after providing them with a consolidated ledger statement:

—

Subject: Urgent Review and Intervention Requested - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am writing to bring to your notice and seek urgent intervention in my ongoing matter with the Bombay Stock Exchange (BSE), Claim No. 917/370, as it pertains to unaddressed concerns arising from the Karvy Stock Broking Limited default.

SEBI Registration No: SEBIE/MH23/0011163/1

BSE Claim No: 917/370

As of now, I am awaiting a response from the BSE following the submission of crucial evidence that supports my case. I am reaching out to SEBI to ensure that, once the response is received, it reflects due consideration of the following essential points:

1. Active Trading: I have provided evidence to the BSE to demonstrate active trading within the 24-month period leading up to Karvy’s expulsion and hope that this will be accurately reflected in the reassessment of my claims regarding PNB and SBI shares.

2. Valuation of RIL Shares: For my RIL shares, a revaluation in accordance with the norms set by the MCSGFC of NSEIL, which mandate that securities under litigation should be valued at the closing price on the date of default/expulsion, is requested to ascertain fair compensation.

3. Applicability of SAT Precedent: The Securities Appellate Tribunal (SAT) order dated 07.06.2023 (Misc. Application No.438 of 2023) sets precedent for claims similar to mine and should inform the review of my case by the BSE.

4. Request for Timely SEBI Review: Given the significant impact of this issue on my financial well-being, I request SEBI’s timely review following BSE’s pending decision, to ensure transparency and justice in the resolution of my claim.

In anticipation of the necessary rectification by the BSE and prompt SEBI oversight, I am prepared with all pertinent documentation to facilitate a swift review post the BSE’s response. I place my trust in SEBI’s commitment to investor rights and expect that this oversight will help expedite a fair and just resolution.

Thank you for your attention to this matter. Kindly advise on any additional steps required from my end.

Warm regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

Please make sure to customize this template as needed and include any attachments or additional information when you actually send this correspondence. If submitting via the SCORES complaint platform, ensure this information is entered in the relevant sections and backed up with the necessary documentation.
dont use awaiting etc as I am complaining against BSE they rejected complaint saying time barred so i had given evidence now
I see, you want to address the issue where BSE has rejected your complaint as time-barred and you have already provided evidence against this decision. Here’s an updated draft of your complaint to SEBI:

—

Subject: Request for SEBI’s Assistance in Addressing Claim Rejection by BSE - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India (SEBI),

I am reaching out to request your assistance concerning an important matter pertaining to my securities claim with the Bombay Stock Exchange (BSE), designated under BSE Claim No. 917/370. The claim is related to the non-receipt of shares resulting from the default by Karvy Stock Broking Limited.

SEBI Registration No: SEBIE/MH23/0011163/1

The BSE has unjustifiably rejected my complaint on the grounds that it is time-barred. However, I have clear evidence indicating significant trading activity within the 24-month period prior to Karvy’s expulsion, which substantively contradicts the BSE’s reason for claim rejection.

I have addressed this by providing a consolidated ledger statement that explicitly demonstrates my active trading activities within the said timeframe. Despite this, my claim has not been reassessed accordingly by the BSE.

Key Issues & Requests:

1. Evidence Contradicts Claim Rejection: The consolidated ledger statement proves active trading during the required period, invalidating the time-barred status of my claim.

2. Proper Valuation as per Norms: I have requested that the BSE reevaluate the compensation for my shares in Reliance Industries Limited (RIL), taking into account the norms set by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL, which maintain that securities under litigation should be valued at the closing price on the date of default/expulsion.

3. Application of SAT Precedent: I believe the SAT’s judgment dated 07.06.2023 in Misc. Application No.438 of 2023 provides critical legal precedent that should influence reassessment of my claim, ensuring consistency and fairness in the BSE’s decision-making process.

As your intervention is now essential in obtaining a just resolution, I kindly request SEBI’s aid in ensuring that my provided evidence is acknowledged and that my claims are appropriately reconsidered. Timely action in this matter is indispensable.

Thank you for your consideration of this urgent issue. I am available to furnish any additional information or undertake necessary steps as directed.

Warm regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

When submitting this complaint to SEBI through the SCORES platform, please follow the standard procedure for lodging a grievance and include all necessary attachments. Keep a record of the acknowledgment and correspondence for future reference.
use like this Evidence of Trading Activity: Contrary to the decision suggesting my claims are time-barred, I have documented evidence of trading activity within the crucial 24-month period prior to the expulsion of Karvy. This evidence establishes my active trading status and, as per the guidelines and recent Securities Appellate Tribunal (SAT) orders, substantiates the legitimacy of my claim.
Certainly! Here is the revised email draft incorporating the language you’ve provided:

—

Subject: Appeal for SEBI Review - Claim Rejection on Time-Barred Basis by BSE

Dear Securities and Exchange Board of India,

I am writing to seek your guidance and support on a pressing matter that concerns the rejection of my securities claim by the Bombay Stock Exchange (BSE) under Claim No. 917/370 related to the Karvy Stock Broking Limited default case.

SEBI Registration No: SEBIE/MH23/0011163/1

My claim has been rejected on the grounds of being “time-barred,” a position that disregards the substantive evidence I have presented. I would like to draw your attention to the following points:

1. Evidence of Trading Activity: Contrary to the decision suggesting my claims are time-barred, I have documented evidence of trading activity within the crucial 24-month period prior to the expulsion of Karvy. This evidence establishes my active trading status and, as per the guidelines and recent Securities Appellate Tribunal (SAT) orders, substantiates the legitimacy of my claim.

2. Adherence to Valuation Standards: The valuation offered for my 20 shares of Reliance Industries Limited (RIL) by BSE does not reflect the established norms. I request a revaluation based on the closing price of the securities on the default date, as per the protocols defined by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL.

3. Reference to SAT Order: The SAT order dated 07.06.2023 in Misc. Application No.438 of 2023 provides a legal precedent that supports the validity of my claims. The order underscores the importance of considering documented trading activities in claim evaluations.

I appeal to SEBI to intervene and provide direction for the BSE to reevaluate my claim in acknowledgment of the evidence and in accordance with SEBI’s own regulations and relevant legal guidance. This outcome is not merely about the claim but speaks broadly to the protection of investor rights and fairness in proceedings.

I am willing to furnish any further details or clarification that may be needed and am hopeful for a timely reconsideration of my case.

I am grateful for your attention to this matter and await your prompt intervention.

Thank you.

Kind regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

Please adjust this template to fit your specific situation as needed, and submit it via the SCORES platform or other appropriate channels as per SEBI’s processes. Attach all relevant documentation to support your claim when you lodge your complaint. Keep a copy of the communication for your records.
add I am giving ledger statement as concrete evidence of trading
Of course, I’ve included the specific mention of the ledger statement as evidence in your email to SEBI:

—

Subject: Request for SEBI Review and Reconsideration - Unjust Claim Rejection by BSE - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am writing to appeal for your immediate review and reconsideration regarding the rejection of my claim by the Bombay Stock Exchange (BSE), marked under Claim No. 917/370, associated with the default of Karvy Stock Broking Limited. My earnest request stems from the BSE’s decision to consider my claim as time-barred, which is a verdict I believe to be unfounded given the evidence I have submitted.

SEBI Registration No: SEBIE/MH23/0011163/1

I would like to bring to your attention the specific points of contention that warrant urgent intervention:

1. Evidence of Trading Activity: Contrary to the BSE’s assertion that my claim is time-barred, I have furnished a consolidated ledger statement as concrete evidence of trading activity within the critical 24-month period prior to Karvy’s expulsion. This statement robustly establishes my status as an active trader and provides a solid basis for the legitimacy of my claim, in line with precedents set by recent Securities Appellate Tribunal (SAT) orders.

2. Adherence to Valuation Standards: Moreover, the compensation determined by the BSE for my 20 shares of Reliance Industries Limited (RIL) is inconsistent with the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL’s valuation standards, which stipulate that securities under litigation must be valued at the closing price as on the default date. I request a meticulous revaluation that comports with these guidelines.

3. Reference to SAT Order: It is pertinent to note that the SAT order dated 07.06.2023 in Misc. Application No.438 of 2023 provides a judicial foundation that should guide a fair and equitable reassessment of my claim, considering the documented evidence of my trading activity.

My intention in reaching out to SEBI is to ensure that the BSE acknowledges the evidence provided and conducts a thorough reevaluation of my claim as per applicable norms. The importance of resolving this matter promptly cannot be overstated, given its significant implications for investor confidence and trust in the redressal mechanisms of our securities market.

I am prepared to provide any additional information or clarification required. Your prompt attention to this appeal, which underlines the integrity of securities regulation and investor protection, is deeply appreciated.

