A consumer forum here has dismissed a man's plea seeking Rs seven lakh from a broker firm for his loss in the share market, saying that he was dealing in largescale sale and purchase of shares on a daily basis for profit and could not be considered as a consumer.
New Delhi Consumer Disputes Redressal Forum, presided by C K Chaturvedi, dismissed the plea filed by Delhi resident Satya Prakash Gupta, who had sought a direction to the R R Equity Brokers Pvt Ltd for payment of money, claiming it was responsible for loss of his money in share market.
The forum, also comprising its members S R Chaudhary and Ritu Garodia, rejected the plea, saying that due to his involvement in largescale sale and purchase of shares on daily basis for profit, Gupta could not seek the benefits of being a consumer.
"We find that complainant (Gupta) cannot be considered a consumer, as he is dealing in largescale sale and purchase of shares on daily basis for profit sale and not for earning a living nor it is so pleaded in the complaint," the forum's members said.
It noted that Gupta was running a business firm, as per the registration application of the company.
Gupta had told the forum that he had entered into a contract with the broker company for sale and purchase of shares of different entities in the market.
He claimed that as per this contract, the company was responsible for loss due to decline in market value, adding that though initially all went well, but in 2007, he suffered a loss of about Rs seven lakh, by transactions through the broker which he did not authorize.
The company, however, contended before the forum that the agreement fixes all decisions of investment and loss and gain on Gupta and not on it, adding that Gupta was not a "consumer" but a speculator in share market business.