Claim on stock advisory firm
4 years ago
I hire a advisory firm of indore. They have sebi license. I paid them 16500 fro fee and took 2 lakh loss on there fake advices. Now when i make complaint on several web portals. They give me refund of my fee cutting gst. 13500 rupees i got back. But when i asked them for compensation and loss related money refund. They told me that if i ask it they will take leagal action cause they already mention in every thing that no refund policy they entertain. They give my money of fee on sympathy base acording to their reply. Pls reply if i can make leagl action on them and only if i will not to suffer in that.
Naveen Sharma
Responded 4 years ago
A.You can take legal action. These stock brokering firms are registered with NSE which has a provision for arbitration. You can invoke that to enter into arbitration. You will have to collect proper evidence, as the chances of success are comparatively less. The evidence would be intimation to you for making the impugned transactions which resulted in loss, phone recordings, e-mails and specifically the agreement which usually has a clause to prevent any further transactions beyond incurring of a loss of a certain amount. Also, the agreement executed with the stock broker, which usually is again a dicey situation as there is a remote possibility that you would be in possession of a signed copy of the agreement with you. Lastly, and perhaps the most potent is filing a complaint with the SEBI claim fraud at the end of stock broker by making unauthorized loss making transactions. The complaint will be heard by the investor grievance cell that every stock exchange has in accordance with regulations. This perhaps will scare the broker. All the best.
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Narendra Dubey
Responded 4 years ago
A.First of all we have to see Ur agreement and accordingly we can file complaint in consumer forum as well as to SEBI
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Ayantika Mondal @ Prime Legal
Responded 4 years ago
A.Hi,
This is a very common style of conning people by making money in another way.
We need to read the agreement/ service conditions before we share our opinion.
This is a very common style of conning people by making money in another way.
We need to read the agreement/ service conditions before we share our opinion.
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A.Dear Sir,
Conditions mentioned in the forms not applicable to you. Always law will prevail. Just get issue a legal notice and fight in consumer forum or any other recognized forum.
Please give me Rank 5 if you feel my answers also helped you
Conditions mentioned in the forms not applicable to you. Always law will prevail. Just get issue a legal notice and fight in consumer forum or any other recognized forum.
Please give me Rank 5 if you feel my answers also helped you
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A.Hi
You can file a case against the stock broking firm in a consumer forum for negligence and deficiency of service.
You should have the proof of payment of Rs16,500 fees and proof of communication pertaining to stocks given by the stock broking firm as a result of which you suffered losses.
Also, you can file a compliant against the broking firm with SEBI as SEBI specifically debars brokers from undertaking portfolio advisory services to its clients
Hope this information is useful.
You can file a case against the stock broking firm in a consumer forum for negligence and deficiency of service.
You should have the proof of payment of Rs16,500 fees and proof of communication pertaining to stocks given by the stock broking firm as a result of which you suffered losses.
Also, you can file a compliant against the broking firm with SEBI as SEBI specifically debars brokers from undertaking portfolio advisory services to its clients
Hope this information is useful.
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