{"id":238483,"date":"2020-11-04T12:30:28","date_gmt":"2020-11-04T07:00:28","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=238483"},"modified":"2020-11-30T21:50:18","modified_gmt":"2020-11-30T16:20:18","slug":"if-a-person-carries-out-trading-in-shares-on-an-occasional-basis-by-opening-a-demat-account-will-that-person-come-under-the-ambit-of-consumer-read-ncdrcs-opinion","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/04\/if-a-person-carries-out-trading-in-shares-on-an-occasional-basis-by-opening-a-demat-account-will-that-person-come-under-the-ambit-of-consumer-read-ncdrcs-opinion\/","title":{"rendered":"If a person carries out trading in shares on an occasional basis by opening a Demat Account, will that person come under the ambit of Consumer? Read NCDRC’s opinion"},"content":{"rendered":"

National Consumer Disputes Redressal Commission (NCDRC):\u00a0<\/strong>Justice V.K. Jain (Presiding Member) addressed the question of who can be considered a consumer under Section 2(1)(d) of Consumer Protection Act in light of trading of shares.<\/p>\n

Complainant opened Demat Account with respondent 1 in India Infoline Ltd. Respondent 3 an employee of Respondent 1 carried out unauthorised trading of shares in his Demat Account without his consent and caused heavy losses to him.<\/p>\n

The above-stated incident was brought to the notice of respondents 1 and 2, but they did not address the complaint.<\/p>\n

After a loss of Rs 55,000, complainant tried to close the account but was not allowed to do so and further was carried out by respondent 3 from his Demat Account without his consent, causing him a loss of Rs 1,72,020.<\/p>\n

In view of the above complainants approached the District Forum concerned by way of consumer complaint seeking the compensation of the above-referred amount.<\/p>\n

Respondent 1 stated that complainant had entered into a mutual agreement with respondent 3 allowing him to trade into his account and on coming to know this, respondent 1 terminated the services of respondent 2 and 3.<\/p>\n

Aggrieved with District Forum’s decision, an appeal was filed with State Commission wherein the appeal was allowed and the complaint was dismissed.<\/p>\n

Analysis and Decision<\/span><\/h3>\n

Who can be said to be a consumer?<\/span><\/p>\n

The above-stated question was considered in\u00a0Springdale Core Consultants (P) Ltd. v. Pioneer Urban Land and Infrastructure Ltd.,\u00a0<\/em>CC No. 349 of 2017, decided on 16-03-2020.<\/p>\n

\u00a0“…Trust was not a consumer <\/span>within the meaning of Section 2(1(d) of the Consumer Protection Action, which excludes a person who obtains goods and services for a commercial purpose. It was held by this Commission that providing hostel facilities to the nurses was directly connected to the commercial purposes of running the Hospital and was consideration for the work done by them in the hospital.”<\/span><\/em><\/p>\n

Bench observed that there was no evidence of the complainants trading in the shares on a large scale. Complainants were stated to be in service though, in the account opening form, they had claimed to be in business.<\/span><\/p>\n

\n
\n
\n

No evidence or even allegation of the complainants was found carrying out large scale trading in stocks and shares.<\/p>\n

\n
\n
\n
\n

If a person engaged in a business or profession other than regular trading in shares, open a Demat Account and occasionally carries out trading in shares, it cannot be said that the services of the broker were hired or availed by him for a commercial purpose, the scale of such trading by a casual investor being very low. Such a person cannot be said to be in the business of buying and selling shares on a regular basis.<\/span><\/p>\n<\/blockquote>\n

In view of the above, the Commission held that the complainants were consumers within the meaning of Section 2(1)(d) of the Consumer Protection Act.<\/p>\n

\n
\n
\n

Whether the trading by respondent 3 in the Demat Account of the complainants was done with the consent of the complainants or it was done unauthorizedly without their consent and without instructions from them?<\/span><\/p>\n

Commission on perusal of the letter dated 20-10-2009, stated that respondent 3 was trading without instructions from the complainants and that is why he promised to the complainant that he would be responsible in case his losses were to increase.<\/span><\/p>\n

With regard to the alleged private agreement between respondent 3 and complainant, no evidence was found.<\/p>\n

Hence, in view of the above-stated discussion, Commission held that respondent 3 has caused loss to the complainant by unauthorised trading in his Demat Account, therefore he is responsible to compensate the complainant.<\/p>\n

Being the employer of respondent 3 and being the broker with whom the Demat Account was opened, respondent 1 was equally liable to compensate the complainants.[Vaman Nagesh Upaskar v. India Infoline Ltd., 2020 SCC OnLine NCDRC 469<\/b><\/a>, decided on 28-10-2020]<\/p>\n

\n

Counsel for the Petitioner: Advocate Astha Tyagi<\/span><\/p>\n

Counsel for the Respondent 1: Advocate Ajit Rajput<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