Thank you for your attention and support in this vital issue.

Sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

Make sure to adapt this template to reflect the facts of your case accurately, attach the actual ledger statement and relevant documents, and submit them via the appropriate channel, typically the SCORES platform. Keep copies of all sent items and receipts of submission for your records.
good but be harsh on BSE IPF
I understand that you want to assertively express your concerns regarding how your case was handled by BSE IPF. It is important to be firm yet professional when communicating your dissatisfaction. Below is a revised version of the email that takes a more assertive tone:

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Subject: Demand for Immediate SEBI Intervention – BSE’s Inequitable Claim Rejection - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am compelled to write to you concerning an egregious error in judgment made by the Bombay Stock Exchange Investor Protection Fund (BSE IPF) in their outright rejection of my claim under BSE Claim No. 917/370 related to the Karvy Stock Broking Limited default.

SEBI Registration No: SEBIE/MH23/0011163/1

The BSE IPF’s decision to label my claim as “time-barred” is not only unfounded but also a gross misrepresentation of the evidence I have diligently provided. Such a dismissal undermines investor confidence and disregards the principles of equity and justice that our market regulators are meant to uphold.

1. Indisputable Evidence of Active Participation: I have provided a consolidated ledger statement as indisputable evidence reflecting significant trading activities within the 24-month period that is critical prior to the expulsion of Karvy. The BSE IPF’s failure to acknowledge the unequivocal proof of my active trading status is unacceptable and directly contradicts both the guidelines and the established judicial precedent.

2. Improper Valuation and Unjust Compensation: The BSE IPF has also failed in its duty to impartially compensate investors by starkly undervaluating my 20 shares of Reliance Industries Limited (RIL). The valuation must adhere to the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL’s norms, demanding that the securities be valued at the closing price on the date of default/expulsion. BSE’s arbitrary assessment of my assets is unjust and warrants immediate correction.

3. SAT Order’s Precedential Importance: The oversight is not only a miscarriage of the due process promised to every investor but also an egregious disregard for legal precedent. The SAT order dated 07.06.2023 in Misc. Application No.438 of 2023 outlines clear criteria for such cases, which BSE IPF has chosen to overlook in its expedited rejection.

I call upon SEBI to act decisively and compel BSE IPF to rectify their approach by reassessing my case with the seriousness it deserves. Investors like myself rely on the assurance that our regulatory environment operates with integrity, transparency, and fairness.

I seek a commitment for my case to be revisited urgently and request a transparent audit trail of the investigative process that led to the initial rejection. It is time that BSE IPF be held accountable for this unacceptable lapse in standards, which not only affects my claim but also sets a concerning precedent.

I anticipate immediate corrective action and thank you for your prompt intervention in this critical issue.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

Be sure to attach any relevant documents that support your statements, and submit this complaint via the appropriate channels at SEBI. Keep records of all communications and confirmations associated with this submission.
add this that 24 month period is discussed in SAT orders
Absolutely, I’ve integrated the mention of the SAT orders discussing the 24-month period into the revised email draft:

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Subject: Immediate SEBI Action Required – BSE IPF’s Inequitable Claim Rejection - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

This email serves as a formal and urgent appeal against the injustice perpetrated by the Bombay Stock Exchange Investor Protection Fund (BSE IPF) in the matter of my securities claim, BSE Claim No. 917/370, related to the Karvy Stock Broking Limited default.

SEBI Registration No: SEBIE/MH23/0011163/1

The BSE IPF has unjustly dismissed my claim as “time-barred,” a decision that displays a concerning disregard for well-documented evidence and directly contradicts principles established by recent Securities Appellate Tribunal (SAT) orders regarding the crucial 24-month period. The BSE IPF’s oversight in this matter is unacceptable and undermines my trust in the due processes of our financial markets.

Critical Issues Necessitating SEBI’s Intervention:

1. Provably Active Trading During Key Period: Within the stipulated 24-month period, which is heavily emphasized in SAT orders, my consolidated ledger statement provides categorical evidence of my active trading. The BSE IPF’s neglect in recognizing this documentation casts a disquieting shadow on the legitimacy of their procedures for investigating investor claims.

2. Valuation Inconsistencies and Inadequate Compensation: I expressly dispute the BSE IPF’s deficient valuation of my 20 shares of Reliance Industries Limited (RIL), as it stands in stark contravention of the standards prescribed by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL. The BSE has a fiduciary responsibility to allocate compensation that mirrors the closing price on the default date, and their failure to do so is both unfair and must be addressed with urgency.

3. Overlooked SAT Orders’ Implications: The clear guidance provided in the SAT order dated 07.06.2023 in Misc. Application No.438 of 2023 has been seemingly ignored by the BSE IPF in their determinations. The SAT has recognized the protective rights of investors actively trading in the aforementioned 24-month period, setting important legal precedent for cases like mine, which BSE IPF ought to follow.

The evidence I have submitted cannot be trivialized nor overlooked. I demand that SEBI mandate the BSE IPF to undertake a thorough reevaluation of my claim, with due adherence to all relevant norms and judicial instructions.

I assert my right as an investor to a rectified assessment of my claim and implore SEBI to intervene to uphold the highest standards of transparency, justice, and investor protection that are the cornerstone of our securities regulation.

Thank you for giving this matter your immediate and vigilant attention.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile:
Type an input and press Enter
8896462887

—

Be sure to attach the relevant documents, including the consolidated ledger statement and any references to the SAT orders that discuss the 24-month period. Send the complaint through the correct channels within SEBI, such as the SCORES system. Maintain records of all submissions for future reference.
also add considering broader that Karvy had done scam investor dont know about their shares are in demat or karvy pool thats why is called scam so consider this also
Absolutely, below is an updated version of your draft email to SEBI with the inclusion of the context around the Karvy scam and the uncertainty it created for investors about the status of their shares:

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Subject: Demand for SEBI’s Prompt and Rigorous Review – Inequitable Dismissal of Claim by BSE IPF - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am driven to reach out to you urgently, compelled by the stark injustice and oversight in my case rendered by the Bombay Stock Exchange Investor Protection Fund (BSE IPF) regarding Claim No. 917/370 connected with the reprehensible Karvy Stock Broking Limited default.

SEBI Registration No: SEBIE/MH23/0011163/1

The fiasco indulged by Karvy has left investors like myself in a quandary, unsure of whether our shares were held in demat accounts or were illicitly transferred to Karvy’s pool account – an act of deception that qualifies the whole affair as a scam. It’s this vacillating nightmare, induced by the intermediary, that adds a layer of complexity in identifying and claiming our rightful assets.

The BSE IPF’s designation of my claim as “time-barred” entirely dismisses the tumultuous context of the Karvy scam. It fails to take into account the perplexity investors faced over their holding status, effectively punishing the victims of the fraud for the wrongdoing and operational obstructions caused by Karvy.

Essential Considerations for Immediate SEBI Review:

1. Documented Trading Activity Amidst Uncertainty: Within the critical 24-month period prior to Karvy’s expulsion – a period heavily cited in SAT orders – my consolidated ledger statement stands as unequivocal evidence of active trades. The BSE IPF has egregiously overlooked this proof, setting a dangerous precedent and further victimizing those already wronged by Karvy’s malfeasance.

2. Inadequate Compensation and Misleading Valuation: My shares in Reliance Industries Limited (RIL), undervalued by BSE IPF, starkly misalign with the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL’s guiding principles, which warrant securities under litigation to be valued at the closing price on the date of default/expulsion. It is imperative for the BSE to ascertain fair compensation that mirrors this guidance, providing solace to investors during this time of uncertainty and financial distress.

3. SAT Orders Underscore Investor Protections: The SAT order dated 07.06.2023 within Misc. Application No.438 of 2023 embodies the legal protections afforded to investors, indicating a directive to maintain lawful consideration for claims within such extraordinary circumstances. The oversight by BSE IPF to apply this judicial rationale is of severe concern and requires SEBI’s immediate intervention to ensure alignment with statutory safeguards.

I, therefore, urge SEBI to intervene and direct BSE IPF to reevaluate my claim with an understanding of the broader context of the Karvy scam and the delegated requirements as set out by applicable laws and SAT precedents. As investors, we place our implicit trust in the frameworks and operational integrity of our institutions, anticipating that our regulatory bodies will act as our bulwark in such scenarios of fraudulence.

I await your swift and decisive action to safeguard the rights and interests of all affected investors.

Thank you for your dedicated attention to this matter of grave importance.

Sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

Please tailor this email to your specific situation, include the necessary attachments with your communication, and submit through the official channels, typically the SCORES platform for lodging complaints with SEBI. Be sure to keep a record of all communications and documentations sent.
use this after discussing main context The fiasco indulged by Karvy has left investors like myself in a quandary, unsure of whether our shares were held in demat accounts or were illicitly transferred to Karvy’s pool account – an act of deception that qualifies the whole affair as a scam. It’s this vacillating nightmare, induced by the intermediary, that adds a layer of complexity in identifying and claiming our rightful assets.
Certainly! Here’s your updated email draft incorporating the suggested context about the Karvy scam after covering the main issues:

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Subject: Urgent SEBI Review Required – Unfair Rejection of Claim by BSE IPF - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am compelled to urgently solicit your intervention due to the flagrant miscarriage of justice by the Bombay Stock Exchange Investor Protection Fund (BSE IPF) in their handling of my claim, numbered 917/370, in connection with the notorious default of Karvy Stock Broking Limited.

SEBI Registration No: SEBIE/MH23/0011163/1

The tumult wrought by Karvy has ensnared investors including me in a state of limbo, with grave uncertainties regarding the actual location of our shares—whether securely held in demat accounts or illicitly fenced into Karvy’s pool account. This deliberate subterfuge perpetrated by Karvy is nothing short of a scandalous scam and places an additional burden on investors who are now confronted with obfuscated pathways to reclaim their property.

Essentially, the BSE IPF dismissing my claim as “time-barred” fails to consider the extraordinary circumstances and the severe disarray imposed upon investors due to Karvy’s deceptions. It overlooks the deep layers of complexity that the scandal added to the process of identifying and reclaiming our rightful assets.

This context is critical for understanding the major points for SEBI’s immediate review:

1. Documented Trading Activity Amidst Scandal: My active trading within the pivotal 24-month period leading up to Karvy’s expulsion, as emphasized by SAT orders in similar cases, is evidenced by a consolidated ledger statement I have provided. Neglecting this concrete evidence is tantamount to a severance of trust between the regulatory mechanisms and the investors they vow to protect.

2. Misapplication in Valuing and Compensating Shares: The valuation and subsequent compensation methodology applied by BSE IPF for my 20 shares of Reliance Industries Limited (RIL) deviates from the valuation norms established by the MCSGFC of NSEIL. Such disregard cannot be overlooked, as accurately valuing securities at the closing price on the date of default/expulsion is vital for the just restitution of investor claims.

3. SAT Order and Its Pertinence to Investor Protection: In addition, the SAT order dated 07.06.2023, within Misc. Application No.438 of 2023, further enshrines the entitlements due to investors, particularly in situations of compromised intermediary conduct. Such legal guidance remains an anchor to legitimate expectations of the market participants.

The fiasco indulged by Karvy has left investors like myself in a quandary, unsure of whether our shares were held in demat accounts or were illicitly transferred to Karvy’s pool account – an act of deception that qualifies the whole affair as a scam. It’s this vacillating nightmare, induced by the intermediary, that adds a layer of complexity in identifying and claiming our rightful assets.

I earnestly appeal to SEBI to enforce a comprehensive and equitable reconsideration of my claim by BSE IPF, factoring in all relevant evidence and the overarching impact of the Karvy scandal. In these trying circumstances, it becomes paramount that our regulatory bodies stand in solidarity with investors, safeguarding their interests and upholding the sanctity of our financial systems.

Awaiting your prompt and principled intervention.

Thank you for upholding the principle of investor protection.

Sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

When you are ready to send this communication, incorporate all necessary documentation, submit through SEBI’s proper channels, and keep documented proof of your filings and correspondences.
not good draft another new
I apologize if the previous drafts weren’t quite what you were looking for. Let me provide you with a fresh draft to communicate your concerns to SEBI:

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Subject: SEBI’s Immediate Attention Required: Incorrect Dismissal of BSE IPF Claim - SEBI Reg. No: SEBIE/MH23/0011163/1

Dear Sir/Madam,

I am writing this letter to officially request that SEBI urgently intervenes regarding the inappropriate dismissal of my claim no. 917/370 by the BSE Investor Protection Fund (IPF), which is associated with the Karvy Stock Broking Limited scandal.

SEBI Registration Number: SEBIE/MH23/0011163/1

My claim was rejected by the BSE IPF on the basis that it was ‘time-barred’. This conclusion has been hastily made without a thorough consideration of the facts and context of the Karvy default – a well-documented scam that caused widespread chaos and confusion for numerous investors over the actual status of their shares. The genuine lack of clarity surrounding whether shares were retained within demat accounts or were unauthorizedly transferred to Karvy’s pool means that the criteria for ‘time-barred’ claims should be contextualized and applied with prudence, an approach which the BSE IPF has neglected to take.

The key arguments that must be reviewed with utmost urgency are as follows:

1. Trading Evidence During the Specified Period: I have submitted a consolidated ledger statement providing incontrovertible evidence of my active trading within the 24-month period ahead of Karvy’s expulsion, firmly supporting the legitimacy of my claim. It’s imperative for SEBI to ensure that such solid evidence is duly noted and not brushed aside.

2. Conformity to Valuation Guidelines: The valuation for my holdings in RIL provided by the BSE does not correspond with the clear guidelines laid out by the MCSGFC of NSEIL, which necessitate that the compensation is based on the securities’ closing price on the date of default/expulsion. This misvaluation results in an unjust compensation figure that needs rectification.

3. SAT Orders as Legal Precedent: The SAT’s decision dated 07.06.2023 in Misc. Application No.438 of 2023 underlines the need for fair treatment of investors’ claims in light of trading activity evidence. The dismissal of my claim disregards these precedents and exposes a gap in the fair treatment promised to investors.

I urge SEBI to acknowledge the broader implications of the Karvy scam, which has jolted the faith of investors in the securities market, and to advocate for my right to a fair and just redressal of my claim. The oversight exhibited by the BSE IPF significantly undermines investor trust and highlights an urgent need for review by SEBI.

I appeal to SEBI not simply as an aggrieved individual, but as a representative of the rights of all investors who have been affected by this profound failure in the system. It is vitally important that SEBI takes an active role in rectifying this situation.

Awaiting your immediate and assertive response.

Kind regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

Please provide all necessary documents as attachments when you lodge your complaint on the appropriate platform or via email. Maintain a copy of the communication for your records.
use this 24-month period ahead of Karvy’s expulsion which was in SAT orders
Certainly, here is a revised draft of your email to SEBI incorporating the specifics about the 24-month period ahead of Karvy’s expulsion as referenced in the Securities Appellate Tribunal (SAT) orders:

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Subject: Request for Immediate SEBI Action on BSE IPF Claim Dismissal - SEBI Reg. No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am writing to seek immediate action and a thorough reassessment from SEBI on the matter of the BSE Investor Protection Fund (IPF) rejection of my claim no. 917/370 related to the Karvy Stock Broking Limited’s default.

SEBI Registration Number: SEBIE/MH23/0011163/1

The BSE IPF’s dismissal of my claim as ‘time-barred’ fails to acknowledge the intricate circumstances of the Karvy scam, where the regular operations essential for investors to reclaim their assets were severely disrupted. Such a blanket rejection ignores the specified 24-month active trading period ahead of Karvy’s expulsion—which has been clearly stated in the SAT orders—and the chaos unleashed in the market as a consequence of the scam, which made it challenging for investors to understand whether their shares were in demat accounts or improperly held in Karvy’s own pool.

I urge SEBI to address the following points that are of crucial importance:

1. Evidence of Trading Within SAT-Stipulated Period: I have provided clear evidence of trading activity within the 24-month period leading up to Karvy’s expulsion, as explicitly discussed in SAT orders. This undeniable evidence is a testament to my active engagement in the market and contradicts the grounds for my claim’s time-bound rejection.

2. Appropriate Share Valuation: The valuation attributed to my 20 shares of Reliance Industries Limited (RIL) by BSE IPF does not comply with the guidelines of the MCSGFC of NSEIL. The valuation should reflect the fair market value at the closing price on the default date, but it falls short. This misvaluation has resulted in inadequate compensation and must be rectified in line with the regulatory standards.

3. SAT Precedents on Claims: The SAT order referenced above signifies that under such exceptional circumstances, as evidenced by the 24-month trading activity, claims must be judged with deeper consideration. The SAT precedent underscores that blanket rejections without adequate review are not in conformance with legal and regulatory standards, particularly in cases where the defaulter has confounded investors’ ability to manage their holdings.

Considering the broader impact of the calamity caused by Karvy, which left the market and investors in unprecedented dismay, it’s crucial that SEBI intervenes to safeguard the rights and interests of affected investors. Ensuring a just and systematic review of such claims is essential to restore faith in our securities market’s protection mechanisms.

