Final Notice โ Demand for Compensation and Formal Apology
Dear Parasram Team @parasramgroup,
This is to formally express my deep dissatisfaction with the unethical and unacceptable conduct exhibited by your firm over the past month. Despite multiple follow-ups, my refund was deliberately delayed, and my communications were consistently ignored. Such behaviour is not only highly unprofessional but also constitutes a serious violation of investor rights.
You hadย no legal or moral right to withhold my fatherโs hard-earned money. The manner in which your team handled the situation reflects complete disregard for compliance and customer trust. It appears you treated client funds as your own โ an act that reeks of misappropriation and gross misconduct.
As perย SEBI and NSE guidelines, brokers are strictly required to process and credit refundsย within 2 working days. Your failure to do so for over a month is a clear breach of regulatory norms. It was only after I escalated the issue publicly by taggingย SEBI,ย NSE, and other regulatory bodies on social media that I received a call and the refund โ all within hours. This clearly indicates that your actions were motivated purely by fear of reputational damage, not by responsibility or ethics.
This prolonged delay has caused me:
Emotional and mental harassment
Extreme frustration and distress
Financial hardship due to delayed access to my own funds
Therefore, I am requesting the following compensation demands, without any negotiation:
SEBI-Imposed Compensation:As perย SEBIโs investor protection framework & SEBI/NSE grievance redressal norms, brokers are liable to payย compensation for delays in refunding client funds, regardless of the reason. This penalty is separate from interest and reflects the cost of non-compliance. I expect full compliance with SEBI's prescribed compensation policies, failing which I will report the violation. As per SEBI regulations, if a client's funds are not credited to their account, they must be refunded within T+1 day.
Interest Compensation for Funds Withheld:As per SEBI guidelines, brokers are liable to pay interest for delayed refunds. I am therefore demanding interest atย 18% per annum, calculated on the amount you withheld over the period of delay. This is in line with regulatory standards and is non-negotiable.
โน21,000 Compensation for Mental Harassment:Your actions caused me undue emotional distress, frustration, and mental harassment over the last month. The psychological impact and time wasted are substantial, and I am demandingย โน21,000ย as compensation for this suffering.
Written Apology from Senior Management:I expect aย formal, signed apology letterย from your senior-most authority, acknowledging your misconduct, accepting responsibility, and assuring that such behaviour will not be repeated.
If I do not receive the above withinย 3 business days, I will proceed with the following actions without further communication:
File formal complaints withย SEBI,ย NSE,ย BSE, and relevant Investor Protection Authorities.
Submit a detailed grievance through official portals and escalate through theย SCORESย platform (SEBI Complaint Redress System).
Publish the entire incident across social media platforms, tagging regulatory bodies and investor communities to ensure maximum visibility.
Initiate legal proceedings for damages, including compensation for mental harassment and financial loss.
This is myย final notice, and I strongly urge you to treat this with the seriousness it demands. Any further delay or non-compliance will have legal and reputational consequences for your organization.