National Consumer Disputes Redressal Commission (NCDRC):\u00a0Justice V.K. Jain (Presiding Member) addressed the question of who can be considered a consumer under Section <\/p>\n","protected":false},"author":8808,"featured_media":199533,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[14601,39605,3095,32601,29477],"class_list":["post-238483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-consumer","tag-consumer-complaint","tag-NCDRC","tag-shares","tag-trading"],"yoast_head":"\nIf a person carries out trading in shares on an occasional basis by opening a Demat Account, will that person come under the ambit of Consumer? 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NCDRC elaborates in view of \u2018earning livelihood\u2019","author":"Bhumika Indulia","date":"May 18, 2022","format":false,"excerpt":"National Consumer Disputes Redressal Commission (NCDRC): C. Viswanath, Presiding Member, held that the complainant was not investing money in the share market exclusively for earning his livelihood, hence the same was he did not fall under the definition of Consumer. Instant revision was filed by the petitioner under Section 21(b)\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Consumer Disputes Redressal Commission","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":241310,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/25\/2020-wrap-up-flashback-of-stories-on-consumer-cases\/","url_meta":{"origin":238483,"position":1},"title":"2020 Wrap Up — Flashback of Stories on Consumer Cases","author":"Bhumika Indulia","date":"December 25, 2020","format":false,"excerpt":"Since 2020 is now winding down, we switch on our flashback mode and note that a lot of changes in the name of \u2018new normal\u2019 appeared. Pandemic impacted everything, be it the normal grocery shopping outlets or the justice delivery system mechanisms. So reflecting back at some of our best\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/12\/FLASH-1-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/12\/FLASH-1-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/12\/FLASH-1-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/12\/FLASH-1-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/12\/FLASH-1-2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":6413,"url":"https:\/\/www.scconline.com\/blog\/post\/2014\/08\/21\/persons-buying-shares-as-an-investment-are-covered-under-the-definition-of-consumer\/","url_meta":{"origin":238483,"position":2},"title":"Persons buying shares as an investment are covered under the definition of \u201cconsumer\u201d","author":"Sucheta","date":"August 21, 2014","format":false,"excerpt":"National Consumer Disputes Redressal Commission (NCDRC): NCDRC has held that though trading in shares is a commercial transaction outside the purview of Consumer Protection Act but those who buy shares as an investment are covered under the definition of \u201cconsumer\u201d. The court was hearing a revision petition filed by Venve\u2026","rel":"","context":"In "Tribunals\/Commissions\/Regulatory Bodies"","block_context":{"text":"Tribunals\/Commissions\/Regulatory Bodies","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/tribunals_commissions_regulatorybodies\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":247262,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/17\/unfair-trade-practice\/","url_meta":{"origin":238483,"position":3},"title":"NCDRC | Selling a second-hand car, in place of a new car, after accepting full consideration price for a new car, inter alia constitutes \u2018unfair trade practice\u2019 under S. 2(1)(r) of Consumer Protection Act","author":"Bhumika Indulia","date":"April 17, 2021","format":false,"excerpt":"National Consumer Disputes Redressal Commission (NCDRC): Dinesh Singh, Presiding Member, held that, \"...selling a second-hand car, in place of a new car, after accepting the full consideration price for a new car, inter alia constitutes \u2018unfair trade practice\u2019 under Section 2(1)(r) of the Consumer Protection Act.\" Revision Petition was instituted\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Consumer Disputes Redressal Commission","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":262293,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/23\/homebuyer-invests-his-hard-earned-money-to-get-legal-possession-of-flat-yet-gets-subjected-to-a-6-year-delay\/","url_meta":{"origin":238483,"position":4},"title":"Homebuyer invests his hard-earned money to get legal possession of flat, yet gets subjected to a 6-year delay: Read how NCDRC provided relief to consumer","author":"Bhumika Indulia","date":"February 23, 2022","format":false,"excerpt":"National Consumer Disputes Redressal Commission, New Delhi (NCDRC): While addressing a case wherein there was a delay of 6 years in handing over the possession to the buyer, the Coram of Dr S.M. Kantikar (Presiding Member) and Binoy Kumar, Member, held that in view of catena of Supreme Court decisions\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Consumer Disputes Redressal Commission","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":245700,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/17\/ncdrc-2\/","url_meta":{"origin":238483,"position":5},"title":"NCDRC | If a fund transfer is effected through net banking and due procedure is followed by the Bank for the transfer, Can the account holder allege deficiency of service and negligence on the Bank? Read on","author":"Bhumika Indulia","date":"March 17, 2021","format":false,"excerpt":"National Consumer Disputes Redressal Commission (NCDRC): C. Vishwanath (Presiding Member) upheld the State Commission\u2019s Order. Petitioner\/Complainant who was an account holder of HDFC Bank and was working as an officer with Qatar National Bank had deposited an amount of Rs 4,60,000. He found to his surprise that the entire balance\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Consumer Disputes Redressal Commission","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/08\/NCDRC_.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/238483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=238483"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/238483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/199533"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=238483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=238483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=238483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}