Thank you for your prompt attention to this critical matter.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

When submitting your email, attach the evidence that supports your claim. It’s essential to maintain copies of your correspondence and all related documents for future reference. If submitting through SCORES or another platform, make sure to include all relevant proof and documentation required by the service.
good make bold Imp pts
Certainly! I will bold the important points to emphasize your key arguments in the email:

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Subject: Immediate SEBI Review Needed for Rejection of BSE IPF Claim - SEBI Reg. No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am writing to vehemently request an urgent re-examination by SEBI for the grossly unfair dismissal of my claim (No. 917/370) by the BSE Investor Protection Fund (IPF), which revolves around the infamous Karvy Stock Broking Limited default case.

SEBI Registration Number: SEBIE/MH23/0011163/1

The BSE IPF has rejected my claim on allegedly being ‘time-barred’, a stance that blatantly disregards the complex reality of the Karvy debacle. The substantive evidence I submitted, which includes my trading activity within the critical 24-month period ahead of Karvy’s expulsion—a timeline that is grounded in SAT orders—has been overlooked in a manner most dismissive and injudicious.

The core issues which compel SEBI to take swift and precise action are as follows:

1. Evidence of Trading Within SAT-Stipulated Period: I have furnished documented proof corroborating my market activity within the 24-month window preceding Karvy’s expulsion, as recognized in the SAT orders. This trading evidence firmly negates the BSE IPF’s rationale for rejecting my claim due to elapsed time.

2. Alignment with MCSGFC Valuation Guidelines: The compensation accorded for my holding of 20 shares in Reliance Industries Limited (RIL) by the BSE IPF is in clear violation of the valuation principles decreed by the MCSGFC of NSEIL. These guidelines dictate that the value of securities in litigation accounts should correspond with their closing market price on the day of default/expulsion.

3. Conformance to SAT Precedents Regarding Claims: The precedence established by the SAT in their ruling dated 07.06.2023 in Misc. Application No.438 of 2023 unequivocally mandates that an investor’s active trading profile, particularly within the aforesaid 24-month period, be factored in when processing compensation claims—a directive evidently ignored in the BSE IPF’s determination.

Given the chaos propagated by the Karvy scam, which has ravaged the trust investors place in the safety of the market, it is of the essence that SEBI ensures a transparent and equitable path to redress for those affected. It is undeniably imperative that the rights of the investors are staunchly defended, with their claims honored and duly addressed.

I am looking forward to SEBI’s urgent intervention in restoring confidence and upholding the integrity of our market’s investor protection system.

Thank you for addressing this severe concern with due diligence and resolve.

Sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

—

Ensure that these emphasized points are visible and clear when you prepare your actual email or submission through SCORES or any other official platform. Attach the relevant evidence, and always keep copies of all submissions for your records.
dont change anything just check and bold imp “Subject: Demand for Immediate SEBI Intervention – BSE’s Inequitable Claim Rejection - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am compelled to write to you concerning an egregious error in judgment made by the Bombay Stock Exchange Investor Protection Fund (BSE IPF) in their outright rejection of my claim under BSE Claim No. 917/370 related to the Karvy Stock Broking Limited default.

SEBI Registration No: SEBIE/MH23/0011163/1

The BSE IPF has rejected my claim on allegedly being ‘time-barred’, a stance that blatantly disregards the complex reality of the Karvy debacle. The substantive evidence I submitted, which includes my trading activity within the critical 24-month period ahead of Karvy’s expulsion—a timeline that is grounded in SAT orders—has been overlooked in a manner most dismissive and injudicious.

The core issues which compel SEBI to take swift and precise action are as follows:

1. Evidence of Trading Within SAT-Stipulated Period: I have furnished documented proof corroborating my market activity within the 24-month window preceding Karvy’s expulsion, as recognized in the SAT orders. This trading evidence firmly negates the BSE IPF’s rationale for rejecting my claim due to elapsed time.

2. Alignment with MCSGFC Valuation Guidelines: The compensation accorded for my holding of 20 shares in Reliance Industries Limited (RIL) by the BSE IPF is in clear violation of the valuation principles decreed by the MCSGFC of NSEIL. These guidelines dictate that the value of securities in litigation accounts should correspond with their closing market price on the day of default/expulsion.

3. Conformance to SAT Precedents Regarding Claims: The precedence established by the SAT in their ruling dated 07.06.2023 in Misc. Application No.438 of 2023 unequivocally mandates that an investor’s active trading profile, particularly within the aforesaid 24-month period, be factored in when processing compensation claims—a directive evidently ignored in the BSE IPF’s determination.

Given the chaos propagated by the Karvy scam, which has ravaged the trust investors place in the safety of the market, it is of the essence that SEBI ensures a transparent and equitable path to redress for those affected. It is undeniably imperative that the rights of the investors are staunchly defended, with their claims honored and duly addressed.

I call upon SEBI to act decisively and compel BSE IPF to rectify their approach by reassessing my case with the seriousness it deserves. Investors like myself rely on the assurance that our regulatory environment operates with integrity, transparency, and fairness.

I seek a commitment for my case to be revisited urgently and request a transparent audit trail of the investigative process that led to the initial rejection. It is time that BSE IPF be held accountable for this unacceptable lapse in standards, which not only affects my claim but also sets a concerning precedent.

I anticipate immediate corrective action and thank you for your prompt intervention in this critical issue.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Enclosures:
- Consolidated Ledger Statement (Evidence of active trading within the 24-month period)
-Bank Statement from 01-04-2015 to 07-01-2021
-Transaction Statement
-Contract Notes/Bill
”
Subject: Demand for Immediate SEBI Intervention – BSE’s Inequitable Claim Rejection - SEBI Registration No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India,

I am compelled to write to you concerning an egregious error in judgment made by the Bombay Stock Exchange Investor Protection Fund (BSE IPF) in their outright rejection of my claim under BSE Claim No. 917/370 related to the Karvy Stock Broking Limited default.

SEBI Registration No: SEBIE/MH23/0011163/1

The BSE IPF has rejected my claim on allegedly being ‘time-barred’, a stance that blatantly disregards the complex reality of the Karvy debacle. The substantive evidence I submitted, which includes my trading activity within the critical 24-month period ahead of Karvy’s expulsion—a timeline that is grounded in SAT orders—has been overlooked in a manner most dismissive and injudicious.

The core issues which compel SEBI to take swift and precise action are as follows:

1. Evidence of Trading Within SAT-Stipulated Period: I have furnished documented proof corroborating my market activity within the 24-month window preceding Karvy’s expulsion, as recognized in the SAT orders. This trading evidence firmly negates the BSE IPF’s rationale for rejecting my claim due to elapsed time.

2. Alignment with MCSGFC Valuation Guidelines: The compensation accorded for my holding of 20 shares in Reliance Industries Limited (RIL) by the BSE IPF is in clear violation of the valuation principles decreed by the MCSGFC of NSEIL. These guidelines dictate that the value of securities in litigation accounts should correspond with their closing market price on the day of default/expulsion.

3. Conformance to SAT Precedents Regarding Claims: The precedence established by the SAT in their ruling dated 07.06.2023 in Misc. Application No.438 of 2023 unequivocally mandates that an investor’s active trading profile, particularly within the aforesaid 24-month period, be factored in when processing compensation claims—a directive evidently ignored in the BSE IPF’s determination.

Given the chaos propagated by the Karvy scam, which has ravaged the trust investors place in the safety of the market, it is of the essence that SEBI ensures a transparent and equitable path to redress for those affected. It is undeniably imperative that the rights of the investors are staunchly defended, with their claims honored and duly addressed.

I call upon SEBI to act decisively and compel BSE IPF to rectify their approach by reassessing my case with the seriousness it deserves. Investors like myself rely on the assurance that our regulatory environment operates with integrity, transparency, and fairness.

I seek a commitment for my case to be revisited urgently and request a transparent audit trail of the investigative process that led to the initial rejection. It is time that BSE IPF be held accountable for this unacceptable lapse in standards, which not only affects my claim but also sets a concerning precedent.

