Case No.    :         136/2023

Date           :         01.05.2023

Present       :         Sh. Gagan Kumar counsel for Complainant

1. File perused. 

2. In nutshell, the case of the complainant is that he opened the Demat Account and Trading Account with OP1 through OP2 and OP3, and OP2 & OP3 purchased certain shares for himself for an amount of Rs.23,600/-, and unauthorizedly sold those shares on behalf of the complainant and caused a loss of Rs.10,720/- to the complainant which amounts to deficiency in service and as such the present complaint has been filed.  Once it is admitted case of the complainant that he opened a Trading account with OP and purchased shares and even those shares have been sold, the Commission enquired as to how the complainant is a Consumer under section 2 (7) of the CPA-2019, which reads as under:  

The Section 2 of the Consumer defines consumer as follows:-

7) "consumer" means any person who-

(i) buys any goods for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any user of such goods other than the person who buys such goods for consideration paid or promised or partly paid or partly promised, or under any system of deferred payment, when such use is made with the approval of such person, but does not include a person who obtains such goods for resale or for any commercial purpose, or.........

7) (ii) hires or avails of any service for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any beneficiary of such service other than the person who hires or avails of the services for consideration paid or promised, or partly paid and partly promised, or under any system of deferred payment, when such services are availed of with the approval of the first mentioned person, but does not include a person who avails of such service for any commercial purpose. 

3. The Complainant purchased certain shares from OP1 through OP2 and OP3 and as per admitted facts the said shares have already been sold.  It is immaterial whether those shares have been sold by OP2 and OP3 mischievously, fraudulently or unauthorizedly and that fact would be dealt subsequently but once the shares have been sold and the shares are not with the complainant, he is no more a Consumer for the shares purchased and sold.  This inter alia means that shares were purchased by the complainant for resale purpose.  Therefore, complainant is not a Consumer under Section 2 of the Consumer Protection Act. 
4. Secondly, as per the complainant himself, he opened the Demat and Trading Accounts for the purpose of dealing in the shares therefore the trading account is an account for commercial purpose and therefore complaint otherwise also is not maintainable in terms of the definition of Consimer as defined here in above.        
5. Thirdly, if the allegations of the complainant is accepted, that the OPs has purchased and sold the shares without authority or fraudulently, then the Commission otherwise is not having power to go into the controversy which are on the basis of fraud or forgery. 
6. Therefore, neither the alleged act which has been done by the OP without any authority falls within the domain of the Consumer Commission nor the complainant is a consumer once the shares have already been sold and therefore, complainant is not a consumer within the definition of Consumer Protection Act-2019, and there is no ground to admit this case. 
7. The Complaint case is rejected. 
8. File be consigned to Record Room.