IIFL SECURITIES LTD Vs. GANESH IYER

JUDGEMENT

(1.) The present First Appeal is filed under Section 19 read with Section 21 (a) (ii) of of Consumer Protection Act, 1986 by the Appellant against Order dated 26.06.2018, passed by the State Consumer Disputes Redressal Commission, Maharashtra, Mumbai (hereinafter referred to as the "State Commission") in C.C. No. CC/17/1277.

(2.) Brief facts of the Case are as follows:-

(3.) The Respondent, a retired person, was a member of Appellant dealing with purchase and sale of shares of various companies. On 27.01.2015, the Respondent was shocked to receive a call from Appellant on his mobile that a trade of about Rs. 29,94,896/- occurred on 23.01.2015. Immediately, vide email dated 27.01.2015, the Respondent informed the Appellant that the said transaction is bogus and unauthorized and specific request was made to reverse it. Appellant informed Respondent, vide letter dated 20.02.2015, that they have frozen the Respondent's account due to unauthorized transaction on 23.01.2015. Appellant informed the Respondent that they had also lodged a Police Complaint with regard to this matter.