SANJAY CHANDRA AGARWAL Vs. INDIA BULLS SECURITIES LTD

JUDGEMENT

(1.) This appeal has been filed by the appellant against the order dated 01-12-2014 passed by the Learned State Commission in Complaint No. 126 of 2010 Sanjay Chandra Agarwal Vs. India Bulls Securities Ltd., by which complaint was dismissed.

(2.) Brief facts of the case are that the complainant/appellant opened two accounts - one in his individual name and another in his HUF name in the year 2006 with opposite party/respondent for sale and purchase of shares in cash as well in future. It was further alleged that irregularities were committed by opposite party in maintaining accounts which caused loss of Rs.7,43,571.40/- in one account and Rs.24,42,510.65/- in another account as opposite party has not adhered with Stock Exchange rules. Alleging deficiency on the part of opposite party complainant filed complaint before State Commission. Opposite party resisted complaint and submitted that dealings of shares was done as per instructions of the complainant and further raised objection that as transaction was commercial in nature, complaint was not maintainable. State Commission after hearing both the parties dismissed complaint as complaint was pertaining to commercial transaction against which this appeal has been filed.

(3.) Heard learned counsel for the appellant and perused the record.