After reading Shantanu Guha Ray’s book ‘The Target’, I am never going to take any money from Non-Banking Financial Companies, especially if they are sister concerns of brokers. Imagine your account being used for rotating their Company’s black money. Shocking!
If these companies – AnandRathi Commodities Ltd, GeofinComtrade Ltd, India Infoline Commodities Ltd, MotilalOswal Commodities Brokers Pvt Ltd and Philip Commodities India Pvt Ltd. – offer me a loan to invest in the market at a reasonable interest rate, I will never take it. What happened to the clients of NSEL could very well happen to any of us.
I just can’t believe how smartly they did it. Investors are so gullible and greedy because they want to earn money quickly and because of which, they don’t see if they are investing the right way or wrong way – just because they have faith in the brand that AnandRathi and MotilalOswal stand for!
I just can’t imagine how it would have been to know that I have borrowed just a lakh for investing in the market from one of these broking firms’ NBFC. And in the aftermath of NSEL crisis, getting a notice from their NBFC claiming that I must repay Rs 10 lakhs instead of Rs 1 lakh I borrowed. The shock of realising that I have been hoodwinked by these brokers would have been crushing.
And, how smoothly did they do it – since my KYC is already with the NBFC, the broking company would invest their black money through my account without telling me and invest that into the market. So, basically, I am taking a loan without my knowledge. When a crisis erupts, my account will not only show Rs 1 lakh that I had borrowed but Rs 9 lakh that I did not borrow. That Rs 9 lakh is actually, the broking company’s black money which has been converted into white using my account! I am being punished for the broker’s crime. Just like Jignesh Shah is being castigated for the brokers’ mistakes. Disgusting!