I do not know where to approach to get back my hard earned money. I come from a lower middle class family. My father retired as a driver from govt of J&K. During his services with lot of discomfort he managed to give me & 2 of my siblings somewhat good education & as a result of this I am working in an insurance company. Till 2 years back our entire family was residing in govt flat that was allotted to my father. And after my father retired from his services he moved back to our home town in a remote village near district Ballia in Uttar Pradesh.
Now I reside with my wife in a rented accommodation in NOIDA & whatever I earn gets utilised in fixed expenses & daily expenses. With no savings happening since last 2 years I started to develop little concern regarding this & started looking at options where I could invest slowly & gradually may be ever/alternate months to build on a corpus that can first become an emergency fund. Once emergency fund is made than I would have aimed at home loan down payment fund, car down payment fund, retirement fund so on and so forth.
While evaluating the options I was impressed with the return of a gold fund but was never ready to pay a fund management charge that’s taken by AMC. Also, I was doubtful about the transparency that’s existent in gold fund gold purchases and stock. Gold at this time (i.e. 6 months back) was at life time high & silver faced a drop from 68k level to 51. There weren’t any funds that buy in silver & even if there would have been any I would have questioned them on the same parameter of FMC and transparency.
Then I came across this magical word “E-SILVER & E-GOLD’’.
At the face of it is looked amazing as there was no hassle of storing it as it was paper/e- format. Buys * selling was always a click away as the stock lies in dematerialised format in your account with the broker. With no fund management charges to affect your returns was another +ive aspect to inspire me to invest systematically in this option.
Finally the day with daring step arrived and I opened up an account in religare commodities to invest in e-silver. On every 25 of month my salary gets credited in my account & I decided to spare 10k out of my salary every month to invest in e-silver. The idea of this investment was to average out the purchase price in with each buy in coming months & create an emergency find corpus. I have seen silver touching higher levels of 74k/kilogram & I anticipated the similar lever in coming future. With no periodical & time bounded goals I started investing in e-silver at a lever when it was 5.1k per unit(10gram) & every coming month I started to part away my salary for this investment. I was liking it as I was saving on FMC of an AMC that I had the direct control & ownership reflecting in my account. My last buy was at 3.8k per unit. Throughout this time I bought in totality 28units (1 unit = 10gram).
Then came the never expected never anticipated announcement by the government to shut down the exchange!!!! HELLO! THIS ISN’T SARADHA CHITFUND FROM WEST BENGAL!!! THIS IS AN EXCHANGE REGULATED BY REGULATORS AND APPROVED BY THE GOVERNMENT.
BLODDY HELL!!! What message are you giving to the entire nation?? That a regulated & government approved exchange is nothing better rather worse than a chitfund company??
I did not invested to speculate. I have my goals lined up with my monthly investments in e-series. You cannot vanish like wind!
My money is with you! What about that? Who would answer me? There has to be someone responsible to all this. Someone has to explain me about this & there has to be an assurety coming from some one in the government/exchange/regulator has to come up & explain me about the money that I have parked in all this while. Is our system so week that a regulated & govt approved body can cheat us. God save me & God save this country!
Taking delivery is an option but I have no clue whether it would ever happen as the warehouse of NSEL are empty. There isn't enough stock to be delivered. After all, that's the reason for the entire problem. Now what??
Please help me. For god sake help me. I do not know where & how to escalate this matter. Please take this ahead for me.
My account id is AS15364 with religare commodities.