Sri Shyamal Gupta, Member
Aggrieved with the order of the Ld. DCDRC, Kolkata Unit—I (North) dated 01.10.2019 passed in CC/289/2019, this Appeal is moved by the Complainant/Appellant.
The fact of the Complaint Case in brief is that Complainant has filed this case stating inter alia that he opened a demat account with the O.P at their Nimtala Branch and the Complainant was provided with MICR Code No. and the same was duly communicated by the bank to the different establishment through which the Complainant purchased shares. The account of the Complainant was transferred to Ultadanga Branch and the MICR code no. was changed and it is the duty of the O.Ps to intimate the same to the different establishment through company of which the Complainant purchased the shares but the O.Ps intentionally neglected to do so. On the basis of the said fact the Complainant filed petition praying for deficiency of service on the part of the O.Ps.
On hearing both sides Ld. DCDRC dismissed the case on the ground of non-maintainability that the Complainant is not a consumer.
Being aggrieved with the said order dated 01.10.2019, Complainant filed the instant Appeal.
Heard both sides at length in respect of their submission.
On careful analysis of the papers in the record, it appears to me that
- Complainant has a Demat savings A/C through which share trading business is going on ( Pages 28-46 transaction details)
- Regarding Demat Account/Share trading practice, nothing is spoken by Ld. Advocate of the Appellant.
- Regular trading in purchase and sale of shares is a commercial transaction and the only motive is to earn profit [Vijay Kumar v Indusind Ins. Co. [II (2012) CPJ 181 (NC)].
Moreover, regular trading in the purchase and sale of the shares is a commercial transaction and the only motive is to earn profit. Thus, this activity is purely commercial one and is not covered under the Act.
Considering the entire position, the instant Appeal is devoid of any merit and accordingly the same is dismissed on contest.
