Civil Procedure Code (CPC)

15Y of SEBI

This query is : Resolved 

26 October 2010

sir, My client invested some money in shares with a local branch of a share broker but later found out that he has not been investing the money in shares. on enquiry my client was told that one of the brokers' emplyees was misapproprieting money. complaints were registered against the broker with the local crime branch and NSC was also informed but to no avail. letters were written to SEBI also but again no use.this employee who is supposed to have misapproprieted the sum has given a notorised affidavit that he was functoning under the insructions of the broker his employer.Now the broker has filed civil suits against my client and some others for recovery of money saying that his employee and the others have joined together and cheated him.Are not these suits barred u/s 15Y of SEBI?

R.Ramachandran (Expert)
26 October 2010

Dear Mr. Prem,
You posted the same query on 9th October which was answered.
What is the purpose of posting the query again. Do you mean to say by posting the query afresh you will get an answer suitable to you?

DEFENSE ADVOCATE.-firmaction@g (Expert)
26 October 2010

May be the querry is again but this is the agony of the share market investors that practically there is no avenue to solve their problems.

Share brokers as a rule pay salary of fifty thousand or more to a person who can not get five hundred elsewhere. Bosses get in multi millions. All this come from loot, loot and open loot from the investors.

To the questioner criminal action is the quick remedy.

Other experts pl enter in shoes of such investors who are duped and practically no remedy in common law , so suggest way out to get justice.

Devajyoti BarmanOnline (Expert)
26 October 2010

Yes. You could try consumer case also.

M V GuptaOnline (Expert)
28 October 2010

A complaint before consumer forum may yield quick result. Criminal case also may be filed simultaneously.

s.subramanian (Expert)
30 October 2010

I agree.

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