- This topic has 30 replies, 25 voices, and was last updated 1 year, 4 months ago by
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UA few days ago, **Rikhav Securities Ltd.** was listed on the Indian stock market. I had applied for **one lot (1,600 shares)**, and the application amount was duly blocked, as confirmed by **SBI Bank, my broker (Zerodha), and BSE Exchange**. However, the registrar, **Link Intime**, rejected my application, citing non-blocking of funds.
To resolve the issue, I lodged a complaint on the **SEBI SCORES** portal. In response, **Link Intime** directed me to the sponsor bank, **Axis Bank**.
I then filed another complaint against Axis Bank, which prompted their response. Axis Bank acknowledged their error, admitting that they had failed to send the amount-blocking data to the registrar.
When I requested compensation as per **SEBI regulations**, Axis Bank requested leniency, stating that compensating me would result in internal consequences for their employees, such as revoked appraisals.
**My concern:**
While I understand human errors can occur, the mistake directly impacted my IPO application, potentially causing an opportunity loss. SEBI has laid out clear investor protection regulations, and I believe I am entitled to compensation.**What should be my next course of action?**
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UThey are saying that our boys work very hard during highly subscribed IPO and work till late night, if we give you compensation then it will affect their whole year’s hard work because you know financial year is ending soon and they will not get appraisal and all..🙄🙄
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DIf their boys worked very hard then they wouldn’t make these mistakes. Of course you need the compensation. You did a lot of work to understand what was going on and did all the right things. Most people would have given up a long time back or simply not known the procedure to make these thug banks accountable. Once they’re caught, they’re begging for leniency. No. Don’t give in. Make them pay. Do it for us.
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ITell them ur willing to take the compensation in black so it isnt recorded and noone has to be officially reprimanded…
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UImagine you forgot to pay your credit card bill, and it could be even because of some family emergency..will they cancel the interest? Will they revoke the cibil score hit? SEBI has put these guidelines for a reason.
Also they are saying their employees will be impacted during appraisal. They expect you to show the employees mercy which the bank itself won’t show to them. Shouldn’t the bank consider this as a simple mistake and employee made during a busy time and go lenient on them. -
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UThey’ll have indemnity policies covering whatever compensation they pay you. Them revoking appraisals of their “boys” is just unscrupulous management-speak. Go get your money and update us here, pls.
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UYes, as per SEBI rules, they have to reply and pay compensation within 15 days. If they don’t pay the compensation then Rs 100 per day will be added as penalty + 15% annual interest.
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UWhat kind of compensation are they talking about? I don’t think it’d be even lakhs??
Also, tell them the trust and faith of people in the banking system and banks is more important than arguments of hardwork. If redressal.is not done properly then new investors will not participate in the financial system. About being understanding and letting it go, tell Axis bank to not take any punitive actions if they want and pay the compensation to you
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OLoL
Axis bank doesn’t care about the employees. Rest assured whoever made the mistake will be punished whether you claim compensation or not.
Also, I doubt it was a manual error because all these have been automated long back. Nobody is matching two excel sheets and checking whose funds were blocked and whose were not.
What’s more likely is that Axis doesn’t want to give you the compensation because, more than money, this will cause a reputation loss for them.
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UAccording to Axis Bank website, they earned a Net Profit after Tax of 6,300+ crore in Q3 of FY 24-25 only.
> Q3FY25 Core Operating profit up 14% YOY and 5% QOQ, PAT up 4% YOY, 9MFY25 Consolidated ROA at 1.8%, Consolidated ROE at 16.9%
So if they are going to hold appraisal of their employees, it’s their internal management decision and the onus does not fall on you. Feel free to reply to their leniency mail using these stats about their earnings and their top management to take a little less salary if they are so worried about the employees.
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