Per Mr. S. R. Khanzode, Hon’ble Presiding Judicial Member

          Appellant present in person.  This appeal takes an exception to the order dated 30/09/2010 passed in consumer complaint No.46/2010,  Ramchand J. Uttamchandani V/s. Indian Overseas Bank & ors., by Sauth Mumbai District Consumer Forum (‘Forum below’ in short), whereby the consumer complaint stood dismissed.

          The consumer complaint is in respect of demat account under the Depository Act.  The bank freeze the account as per their letter dated 26/10/2009 on the ground that the complainant fails to supply requisite documents.  The consumer complaint was filed by the complainant which was opposed by the bank and it stood dismissed.

          We heard complainant Mr. R. J. Uttamchandani  for himself and other appellants.     

          Though, in original consumer complaint, O.P.No.2 National Securities Depository Ltd and O.P.No. 3 Securities & Exchange Board of India were the parties, they are excluded while filing the appeal. 

          As far as respondent/original O.P. No. 1 bank is concerned, it had taken the particular action of freezing the account as reflected in their letter dated 26/10/2009, since the appellants failed to comply the requisite conditions by supplying the documents asked for.  The documents, as asked  per instruction of the regulatory authorities and per provision of law, cannot be withhold on the ground that sometime back they were supplied to the bank.  The bank always needed updated information on this count. 

          Further more, it is a case of hiring services utilizing facility of demat account for trading in shares or investment for a commercial purpose.  Thus, the appellants/complainants are not the within the meaning of section 2(1)(d)(ii) of the Consumer Protection Act, 1986.   A useful reference can be made to the decision of the Appex Court in the matter of “Economic Transport Organisation V/s. Charan Spinning Mills (P) Ltd. & Anr., 2010 CTJ 361 (SC)(CP)”.

          We are find no fault with the impugned order of the forum below and there is no reason to take a different view than what has been taken by the Forum below in view of the reasons mentioned above.  We hold accordingly and thus, finding the appeal devoid of any substance, we pass the following order :-

                             -: ORDER :-

1.       Appeal stands dismissed.

2.       No order as to costs.

3.       Copies of the order be furnished to the parties.

Pronounced Dated 29 November 2010