This is an application u/s.12 of the C.P. Act, 1986.

          Complainant by filing this complaint has submitted that complainant deals in purchasing and selling of shares with SBI Cap told him that GIC Housing F, IFCI Ltd. Shares belonged to some other client but it was sold in his client but SBI Cap must be doing same thing with other clients as well as absence of system everyone in keeping darkness and as per Annexure 3 contract note no.2010213/508505 are admitted and complainant shall have to get Rs.6,02,146-38 on 05-11-2010 but against that complainant received Rs.5,83,399-27 which was credited in the Bank Account of the complainant in Indian Overseas Bank being A/c. No.20584 on 12-11-2010.  Moreover, 100 shares of Scooter India Ltd. purchased between 28-03-2014 to 01-04-2014 were missing.  In fact, there is no system in trading on the part of the OP with the complainant and always complainant is kept in darkness but as per contract at the time of purchase or sell consent of the complainant is must and guarantee is being given by the OP.  Similarly, when order for selling share is granted no print out is given at what price he sold, and hide amount due to him and what amount will credit to his bank account and this is the root cause of all havoc done by the OP causing several type of harassment and prayed for redressal.

          On the other hand, OP by filing written statement stated that SBI Cap Security Ltd. is trading member of Bombay Stock Exchange (BSE) and National Stock exchange of India Ltd. duly registered with SEBI and the complainant is a constituent of SBICAP Securities Ltd. and is having a Trading Account with SBICAP Securities Ltd. under client code KROA030.  It is submitted that on 04-04-2014 credit balance was 15,032-41 in account and on same day total three transactions were executed in the client’s account in three different scripts on delivery basis as per details given in below mentioned title and on account of these transactions there is a debit of Rs.21,239-57 to the client’s account and after absorbing the credit in the client’s account debit was Rs.6.207-16 and since delivery of shares towards the sell transactions was not received, it has resulted in auction on 04-04-2014 wherein the said shares have been bought back resulting to debit of Rs.29,086/- to the client A/c. towards purchase.

          It is specifically mentioned that on 28-04-2014 client’s account was in debit of Rs.2,419-87 and to recover this debit risk department at their corporate office had sold 155 shares of Gujrat Sidhee Cement.  As soon as branch came to know about this it has bought back these shares in the client’s account to nullify the trade since the debit.

          It is also submitted that from 06-03-2014 to 12-05-2014 client had made payment worth about Rs.68,300/- in his trading account towards stock purchase against this stock, stock is purchased in his account and all the stock purchased during the period is transferred to the client’s account.  So, there was no negligence and deficiency on the part of the OP and they prayed for dismissal.

Decision with Reasons

On proper consideration of the complaint and written version and further considering the materials as produced by the complainant and OP it is clear that the complainant is a constituent of SBICAP Security Ltd. having his Trading Account with SBICAP Securities Ltd. under client code KROA030 that means complainant is not a consumer and he is a trader and his trading business is selling and purchasing the shares knowing fully well increasing and decreasing of the volatility pg the market and fact remains complainant is not a consumer under SBICAP but practically he is a traders, license holder of SBICAP and their business is selling and purchasing of shares for more profit knowing fully well about the market condition and chance of loss against such trade is known to the complainant because complainant entered into such agreement with the OP and has become a constituent of SBICAP Securities Ltd. so, in the eye of law complainant is not a consumer under the OP.

          In fact, if there is any grievance of the complainant in that case complainant may file such case before SEBI, BSE or before Civil Court but there is no scope to file in Forum the present complainant when complainant himself is a trader and constituent of the SBICAP/OP and the entire transaction is a trading transaction and it is no doubt for the purpose of his own business, that is trading business of share selling and purchasing and in the complaint there is no such assertion that by running said business he is running his family and it is his only income.  Whatever it may be the entire complaint is found without any material.  In view of the fact complainant has failed to prove that he is the consumer under the OP.  In the result complaint fails as the same is not maintainable when the complainant is failed to prove his status as consumer.  On the contrary he is a trader and a constituent of the OP1.  So, he may get such relief before SEBI or BSE or Civil Court but no relief can be granted by this Forum as it is proved that the complainant is not a consumer under the OP.

Hence,

Ordered

That the case be and the same is dismissed on contest against the OP but without any cost.