Investor trading in shares is not a consumer: Forum

Thane Consumer Forum president Jyoti A Mandhle and member Smita L Desai passed the order on January 9 on a complaint by hayya V Madane against India Infoline.

Madane from New Panvel had enrolled herself with the India Infoline Ltd, for availing their services in trading in shares. Accordingly, she had opened a demat account and was using the services of the firm for trading.

In her complaint, Madane said that in March 2008, she had opened a demat account with IndiaInfoline for selling and purchase of shares.

She deposited Rs 60,555 with the company and Rs 0.05 paise was to be taken as brokerage for trading. It was noticed by the complainant that instead of charging Rs 0.05 paise, they charged Rs 0.10 paise as brokerage.

On June 6, 2008, an email was sent by the complainant to the company to stop the transaction going into the account but despite that, the latter continued the trading transaction and disposed amount from her account.

On August 2, 2008, she sent a letter to the company saying that the amount Rs 60,000 should be reversed back into her account with interest or else she will take legal action against them.

She submitted that as no response was given by the company, she sent a notice on September 20, 2008, to the manager of the company saying that the deposited amount in her account should be reversed into her account with interest.

The complainant informed the forum that she suffered immense mental stress and agony due to the conduct of the company. (MORE)