Fraud
Querist :
Anonymous
(Querist) 10 January 2012
This query is : Resolved
I had subscribed to a website for giving share tips.they charged rs 2000 for 5 days tip.
the tip which they gave did not tally with there dailty performance report whch they publish eveyday on tere website thus i made huge losses by trading in there tip.
for eg:
they told to buy nifty at rs 5000 and sell at 4950 thus 50 rs loss but in tere website they r showing the tip given as buy at 5000 and sell at 5050.thus profit of 50 rs which is false.
so cant i take any action against tem??
tere r so many tip providers who r carrying out this fraud practise.isnt tere ANY LAW AGAINST TEM??
Devajyoti Barman
(Expert) 10 January 2012
You can not punish the forecaster of a speculative market.
The case would fail hopelessly.
Raj Kumar Makkad
(Expert) 11 January 2012
I think the company/service provider is making open fraud with you. Your purchase is at Rs. 4950 and sale is at Rs. 5050/- so you are entitled for the profit of Rs. 100/- per share instead of a loss of Rs. 50/- per share. This under valuation on the sale and over valuation in purchase is the profit of the service provider at your cost.
You can make a detailed complaint to Security Exchange Board of India (SEBI) which shall take suitable action over this service provider as per law.
mahendrakumar
(Expert) 11 January 2012
I differ.I think Mr.Makkad,you misunderstood the query.It is dealing with TIP providers in the stock market.they do not buy or sell any stock for us.instead they give some tip for purchasing or selling.
there are are many tip providers in the market,eventhough nobody,I repeat "nobody"can predict the movement of market.
most of those tip providers do give a suitable disclaimers like "any risks of trading done based on such tips will not be borne by them.
most of those tip providers do not offer anything in writing. Trading in index futures like nifty is a very risky gambling.
I think any complaint in this regard would be futile attempt.
Devajyoti Barman
(Expert) 11 January 2012
If the subscriber could show fraud in the maintaining the Ledger or maintaining a wrong a record, he could complain before the SEBI for canceling the License of the Broker or Sub-Broker.
Any remedy my be made i.e arbitration proceeding but only there is a arbitration clause in the agreement.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 11 January 2012
You go to SEBI, they have now framed strict rules for such tip providers , action will be quick.
V R SHROFF
(Expert) 11 January 2012
TIP PROVIDER ONLY SHOW , LURE YOU.
Some Charge Rs. 8000/- pa, and if they get clients, make money like anything. They do not take any liability.
So Public is looted by them.
Tips are equally unreliable,
as JSDN says, which I do not know, if action taken , it will help lakhs of investors, who lost due to such Tip Providers.
Raj Kumar Makkad
(Expert) 11 January 2012
mahenderkumar G! thanks a lot for indicating me but I am still firm on my stand because SEBI has framed various guidelines dealing with such tip providers under Act. SEBI has got various powers under the Act. The Securities Appellate Tribunal has been constituted under the Act as mentioned in Chapter VIB of ibid Act and that is the only authority to deal with such problems.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 11 January 2012
There is on line registration of such complaints on sebi portal.
New rules have been framed to provide for a self regulating body for such tip providers and registration under that body is mandatory .
Deepak Nair
(Expert) 11 January 2012
The subject is now sifficiently discussed and I hope the querist is satisfied.
Best action for you is to approach SEBI asadvised by the learned experts.
ajay sethi
(Expert) 11 January 2012
the websites offering tips generally have a disclaimer clause
All of the stock tips provided by us are based on the technical analysis and secret informations achieved by our team.We try our best to provide the best informations to our clients but some times demand and supply affects it.So you are advised to trade or invest with your own sense and judgement.We are not responsible for any loss booked by the traders.If any other company also providing the same tips than we are not responsible for that.We may or may not have positions in our recommended scrips.Visiting our web site means you are agree to our terms and conditions
please note theese websites do not offer guaranteed returns . you are trading at your own risk . they cnanot be held responsible for losses you suffer
Shailesh Kr. Shah
(Expert) 11 January 2012
Lodge complain at:-
http://scores.gov.in/Complaint.aspx?flag=n
prabhakar singh
(Expert) 11 January 2012
True!They have disclaimer clause then if TIP looses there would be no liability.
But Query frame work has to be given due attention as it varies in reverse from one was given than one was shown and tip given met loss while post market web site shows it a case of profit.It is fraud for a subscriber of tip and a misleading advertisement for a prospective client who is being lured by a misleading false statement and IN MY VIEW IT IS ACTIONABLE.
IN MY ADVISE IF YOU CAN PROVE WHAT YOU HAVE SAID THEN FIRST ISSUE A NOTICE TO THE TIP SERVICE PROVIDER ABOUT YOUR COMPLAINT CLAIMING THAT MISGUIDED BY THE FALSE LOST PERFORMANCE SHOWN YOU SUBSCRIBED THE SERVICES AND AFTER THAT YOU FOUND THAT TIPS REALLY NEVER/SELDOM WORK AND TIPS ARE WRONGLY AND FALSELY CHANGED ON THE SITE TO MISLEAD.CLAIM YOUR LOSSES,IF THEY DO NOT TURN UP WITH RESPONSE LODGE COMPLAINT ON SITE GIVEN BY MR.SHAH BUT ALSO FILE A CONSUMER COMPLAINT.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 11 January 2012
How you can justify disclaimer clause for an illegal activity. Providing tips is not legal.
Tomorrow a cricket betting outfit, an illicit liquor den or flesh trade joint will flash disclaimer clause, is it sustainable.
Shonee Kapoor
(Expert) 13 January 2012
You have been advised rightly.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Sudhir Kumar, Advocate
(Expert) 14 January 2012
People like you who are willing to pay huge amount to starangers for a vague advise are eary target to be cheated. You can get them traced by the help of cyber police (if in India) but you may not be able to sucessfully prove the charge.
Advocate. Arunagiri
(Expert) 14 January 2012
The role of the web site is to give only tips. they can not be help responsible for the result. Because they are claiming any share if any body is getting profit.
No body can give 100% predict of the share market.
