This is a complaint filed under section 12 of consumer protection act for an order directing the opposite parties to give `50,000 with 15% interest.

          The case of the complainant is that he had purchased three scripts as per contract note No.6974 4 dt 22.1.07 through 1^st opposite party and these shares were sold without the instruction of the  complainant without complying the ordinary norms and conditions stipulated by  Securities and exchange board of India. Even though opposite party had sold shares long back no amount was credited in the account of the complainant and reply for the enquiry was not satisfying. On 16.7.2010 opposite party had credited an amount of `6418 in the SB account of the complainant. Normally if any share is sold from the account of an investor, the sale proceeds have to be credited in the trading account of the investor. The opposite party neither credited the amount nor communicated any copy of ledger of trading account. The complainant noticed the above fact  only when he came to know about the amount credited in his bank account. So he had complained against authorities, but no action was taken against him. The opposite party had conducted the transaction without the instruction of the complainant. So the complainant has sustained a loss of `30,000. The shares had been  purchased and sold by opposite party on the same  day without  merit and did not issued the e-contact notes of any of the transaction. The complainant made several representations to compensate his grievance. Due to above transaction the complainant caused mental agony. Hence this complaint.

In pursuance to the notice issued by the Forum 1^st opposite party appeared and filed version. Opposite parties 2 and 3 remains absent, even though proper notice was issued to them they remains absent and set exparte.

1^st opposite party admits that he had entered into an agreement with the complainant on 19.1.07 and agreed that the disputes required to be adjudicated as per the arbitration and conciliation Act and as per section 22 of Securities Contracts (Regulation Act) 1956, Civil court has no jurisdiction to entertained any suit or proceedings and as per section 15 Y of the act 1992, the Forum has no jurisdiction to entertain the complaint. The complaint is barred by limitation, since the cause of action aroused as per complaint on 22.1.07. The complainant was regular share trader with opposite party and had made several buying and selling of shares through the opposite party. The allegation that opposite party had sold shares without instruction is baseless and false. The complaint had not purchased the entire shares. The transactions with respect to the shares mentioned in the schedule of complaint are clear form the global transactions statement with respect to the trading account of the client for the relevant period. The complainant was doing transaction in his trading account as per his verbal instruction. The complainant had traded several other shares for the period from22.1.07 to 27.9.08.Whenever the trade is done through the account of its customer the opposite party used to send electronic contract note to the e-mail id registered on the immediate succeeding date of trade. If the complainant has any dispute he could have raised the same on the day itself, otherwise it is presumed that the client does not have any dispute. The attempt now made is only to get unlawful gain. The averment that the JRG securities have credited `6418 on 16.7.10 in the savings bank account of complainant is not correct. The complainant has not suffered loss of `30,000 and has not given any details with respect to loss. So there is no deficiency of service on the part of opposite party and hence the complaint is liable to be dismissed.

          Upon the above contentions the following issues have been raised for consideration.

1.  Whether there is any deficiency of service on the side of

    opposite party?

2.  Whether the complainant is entitled to get any relief as

     prayed in  the complaint?

          3.  Relief and cost.

                    The evidence consists of the oral testimony of PW1 and Exts.A1 to A5 and B1 to B4.

Issue Nos. 1 to 3

          The complainant contended that the shares of R.System International Limited 100 numbers, Sakthi Sugar Ltd. 300 numbers and 100 shares of Vijaya Bank were sold by the opposite party without any instruction and without complying the stipulation of SEBI. The complaint noted some discrepancy and came to know that `6418 was credited by opposite party to his account. The opposite party has not invested sale proceeds to the complainant’s account and not even issued contract notes. To prove this complainant produced documents such as copy of online complaint filed before SEBI dt. 19.7.11, reply of opposite party, Account statement, Bank account statement, financial statement and statement submitted by opposite party before NSDL. The opposite party also produced account opening form, party ledger from 1.4.06 to 31.3.08 and copy of contract notes etc.

          The complainant’s main allegation is that the opposite party had conducted the transaction with the trading account without his instruction and had carelessly and negligently handled the account and thereby he had sustained loss of `30,000. Even though there is no pleading in the complaint about details of shares, in the affidavit. It is stated that 100 shares of R system international Ltd., 300 shares of Sakthi Sugar Ltd and 100 numbers of Vijaya Bank etc. But not stated anywhere  about the value of these shares and for what amount it was sold out. Even though he complainant contended that the opposite party sold out above stated shares without instruction and not issued any contract notes etc. he deposed before the Forum that transaction sN¿p-¶-Xn-\p-th­n Rm³  authorizationsImSp-¯n«p­m-bn-cp-¶p.. share hm§n-¨-Xn\p F\n¡v contract note e`n-¨n-«p-­m-bn-cp¶p. This admission itself goes against the statements of the complainant. The complainant further contended that the opposite party had credited `6418 on 16.7.10 in the savings bank account. But the opposite party denied this and contended that any one can deposited the amount in  the bank account .Complainant also deposed  before the Forum that “ Remittance a\Ên-em-¡m³ payment slip tImSXn ap¼msI h¶m am{Xsa a\-Ên-em-Ip-I-bp-f-fp.”. But the complaint has not taken any steps to produce the same before the Forum. Mere production of  account statement is not enough to prove that the above said amount was deposited by opposite party. The complainant further contended that he had come to know about the transaction only during 2010, and he realized that opposite party had deposited `6418 in his bank account. But according to the version of the complainant itself shows that the opposite party used to issue contract note every six months. But according to the complainant the transaction was taken place during 2007. So we are of the opinion that a presumption can be drawn that the complaint has knowledge about the transaction long before, since opposite party used to issue contract note within every six months. The complaint is filed for loss suffered by the complaint due to this transaction, which was taken place during 2007-2008. More over the complainant failed to prove that the above said amount of `6418 was deposited by opposite party. So we are of the opinion that the complaint miserably failed to prove his case and also that prayer is barred by limitation. So the complaint is liable to be dismissed and passed orders accordingly.

          In the result, the complaint is dismissed no cost.         

                        Sd/-                         Sd/-    

                     President                Member     

  APPENDIX

Exhibits for the complainant

A1.  Copy of the complaint filed before SEBI

A2. Copy of the complaint sent to 1^st OP

A3.  Copy of the bank account statement of the complainant

A4.  Copy of the statement submitted by JERG Securities to

        National Securities  Depository Ltd.

A5. Copy of the letter dt.16.9.11 sent by JRG Securities to National

      Securities Depository Ltd.

Exhibits for the opposite parties:

B1. Copy of account opening form

B2.  Ledger copy for the period from 1.4.06 to 31.3.07.

B3. Copy of the financial statement for the period 1.1.08 to 31.3.08

       of complainant

B4. Copy of E-contract log for the period from 1.1.06 to 31.3.09

Witness examined for the complainant

PW1.Complainant

 Witness examined for the opposite parties:Nil

                                                        /forwarded by order/

                                                            Senior Superintendent

Consumer disputes Redressal Forum, Kannur.