I anticipate immediate corrective action and thank you for your prompt intervention in this critical issue.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Enclosures:
- Consolidated Ledger Statement (Evidence of active trading within the 24-month period)
- Bank Statement from 01-04-2015 to 07-01-2021
- Transaction Statement
- Contract Notes/Bill

—

Please use this revised and highlighted draft for your correspondence with SEBI. Ensure that you include all the necessary documents mentioned in Enclosures when you submit your complaint, either via email or through the SCORES platform.
Complaint details in brief
(upto 1000 characters)
The BSE IPF has erroneously rejected my claim (No. 917/370) in the Karvy scam as ‘time-barred’, ignoring concrete ledger evidence of trades within the critical 24-month period before Karvy’s expulsion, as specified in SAT orders. The valuation for my RIL shares by BSE contradicts MCSGFC norms, calling for revaluation based on the closing price on the default date. SAT’s ruling dated 07.06.2023 mandates that such active trading be considered, a directive the BSE IPF has overlooked. This mishandling has broader implications for investor trust and calls for SEBI’s immediate intervention to ensure a fair, transparent reinstatement of my claim in alignment with legal precedents and regulatory standards.
bold imp
The BSE IPF has erroneously rejected my claim (No. 917/370) in the Karvy scam as ‘time-barred’, ignoring concrete ledger evidence of trades within the critical 24-month period before Karvy’s expulsion, as specified in SAT orders. The valuation for my RIL shares by BSE contradicts MCSGFC norms, calling for revaluation based on the closing price on the default date. SAT’s ruling dated 07.06.2023 mandates that such active trading be considered, a directive the BSE IPF has overlooked. This mishandling has broader implications for investor trust and calls for SEBI’s immediate intervention to ensure a fair, transparent reinstatement of my claim in alignment with legal precedents and regulatory standards.
now draft a fresh complaint to NSE IPF
Subject: Complaint Against Inequitable Treatment and Request for Fair Compensation - [Your Full Name]

Dear National Stock Exchange Investor Protection Fund (NSE IPF) Team,

I am writing to file a complaint regarding an unfair and questionable decision made in the handling of my claim related to the trading activities disrupted by the Karvy Stock Broking Limited scam.

My proceedings on the BSE Claim No. 917/370 has met with an unjustifiable conclusion, where the BSE IPF has prematurely and inaccurately turned down my rightful claim on the grounds of it being perceived as “time-barred.” This finding directly conflicts with the solid evidence that I have consistently provided, demonstrating active trading within the vital 24-month period ahead of the deplorable Karvy scam coming to light. Such decisive activity in my securities account is well-documented and unequivocally substantiates my participation in the market.

Moreover, the valuations that were applied to my shares of Reliance Industries Limited (RIL) have been woefully underestimated and misaligned with the correct guidelines outlined by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL. This discrepancy has led to a severe shortfall in the compensation that I, as an investor, am entitled to.

Holding the SAT Order dated 07.06.2023 in Misc. Application No. 438 of 2023 as a legal benchmark, it is clearly understood that claims like mine, supported by an active trading profile, are rightfully admissible and should be viewed in a serious light. For this purpose, the oversight in handling my claim seems to starkly deviate from the expected standards of fairness and legal rigor.

I urgently call upon the NSE IPF for a comprehensive and empathetic review of my case. The stakes are high, not only concerning my financial well-being but also in maintaining the esteem and faith of investors in our regulatory mechanisms. Expedient, transparent, and fair processing of my claim is desperately sought to align with the equitable principles and protective measures that the NSE IPF purports to uphold.

Please advise me on the next steps for elevating this complaint and for facilitating a swift reassessment of my claim. I am prepared to provide additional information or documentation as may be required to aid in this process.

Thank you for your immediate attention and resolution to this matter.

Sincerely,

[Your Full Name]
[Your Contact Information]
[Your Client ID or Account Information with NSE]

Attachments (if applicable):
- Consolidated Ledger Statement
- Bank Statement (covering the period involved)
- Transaction Statement
- Contract Notes/Bills

(Note: Adjust this template as needed with specific details of your account and claim number. Attach the necessary documents that pertain to your situation when sending this complaint.)
dont discuss about BSE just write fresh new mail
Subject: Request for NSE IPF Review of Claim No. [Your Claim Number]

Dear National Stock Exchange Investor Protection Fund Committee,

I am writing to draw your immediate attention to claim no. [Your Claim Number], which concerns my securities affected by the Karvy Stock Broking Limited default scenario.

I have endeavored to substantiate my claim with rigorous evidence of active trading across the crucial period leading to and including the date of Karvy’s expulsion from the NSE. A substantial body of this evidence manifests the active status of my trading account up until the date in question.

Moreover, the valuation of my assets, specifically the shares of Reliance Industries Limited (RIL), has not been executed in accordance with the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL guidelines. These instruct that securities under contention should be appraised at the closing price as of the default date. The compensation I’m being offered, therefore, does not reflect the true worth of my investments as per these guidelines.

It is of paramount importance to me—and to the investor community at large—that claim reviews are conducted with the utmost adherence to equity and established protocols. The credibility of our market’s protective institutions depends on these principles being upheld with integrity.

I kindly request a full and prompt review of my claim. Please advise on any additional documentation you may require or further actions I must undertake to assist in this process.

Thank you for your time, and I anticipate your swift and considerate response to ensure a just resolution to this matter.

Best Regards,

[Your Full Name]
[Your Address]
[Your Contact Information]
[Your NSE Client ID]

Attachments:
- Detailed Trading Statement for the Relevant Period
- Supporting Documents for the Valuation of RIL Shares
- Any additional documents relevant to the claim

(Note: Customize the placeholders with your claim number, relevant period, personal details, and attach the necessary supporting documents before submission. Be sure to send the email to the designated address provided by NSE for such investor concerns.)
write to review reference no. NSELUC/0035427/20-21/DCS dated 15-DEC-2020
Subject: Review Request for NSE IPF Reference No. NSELUC/0035427/20-21/DCS dated 15-DEC-2020

Dear National Stock Exchange Investor Protection Fund Committee,

I am reaching out to request a comprehensive review of the handling and outcome associated with the claim under the reference No. NSELUC/0035427/20-21/DCS dated 15-DEC-2020.

As an investor who has been adversely affected by the default of Karvy Stock Broking Limited, it is critical that my case is treated with the regulatory diligence it warrants. My previous submissions, including detailed trading activities and share valuations, seek equitable consideration in alignment with the NSE IPF’s commitment to protecting investor interests.

In light of my continuous effort to provide transparent and verifiable documentation of my trades during the significant period prior to the expulsion of Karvy, it is imperative that these submissions are re-examined under the just guidelines issued by the MCSGFC of NSEIL. The importance of this review speaks not only to the financial rectitude of my individual case but also embodies the broader ethos of trust and fairness that the NSE EPF seeks to uphold.

I implore the NSE IPF committee to reassess the claim, taking into account all the relevant evidence so as to ensure that the resolution reflects both the factual trading background and the values of the NSE’s investor protection framework. An accurate and fair valuation of my shares, including those of Reliance Industries Limited (RIL), must be based on the closing prices on the date of default, in strict accordance with established norms.

I am prepared to cooperate fully with this review process and to supply any further details or clarifications that may facilitate a fair and expedited resolution to my claim. Should there be specific protocols or additional steps for me to follow, please guide me accordingly.

Thank you for your prompt and careful attention to this significant matter. I am hopeful for a fair resolution that stands as testament to NSE IPF’s dedication to upholding investor rights and market integrity.

Sincerely,

[Your Full Name]
[Your Address]
[Your Contact Information]
[Your NSE Client ID]

Attachments:
- A copy of the original reference document (NSELUC/0035427/20-21/DCS dated 15-DEC-2020)
- Detailed Trading Statements for the Relevant Period
- Valuation Documents for RIL Shares
- Any additional evidence supporting the claim

(Note: Please ensure you personalize the placeholders with your specific details, and attach all supporting documents mentioned before sending the request for review.)
Discuss all my demands such sbi pnb ril and also state that i had attached contract note of my buy share which was Traded on BSE
Subject: Request for Reassessment of Claim and Review of Evidence - Reference No. NSELUC/0035427/20-21/DCS

Dear National Stock Exchange Investor Protection Fund Committee,

I am writing to seek reassessment of my claim originally submitted under Reference No. NSELUC/0035427/20-21/DCS dated 15-DEC-2020. This claim pertains to the discrepancies and the subsequent financial loss I experienced due to transactions involving shares of State Bank of India (SBI), Punjab National Bank (PNB), and Reliance Industries Limited (RIL), all affected by the Karvy Stock Broking Limited default.

My claim includes demands for just compensation for the non-receipt of shares as specified below:

1. SBI Shares: The compensation offered for the non-receipt of my SBI shares does not reflect the true valuation at the default date, significantly undermining the objective market value I am entitled to.

2. PNB Shares: Similarly, the settlement for my PNB shares is unacceptable, having been incorrectly assessed and not in line with reasonable market valuations.

3. RIL Shares: The valuation compensation for the RIL shares has also been underestimated and not accounted for in conformance with established standards, highlighting a consistent undervaluation across my claimed assets.

To substantiate my position, I have included the contract notes of my buy transactions, which were executed on the BSE platform. These documents provide irrefutable proof that the transactions in question were legitimate, executed trades that warrant due compensation in line with the closing prices as of the default date.

