Stockal trading row: Another investor flags unauthorised sale of US stocks, claims $1 mn loss, says report
Stockal denied any liability, wrongdoing, negligence or responsibility for the unauthorised activity. "We remain committed to supporting customers while the facts & respective responsibilities are established," it said.
- Nov 5, 2026,
- Updated Nov 5, 2026 3:22 PM IST
Another investor has alleged losses of around $1 million in a suspected unauthorised trading incident involving Stockal Securities, according to a Moneycontrol report on the fintech platform. The investor's brother claimed that US blue-chip stocks held in his cousin's account were liquidated without his consent and unauthorised trades resulted in substantial financial losses.
The person claimed that his brother lost $1 million in a similar manner to what has been reported in the media. He has been depressed ever since.
"Our family is worried about his well-being and is considering the next course of action to seek relief," the investor's brother said.
Meanwhile, Stockal denied any liability, wrongdoing, negligence or responsibility for the unauthorised activity. "We remain committed to supporting customers while the facts & respective responsibilities are established," it said.
Business Today reported on November 4 that several investors using Stockal Securities have alleged that their US stock portfolios were sold off without their consent or prior notification. They further claimed that the proceeds from these transactions were channelled into thinly traded or illiquid securities, triggering concerns over possible trading irregularities and suspected fraud.
According to the allegations, some investors discovered that their Stockal accounts had been accessed without their knowledge on October 15. Their existing US stock holdings were reportedly liquidated, with the sale proceeds subsequently deployed into illiquid securities.
A media report estimated that the losses arising from the alleged transactions could run into Rs 100 crore. One of the affected investors claimed that no advance notification or trade confirmation was received when the transactions were executed, raising further questions about account security, transaction authorisation and investor protection.
Stockal Securities is a Bengaluru-based fintech platform registered with the Securities and Exchange Board of India (SEBI), which enables Indian retail investors to access US equities, exchange-traded funds (ETFs) and other overseas securities. Through its India-focused application, the platform facilitates account funding, trading and portfolio monitoring, while relying on US-based clearing and custody partners, including DriveWealth LLC, for trade execution and asset custody.
Another investor has alleged losses of around $1 million in a suspected unauthorised trading incident involving Stockal Securities, according to a Moneycontrol report on the fintech platform. The investor's brother claimed that US blue-chip stocks held in his cousin's account were liquidated without his consent and unauthorised trades resulted in substantial financial losses.
The person claimed that his brother lost $1 million in a similar manner to what has been reported in the media. He has been depressed ever since.
"Our family is worried about his well-being and is considering the next course of action to seek relief," the investor's brother said.
Meanwhile, Stockal denied any liability, wrongdoing, negligence or responsibility for the unauthorised activity. "We remain committed to supporting customers while the facts & respective responsibilities are established," it said.
Business Today reported on November 4 that several investors using Stockal Securities have alleged that their US stock portfolios were sold off without their consent or prior notification. They further claimed that the proceeds from these transactions were channelled into thinly traded or illiquid securities, triggering concerns over possible trading irregularities and suspected fraud.
According to the allegations, some investors discovered that their Stockal accounts had been accessed without their knowledge on October 15. Their existing US stock holdings were reportedly liquidated, with the sale proceeds subsequently deployed into illiquid securities.
A media report estimated that the losses arising from the alleged transactions could run into Rs 100 crore. One of the affected investors claimed that no advance notification or trade confirmation was received when the transactions were executed, raising further questions about account security, transaction authorisation and investor protection.
Stockal Securities is a Bengaluru-based fintech platform registered with the Securities and Exchange Board of India (SEBI), which enables Indian retail investors to access US equities, exchange-traded funds (ETFs) and other overseas securities. Through its India-focused application, the platform facilitates account funding, trading and portfolio monitoring, while relying on US-based clearing and custody partners, including DriveWealth LLC, for trade execution and asset custody.