Dear Sir/Ma'am
I bought a paid service of a stocks advisory company based in Indore to invest in the stock market. The duration of the service was for 1 month. However even before the one month was over,the company representative began selling me a more expensive service under which the company would handle my trading account and get me sure shot profits. I was sceptical of this service and said no. The representative began constantly texting and calling me day and night for over two weeks, assuring me of 100% profit and even claiming that he would refund me my money in case of loss. I have screenshots of these conversations that were sent over Whatsapp from both his company and personal number. Finally, i succumbed to buy this more expensive service for which i paid a certain amount for 45 days of service. As expected, within 10 days, i suffered heavy losses and all my account capital turned to zero. Now with no capital left in the account, the company is refusing to trade anymore, asking me to transfer more money in the account. However no such provision was mentioned earlier ( i.e i would need to transfer more money if they turned my capital to zero). Moreover on digging up further i found that the reports of past performance that the company had put up on their website are all false and cooked up. Their represnetative who was handling my account is now not responding to my calls. The phone numbers listed on their website are not operational. They have not mentioned their phone number on SEBI website either - simply writing 000000 in the required field. (They are SEBI registered).
They initially said that highly qualified researchers would handle my account in this expensive service. But later on, upon asking the contact details and qualifications of these 'researchers' they claimed that the 'researchers' are kept 'hidden' from the client. They have a no refund policy.
In the light of the above facts, can i take any action against them, given that they are now refusing to provide me a service that i paid for? Also the manner in which their representative sold me the package, despite my constant refusal (100% return, money back guarantee etc.) is certainly unethical. I have the Whatsapp conversations saved with me where these claims were made and where i'm constantly telling him that i can't afford the risk. Can these form the basis of some action by the SEBI or any other agency?
Thanks in advance.