Furthermore, I assert the necessity for the NSE IPF to adhere strictly to the valuation guidelines as put forth by the MCSGFC of NSEIL. It is these metrics that must form the basis of renegotiating the settlement values offered to me, without discounts or arbitrary downwards adjustments.

In light of the systemic impact of the Karvy Stock Broking scam, I urge a reevaluation of my case with scrupulous attention to the particulars of the submitted evidence and a rectification that aligns with both the NSE’s regulatory framework and the fair treatment doctrine that supports investor confidence in our financial markets.

Enclosed, please find the supporting contract notes, as well as previously submitted documentation to aid in this comprehensive review. I am prepared to discuss the matter further and provide any additional information required to achieve a satisfactory resolution.

I trust that SEBI and NSE IPF will act promptly to resolve these ongoing concerns, ensuring appropriate restitution and upholding the highest standards of investor protection.

Thank you for your dedicated attention to this matter.

Sincerely,

[Your Full Name]
[Your NSE Client ID]
[Your Address]
[Your Contact Information]

Attachments:
- Original Reference Document (NSELUC/0035427/20-21/DCS dated 15-DEC-2020)
- Contract Notes for Buy Transactions on BSE
- Detailed Trading Statements
- Valuation Documents for SBI, PNB, and RIL Shares

(Note: Please customize this template with your specific details, including your NSE client ID, and attach all required documents before sending your communication. Ensure you have the necessary permissions and recognize the rules for sharing legal documents such as contract notes.)


As stated in my previous emails, my claim primarily concerns the non-receipt of 400 shares of Punjab National Bank and 200 shares of State Bank of India, which are part of Claim No. 917/370. The default date for the Karvy scam is 23rd November 2020. & 20 shares of Reliance Industries LimitedI urge SEBI to promptly review my claim for these shares and ensure that appropriate compensation is provided for the losses incurred.



Additionally, I recently became aware of the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL, which deals with representations made by investors regarding relief/disposal of securities sub-judice before the Hon’ble SAT. I understand that this committee has been informed that securities under litigation would be valued at the closing price as on the date of default/expulsion. It has also been mentioned that the interim relief provided would be within the overall limit of Rs.25 lakhs per investor’s claim.
Please note that this request for compensation of my shares is a temporary relief, subject to the final decision of the Securities Appellate Tribunal (SAT) in the Karvy scam case. I understand that the final resolution will be based on the SAT’s order, and I am prepared to abide by their decision.


Considering this information, I kindly request SEBI to take into account the guidelines provided by the MCSGFC of NSEIL in the valuation and compensation of my outstanding shares in the Karvy scam. It is crucial to ensure that the compensation provided aligns with the closing prices as of the default date and falls within the overall limit specified.

I understand that SEBI and the relevant authorities are working tirelessly to resolve the Karvy scam and compensate affected investors. However, it is crucial to expedite the process and ensure that all outstanding claims, including mine, are addressed promptly and fairly.

I kindly request SEBI to prioritize my claim for the outstanding shares of Punjab National Bank and State Bank of India, as well as the reconsideration of compensation for my Reliance Industries Limited shares. If there are any further actions or documentation required from my end, please let me know, and I will promptly provide the necessary information.
Additionally, I would like to emphasize that the return of my Reliance Industries Limited shares is of utmost importance to me. I believe that the rightful ownership of these shares should be restored, rather than receiving monetary compensation. I kindly request SEBI to give due consideration to this request and take necessary actions to facilitate the return of my shares.
Thank you for your immediate attention to this matter. I look forward to a prompt and satisfactory resolution that ensures comprehensive compensation for the losses incurred by investors in the Karvy scam.

Regards,
<PRESIDIO_ANONYMIZED_PERSON>
8896462887
Subject: Prioritized Review and Fair Compensation for Karvy Scam-Affected Shares - Ref. No. NSELUC/0035427/20-21/DCS

Dear National Stock Exchange Investor Protection Fund Committee,

In relation to my ongoing claim, ref. no. NSELUC/0035427/20-21/DCS, I am once again reaching out to highlight the critical necessity for a fair valuation and expedited resolution for the outstanding shares inadvertently ensnared in the Karvy Stock Broking Limited scam.

Initially raised on 23rd November 2020, the default date of the Karvy scam, my claim features the non-receipt of 400 shares of Punjab National Bank (PNB) and 200 shares of State Bank of India (SBI). Additionally, the claim includes demands for appropriate compensation for 20 shares of Reliance Industries Limited (RIL) which were undervalued in the initial relief provided.

My intention through this communication is to propose an earnest review from SEBI and NSE IPF, ensuring the alignment of my shares’ valuation with the closing prices on the default date. As stated in the guidelines provided by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL, securities under dispute are to be valued at their closing price on the date of default/expulsion. This criterion is instrumental in facilitating the provision of interim relief, capped at the overall limit of Rs.25 lakhs per investor’s claim, acknowledging the interim nature of this relief and that it is subject to the final order by the Hon’ble Securities Appellate Tribunal (SAT) concerning the Karvy case.

It is my understanding that while SEBI and related authorities are making strides in resolving the repercussions of the scam, the urgency to administer consistent and fair compensatory measures to all claimants remains pressing. I urge a particular attention to my claim for the shares of PNB and SBI and a reevaluation for my RIL shares in accordance with the informed corrective standards.

To reiterate, the restoration of ownership for my RIL shares holds significant personal importance. I am inclined towards the reinstatement of these shares over a financial settlement. It is my respectful request that SEBI ensures the equitable and rightful restitution of my assets, factoring in this preferential context.

I am ready to comply with any further procedural necessities or present additional documents that will support the assessment and expedite the settlement of my claim.

I thank you in advance for your due consideration and anticipate a prompt and equitable resolution. Let this undertaking not only serve my interests but also reassure the entire investor community about the resilience and fairness of our financial guardians.

Warm regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

(Note: This template should be adjusted as necessary with your specific details and official claim numbers and submitted to the appropriate channels within NSE IPF along with any required evidence or documentation.)
dont talk that i had received compensastion for RIL include it with PNB , SBi
Subject: Comprehensive Review Request for Shares Affected by Karvy Default - NSELUC/0035427/20-21/DCS

Dear National Stock Exchange Investor Protection Fund Committee,

I am writing to follow up on the critical need for the correct valuation and prompt resolution of my outstanding shares claim, detailed under reference number NSELUC/0035427/20-21/DCS, in light of the Karvy Stock Broking Limited scam that affected numerous investors.

As highlighted in previous correspondence, my claim involves the non-receipt of 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL), all of which were implicated in the sanction date of 23rd November 2020 - the recognized default date for the Karvy incident.

To re-affirm the plea made for a fair and equitable settlement, I draw upon the guidelines issued by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL, which dictate the valuation of disputed securities at the closing price on the default date. Such valuation ensures that interim relief provided is supportive yet subject to the conclusive directives of the Securities Appellate Tribunal (SAT)'s pending decision.

I respectfully insist that the NSE IPF adhere to these valuation benchmarks to recalculate the compensation for not only my PNB and SBI shares but also those of RIL, ensuring parity and fairness in the process. It is essential that the relief extended to me and other affected investors fairly reflects the market value of the assets lost due to the fraudulent activities surrounding the Karvy case.

Moreover, it is paramount, considering the general uncertainty inflicted upon us as investors during the Karvy turmoil, that disputes are expedited and settled in a manner that restores confidence in our financial systems and their underlying protections.

I am prepared to facilitate this review process by offering any additional information or documents that may be required to speedily resolve this claim. I look forward to your prompt action and detailed feedback, which will not only serve my case but also reinforce the trustworthiness of our market infrastructure.

Thank you for addressing the gravity of this matter with the diligence it warrants.

Kind regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

(Note: Tailor this template to your situation, include your official details, and attach the necessary supporting documentation before sending it to the NSE IPF using the appropriate channels.)
In earlier letter NSE reply that trade data not found now I had attached contract note of all buying which were traded on BSE so modify this mail in totally new form
Subject: Request for Reevaluation of Share Claim with Attached Supporting Evidence - NSELUC/0035427/20-21/DCS

Dear National Stock Exchange Investor Protection Fund Committee,

I am writing to request a reevaluation of my claim, reference no. NSELUC/0035427/20-21/DCS, regarding the non-receipt of shares due to the Karvy Stock Broking Limited default, which has been a significant cause of concern for many investors.

I understand that in an earlier response, the NSE was unable to locate trade data corresponding to my claim. In light of this issue, I am now providing the essential documentation in the form of contract notes, which clearly demonstrate the purchase of the shares in question traded on BSE. This evidence is crucial and rectifies any previous discrepancies regarding trade activities and substantiates the holdings due to me.

The detailed contract notes I have enclosed herein confirm transactions for 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL). Each contract note represents authenticated proof of trading activity that must be referenced when reevaluating my claim.

