BALMUKAND JOSHI Vs. SURESH RATHI SECURITIES PVT. LTD

JUDGEMENT

(1.) The present Revision Petition has been filed under Sec. 21(b) of the Consumer Protection Act, 1986, against the Impugned Order dtd. 11/11/2021 passed by the Rajasthan State Consumer Disputes Redressal Commission Jaipur (hereinafter referred to as State Commission) in First Appeal No. 1168 of 2011, whereby the State Commission had dismissed the Appeal filed by Sh. Bal Mukand Joshi (hereinafter referred to as the 'Petitioner/Complainant') by affirming the Order dtd. 6/4/2011 passed in Complaint No. 33 of 2016 by the District Consumer Disputes Redressal Forum, Bhilwara (for short "the District Forum") vide which the District Forum had dismissed the Complaint filed by the Petitioner/Complainant.

(2.) Brief facts of the case are that Mr. Bal Mukand Joshi, Petitioner/Complainant opened a share trading Account No. 135 BJ 02 with Suresh Rathi Securities Pvt. Ltd., Opposite Party/Respondent (hereinafter referred to as the Respondent), who is a broker in share market. Petitioner carried out trading like, purchase and sale of share through Respondent, who in turn charged brokerage from the Petitioner. In March 2008, Petitioner purchased some shares through the Respondent, payment for which were made through cheques. Despite making all payments in a timely manner, on 7/8/2010, Respondent sent a message on the cell phone of the Petitioner, making a demand of Rs.79,309.00 as debit balance in his account. On 3/11/2008, the Petitioner went to Jodhpur in order to discern the ledger or bill and contract received and discerned the ledger dtd. 2/4/2008 to 4/11/2008, wherein he found that the Respondent indulged in unauthorized trade through the Petitioner's account. Due to the unauthorized trading carried out by the Respondent through the Petitioner's account, the latter suffered a loss of Rs.1,62,439.00. Alleging deficiency in service on the part of the Respondent, the Petitioner filed a Consumer Complaint before the District Forum praying for recovery of his economic losses along with 12% interest, damages for mental agony, expenses of court, fees of court and advocate's fee.

(3.) The Respondent contested the Complaint before the District Forum and it was submitted that the Petitioner himself has filed Application for referring the matter to Arbitrator before the National Stock Exchange and the same is pending before NSE. It was further submitted that the Complainant cannot raise complaint arising out of same cause of action before more than one courts/forum and prayed that the Complaint be dismissed.