Shocking Misuse of FIFO – Unjustified Tax on Pledged Shares
I’m an NRI investor and deeply disappointed. ProStocks applied FIFO on shares that were already transferred out and pledged with a bank, causing inflated capital gains and wrongful TDS. When challenged, they denied responsibility, quoted irrelevant laws, and demanded impossible documents like contract notes for shares I never sold. Even worse, instead of correcting the issue, they issued a 30-day notice to close my account — while a regulatory complaint was ongoing. This is NOT investor protection. Be warned: if something goes wrong, you’re on your own.
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The app does not try to make things easy and have the customer in mind.