In accordance with the protocols described by the MCSGFC of NSEIL, I request that the resolution of my claim reflect the proper valuation of these shares, each to be appraised at the closing price on the date of the Karvy default, November 23rd, 2020. I am reliant on the NSE IPF to deliver a fair and accurate reassessment based on this new evidence.

As the integrity of the investment environment and the confidence of all stakeholders in our securities market is at stake, I believe it is critical that such matters are resolved with efficiency and transparency. I respectfully urge you to prioritize my case, taking into account the newly submitted evidence so that justice may be served without further delay.

I am fully cooperative with the reevaluation process and am available to provide any additional information should it be required to expedite the resolution of this claim.

Thank you for your attention to this matter. I anticipate a prompt response that will facilitate closure and restore trust in the investor protection procedures.

Warm regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Attachments:
- BSE Contract Notes for PNB Purchases
- BSE Contract Notes for SBI Purchases
- BSE Contract Notes for RIL Purchases

(Note: Adjust this email as necessary with your personal information and attach the specific contract notes when sending it to NSE IPF through the designated communication channels.)
good also use 24 month order line that i am also attached ledger statement
Subject: Submission of Evidence and Request for Reassessment of Claim - NSELUC/0035427/20-21/DCS

Dear National Stock Exchange Investor Protection Fund Committee,

This letter serves as a formal request to reconsider my previously lodged claim under Reference No. NSELUC/0035427/20-21/DCS, tied to the discrepancies in share allotment following the Karvy Stock Broking Limited default.

In a prior correspondence, it was stated that trade data pertinent to my claim could not be located. To rectify any shortfall and to verify the legitimacy of my claim, I am hereby submitting detailed contract notes which confirm the trading activities on BSE for 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL). These contract notes are material evidence of my transactions within the crucial 24-month period recognized in the Securities Appellate Tribunal (SAT) orders and warrant appropriate evaluation in the context of my claim.

Further to this, I am including a consolidated ledger statement delineating all pertinent trading actions over the specified timeframe, which substantiates my active status as an investor and greatly reinforces the validity of my claim for compensation under the guidelines established by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL.

I implore the NSE IPF to conduct a reevaluation with this enclosed documentation, ensuring an accurate appraisal for the shares in question reflective of the closing price as on the default date, November 23rd, 2020. As the SAT has previously affirmed that active trading histories such as mine are eligible for consideration, a revisitation of my claim is both reasonable and fair.

The resolution of this claim is of utmost importance and urgency to me. Restoring the rightful assets or ensuring proper compensation is paramount, not only for my financial recuperation but also to sustain the trust investors place in the protective measures of our financial markets.

I await your judicious response and the fair resolution of my claims, in line with the latest evidence provided. Please inform me of any further requirements or considerations necessary for the processing of this case.

Kind regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Attachments:
- BSE Contract Notes for PNB Share Purchases
- BSE Contract Notes for SBI Share Purchases
- BSE Contract Notes for RIL Share Purchases
- Consolidated Ledger Statement (Supporting Active Trades within the 24-Month Period)

(Note: Be sure to personalize this template with your relevant information before sending and attach all necessary documentation to substantiate your claims. Use the official communication channels provided by the NSE IPF for such submissions.)
evidence of my transactions within the crucial 24-month period is different from contract note that is ledger statement which all also attached
Subject: Request for Reassessment of NSE IPF Claim with Newly Provided Transaction Evidence - NSELUC/0035427/20-21/DCS

Dear National Stock Exchange Investor Protection Fund Committee,

I am reaching out to revisit a matter of great importance concerning my shareholding impacted by the unfortunate events involving Karvy Stock Broking Limited, referenced by NSELUC/0035427/20-21/DCS.

In previous communications, a lack of accessible trade data was cited as a hindrance to the progression of my claim related to the non-receipt of shares. I am addressing this issue by submitting herewith comprehensive contract notes which validate the purchase of shares traded on BSE—400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL).

Beyond these contract notes, I have also included a consolidated ledger statement as pivotal evidence of my transactions within the crucial 24-month period leading up to Karvy’s default. This period is integral, as recognized by Securities Appellate Tribunal (SAT) orders, in establishing valid trading activity for claimants in similar positions. The ledger effectively records all trade operations, and as such, should replace any absent trade data and substantiate my claim for rightful compensation.

To proceed, I request that the valuation of the shares taken into account for my compensation correspond with the actual closing prices on the date cited for the default (23rd November 2020), adhering to the guidelines set forth by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL. The completion of a fair and timely reassessment is crucial for restoring investor confidence, especially against the backdrop of such a vast upheaval within the trading community.

I trust that this additional evidence paves the way for a favorable resolution. I am committed to supporting a transparent and expedited review process and am on standby should further clarification or documentation be necessary.

I appreciate your consideration of the gravity of this situation and look forward to your correspondence that ensures recompense in accordance with NSE IPF’s commitment to investor protection.

Warm regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Attachments:
- BSE Contract Notes for PNB, SBI, and RIL Share Purchases
- Consolidated Ledger Statement (Substantiating Active Trades within the 24-Month Period)

(Note: Make sure to personalize the template between “[” and “]” with your details and attach the required evidence before sending the letter to the NSE IPF via the appropriate channels.)
make imp pt bold
Subject: Request for Reassessment of NSE IPF Claim with Newly Provided Transaction Evidence - NSELUC/0035427/20-21/DCS

Dear National Stock Exchange Investor Protection Fund Committee,

I am writing to urgently request the reassessment of my shareholding claim impacted by the Karvy Stock Broking Limited default, referenced by NSELUC/0035427/20-21/DCS.

Despite prior correspondence indicating an absence of trade data, I am providing additional substantial evidence to facilitate a fair review of my claim. Enclosed are the contract notes substantiating the purchases traded on BSE for 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL).

In addition to the contract notes, please find the consolidated ledger statement, forming my transaction records within the crucial 24-month period identified in pertinent Securities Appellate Tribunal (SAT) orders as key to establishing active trading status for affected investors. This ledger is crucial for demonstrating the consistency and volume of my trading activity, filling the gap in earlier transaction evidence for my claim.

I urge the NSE IPF to adjust the valuation of my shares to align with their actual closing prices as of the default date, November 23, 2020, conforming to the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL guidelines. An accurate and fair resolution is imperative, not just for the financial rectitude of my individual claims but as a testament to the resilience of investor protection mechanisms.

I am ready to provide any further assistance or documentation necessary to expedite this claim’s review and resolution process and await your swift action on this serious matter.

Thank you for your prompt and thorough attention to this ensured compliance with market integrity principles and investor protections.

Warm regards,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Attachments:
- BSE Contract Notes for PNB, SBI, and RIL Share Purchases
- Consolidated Ledger Statement (evidence of active trades within the 24-Month Period)

(Note: Adapt this email template to your specific situation, ensure you’ve highlighted the important points, and attach all relevant documentation before sending it to the NSE IPF.)
now write to SEBI against NSE use these
Subject: Formal Complaint Against NSE’s Claim Rejection - SEBI Ref No: SEBIE/MH23/0011163/1

Dear Securities and Exchange Board of India (SEBI),

I am writing to lodge a formal complaint against the National Stock Exchange (NSE) regarding the rejection of my claim (Reference No: NSELUC/0035427/20-21/DCS) associated with the Karvy Stock Broking Limited scam.

Despite my continuous efforts and provision of concrete evidence, including a comprehensive set of contract notes for trades executed on the BSE and a consolidated ledger statement encapsulating my trade history within the crucial 24-month period prior to Karvy’s default, the NSE has dismissed my claim for the non-receipt of shares from my broker.

Specifically, my claim for the recovery of 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL) has been met with an unjust outcome. The NSE has overlooked the substantial evidence I submitted, which includes documented proof that my active trading status meets the criterion established by crucial Securities Appellate Tribunal (SAT) orders. This evidence highlights that my claim should not be rejected on the grounds of being ‘time-barred’.

Furthermore, the NSE’s approach disregards the guidelines provided by the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL, which calls for valuing the securities under litigation at the closing price on the date of default or expulsion. The compensation offered to me does not reflect these prescribed guidelines, leading to a significant undervaluation of my aforementioned shares.

This whole situation has not only caused me considerable financial distress but has also diminished my trust in the transparency and fairness of our securities market. It has broader implications for investor confidence which SEBI is mandated to protect.

I hereby request SEBI’s prompt intervention in this matter to ensure that my claims are addressed correctly and justly, and that the compensation provided is commensurate with the true value of my holdings as mandated by the laws and regulations governing our markets.

Please find attached all relevant documentation to support my complaint and reinstate my claim for a fair review.

