The Dakshina Kannada District Consumer Disputes Redressal Forum has dismissed the plea of a consumer seeking compensation from the firm through which he invested in the commodity market and lost nearly Rs. 1 lakh.
Jerome D. Almeida (50) of Kurmbil, Kinnigoli, had filed a complaint against the manager of Religare Commodities Ltd. here and its New Delhi- based general manager, and had sought compensation of Rs. 5 lakh.
In a recent order, the consumer forum president Asha Shetty dismissed the plea. Mr. Almeida said that inspired by advertisements and pamphlets circulated he had opened an account with the firm and had invested Rs. 1 lakh but had later found that the money had reduced to Rs. 781.95. He alleged that even basic information pertaining to the progress of the investment was not given to him and he had found out about the loss only when his representative visited the firm’s office here.
Mr. Almeida contended that the firm was bound to get several-fold returns, but he suffered heavy loss because of deficiency of service.
He said the firm had failed to invest the money diligently.
The firm pointed out that trading had been done with the investor as per an agreement which is governed by the bylaws, rules and regulations of SEBI.
Based on oral as well as documentary evidence, the forum upheld the contention of the firm and pointed out that the firm despatched contract notes to the clients giving details of orders and trades. The consumer could have monitored this and if there was a misunderstanding, the same has to be brought to the notice of the opposite parties and corrective actions taken, the forum observed.
It concluded that “…(transactions in) the account of the complainant were done as per desire/direction … of the complainant …after signing the KYC member client agreement and risk disclosure documents”.
It held that the “opposite parties were not liable for any loss/risks involved in the transactions” and dismissed the plea.
