SYED GHOUSE BASHA Vs. KARVY STOCK BROKING LTD

JUDGEMENT

(1.) This appeal is filed to set aside the order dated 2.4.2009 passed in CC. 553/2008 by the District Forum I , Hyderabad dismissing the complaint for default.

(2.) The facts of the case are that the complainant was enrolled as a member of NIC Future and Options by opening an Account with OP Stock Brokers Limited and that he had deposited a sum of Rs.10 lakhs by opening an Account 252505. He had opted for the loss to a limited extent of 15 % by investment of the amount in the shares business. While so, the OP had not credited the amounts which is entitled to be credited in his Account. The complainant is in no way concerned with the crash in the market since he was given assurance by the OP to stop loss at 15% only. Therefore the complaint is filed to direct the opposite parties to pay a sum of Rs.6,54,000/- with interest at 18% pa and also for compensation of Rs.one lakh for causing mental agony.

(3.) The respondent/OP filed its counter denying the allegations made in the complaint and also had taken the stand that the complainant is not a consumer as the transaction was for commercial purpose.