I await your acknowledgment of this complaint and anticipate a responsive and satisfactory resolution.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Attachments:
- Contract Notes from BSE for shares of PNB, SBI, and RIL
- Consolidated Ledger Statement (evidence of active trading within the 24-month period)

(Note: Ensure to replace the placeholders with your actual information and attach all the documents mentioned when submitting this formal complaint to SEBI. Keep a copy of your communication for any future reference or proceedings.)
dont use SEBI ref no. and use attachment - Consolidated Ledger Statement (Evidence of active trading within the 24-month period)
- Bank Statement from 01-04-2015 to 07-01-2021
- Transaction Statement
- Contract Notes/Bill
-Copy of Email to BSE
Subject: Urgent Appeal Against NSE Claim Rejection and Request for SEBI Intervention

Dear Securities and Exchange Board of India,

I wish to bring to your immediate attention a matter of pressing concern regarding the handling of my securities claim by the National Stock Exchange. Despite furnishing documented and credible evidence, my claim concerning the non-receipt of shares due to the Karvy Stock Broking Limited scam has been unjustly rejected by NSE.

The claim in dispute involves the non-receipt of 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL). The evidence I have provided includes a Detailed Ledger Statement showcasing my active trading activities within the notable 24-month period prior to the revelation of the Karvy scam. It is a matter of record within the Securities Appellate Tribunal (SAT) orders that such a period is relevant for assessing an investor’s active status, which the NSE has overlooked in their rejection.

There is a marked gap between the NSE’s valuation methodology in determining my compensation and the guidelines of the Member and Core Settlement Guarantee Fund Committee (MCSGFC) of NSEIL. The underestimation of my shares is a significant concern, prompting this appeal to SEBI for your decisive action.

I am alarmed by NSE’s neglect to account for the solid evidence presented, which includes detailed trade transaction records and bank statements covering a comprehensive period, including the tumultuous times of the Karvy scandal that has affected numerous investors.

In light of the aforementioned, I am requesting an immediate review and due intervention from SEBI in this case. It is essential to uphold the integrity and fairness of our financial systems and to ensure that the rights and interests of investors are not unjustly compromised.

I trust that SEBI will appreciate the gravity of this situation and facilitate a just and expedited resolution.

Thank you for your understanding and prompt attention to this critical appeal.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Attachments:
- Consolidated Ledger Statement (Evidence of active trading within the 24-month period)
- Bank Statement from 01-04-2015 to 07-01-2021
- Transaction Statement
- Contract Notes/Bill
- Copy of Email to BSE

(Note: Personalize the template with your actual information, details, and ensure that the attachments mentioned are included when sending your formal complaint to SEBI. Keep copies of all submissions for future reference.)
not good previous one was good
Subject: Appeal for SEBI Review of NSE’s Rejection of Share Claim Post-Karvy Default

Dear Securities and Exchange Board of India,

I seek your immediate attention and intervention concerning the National Stock Exchange’s dismissal of my claim related to the default by Karvy Stock Broking Limited. This claim pertains to my entitlement to 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL), which have gone unacknowledged due to the alleged non-existence of trade data.

To support my position, I have provided comprehensive evidence, including a Consolidated Ledger Statement demonstrating my trading activities within the significant 24-month period leading to the default date, Bank and Transaction Statements spanning the period from 01-04-2015 to 07-01-2021, and definitive Contract Notes/Bills for the shares traded.

However, despite the clarity of evidence which underscores my active and ongoing market participation, the NSE has decided to reject my claim, a stand that seemingly ignores established regulatory protocols and the clear guidance of the Securities Appellate Tribunal (SAT) orders on such matters.

This not only undermines the principle of investor protection but also casts doubt on the reliability and execution of justice that the SEBI- and NSE-led frameworks are designed to uphold. My attempts to secure a fair valuation and compensation for my shares, in line with standard market closing prices on the specified default date, have been stifled by a process that appears to overlook vital documentation and established guidelines.

In light of these events, I urge the SEBI to conduct a meticulous review of the manner in which my claim has been handled and to ensure that the NSE IPF duly acknowledges the provided documents, leading to a just and transparent reassessment of my claim.

I am committed to providing any additional documentation or clarification as may be necessary to expedite this process. I trust that SEBI will act promptly to correct this oversight and to safeguard the rights of the investors affected by the Karvy default.

Thank you for your expected cooperation and swift response.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Attachments:
- Consolidated Ledger Statement (Evidence of active trading within the 24-month period)
- Bank Statement from 01-04-2015 to 07-01-2021
- Transaction Statement
- Contract Notes/Bill
- Copy of Email to BSE

(Note: The placeholders in the template should be filled with your specific details, and all the stated documents should be included when sending the complaint to SEBI. Maintain copies of the email and attachments for future needs.)
properly check grammer and modify if needed and make imp pt bold Subject: Appeal for SEBI Review of NSE’s Rejection of Share Claim Post-Karvy Default

Dear Securities and Exchange Board of India,

I seek your immediate attention and intervention concerning the National Stock Exchange’s dismissal of my claim related to the default by Karvy Stock Broking Limited. This claim pertains to my entitlement to 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL), which have gone unacknowledged due to the alleged non-existence of trade data.

To support my position, I have provided comprehensive evidence, including a Consolidated Ledger Statement demonstrating my trading activities within the significant 24-month period leading to the default date, Bank and Transaction Statements spanning the period from 01-04-2015 to 07-01-2021, and definitive set of contract notes/Bills for trades executed on the BSE for the shares traded.

However, despite the clarity of evidence which underscores my active and ongoing market participation, the NSE has decided to reject my claim, a stand that seemingly ignores established regulatory protocols and the clear guidance of the Securities Appellate Tribunal (SAT) orders on such matters.

This not only undermines the principle of investor protection but also casts doubt on the reliability and execution of justice that the SEBI- and NSE-led frameworks are designed to uphold. My attempts to secure a fair valuation and compensation for my shares, in line with standard market closing prices on the specified default date, have been stifled by a process that appears to overlook vital documentation and established guidelines.

In light of these events, I urge the SEBI to conduct a meticulous review of the manner in which my claim has been handled and to ensure that the NSE IPF duly acknowledges the provided documents, leading to a just and transparent reassessment of my claim.

I am committed to providing any additional documentation or clarification as may be necessary to expedite this process. I trust that SEBI will act promptly to correct this oversight and to safeguard the rights of the investors affected by the Karvy default.

Thank you for your expected cooperation and swift response.

Yours sincerely,

<PRESIDIO_ANONYMIZED_PERSON>
Mobile: 8896462887

Attachments:
- Consolidated Ledger Statement (Evidence of active trading within the 24-month period)
- Bank Statement from 01-04-2015 to 07-01-2021
- Transaction Statement
- Contract Notes/Bill
- Copy of Email to BSE
Subject: Urgent Appeal for SEBI Review: Unwarranted NSE Claim Rejection Post-Karvy Default

Dear Securities and Exchange Board of India,

I am writing to seek your immediate attention and intervention regarding the rejection of my securities claim by the National Stock Exchange, which pertains to the default by Karvy Stock Broking Limited. This claim relates to my rightful ownership of 400 shares of Punjab National Bank (PNB), 200 shares of State Bank of India (SBI), and 20 shares of Reliance Industries Limited (RIL), entitlements that have been inappropriately dismissed due to a purported absence of trade data.

To substantiate my claim, I have submitted a Consolidated Ledger Statement detailing my trading activity within the crucial 24-month period leading up to the default event, alongside Bank and Transaction Statements covering the period from 01-04-2015 to 07-01-2021, and definitive contract notes/bills for trades executed on the BSE.

Despite the transparency and comprehensiveness of the evidence demonstrating my continuous market activity, the NSE’s decision to reject my claim disregards not only the documented transactions but also the pertinent guidelines issued by the Securities Appellate Tribunal (SAT).

By overlooking such critical documentation and established protocols, the NSE’s stance undermines the fundamental investor protection principles and the efficacy of justice as overseen by the regulatory frameworks of SEBI and NSE. My endeavours to obtain a fair evaluation and restitution for my shares, consistent with standard market closing prices as of the stipulated default date, have thus far been hindered by a process that neglects to consider essential evidence and applicable guidelines.

In light of these circumstances, I respectfully implore SEBI to initiate a thorough revision of the handling of my case. It is imperative that the NSE IPF duly acknowledges and incorporates the submitted data, thereby ensuring a rightful and transparent resolution for my shares claim.

I remain prepared to furnish any further documentation or explications necessary to advance this matter. I place my confidence in SEBI to promptly address and rectify this discrepancy and to protect the interests of all investors impacted by the Karvy default.

I appreciate your cooperation and anticipate a prompt and just response.

Warm regards