fraudly trading by a sub-broker
Amarpal
(Querist) 28 March 2010
This query is : Resolved
Dear Sir,
Please let me know about what action can be taken against the sub-broker who has use the fund of my client and made him loss to about Rs. 85ooo.00.
Because the employee of sub-broker had make a promise to recover his loss but nor epmloyee left the job and this sub-broker also close the business. Sub-broker also making the promise to client that he will put the money the new open account because earlier account
had close and taken the new dealer ship from the other company .So, my quary is that my client cannot claim under the defeciency of service under consumer forum and now under what act/section can be claim.
mahendrakumar
(Expert) 28 March 2010
make a complaint to the main broker under whom the sub broker works,with a copy to the concerned stock exchange and SEBI.
adv. rajeev ( rajoo )
(Expert) 28 March 2010
No he cannot be the consumer, because it is not a service and not to lead daily livelyhood. Issue legal notice to the broker and main broker and file a suit for damages.
