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Danish Siddiqui (Finance Manager)     01 June 2021

Stock market related

One of the stock advisors (Not SEBI Registered) has promised me high returns in stock market and told me that i will pay double of your losses if your capital becomes zero on whatsapp chat... He traded in my account and made my capital nil .... Now he is refusing to pay back my losses what are the legal remedies available with me


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 5 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     01 June 2021

The regulator ( SEBI)  has asked investors to approach the appropriate authorities for redressal of grievances and also inform it about any investment advisors offering assured or guaranteed returns. Give complaint to the police.

Sankaranarayanan (Advocate)     02 June 2021

State the fact clearly.

how you believe him, even you aware he is not a authorized stock adviser.

is any communication regarding the loss ?

make more evidence and with the support of those evidences you can lodge a complaint and file case .

So better to consult local lawyer and act accordingly

Dr J C Vashista (Advocate)     02 June 2021

Collect relevant evidences and  consult a local prudent lawyer for analyses of facts/ documents, professional advise and necessary proceeding.

P. Venu (Advocate)     02 June 2021

What is your evidence to prove the alleged agreement?

T. Kalaiselvan, Advocate (Advocate)     04 June 2021

You have leaned on him on the basis of the false promises he made, perhaps due to greedy desires.

You know pretty well that investing in the share market and indulging in daily tradings or intra day trading activities is purely a gamble and there are no winners in this gamble.

The stock advisor has enriched his knowledge and experience with your money in the investment field, he cannot be worried bout the losses because it was not his money.

In the absence of any agreement with him and since you have voluntarily invested in the share market through him, you cannot claim him to have cheated you.

He has not taken away your money and fled the scene.

He has invested the money in the share market unfortunately it incurred losses, hence he cannot be expected to return your money which you gave him for investment.

Nobody can assure yo profits in the share market, hence you have to blame yourself for this debacle which happened in front of your eyes.

The police will not entertain any complaint neither the SEBI because there was no cheating or breach of agreement or any other fraud had taken place, therefore you may better stop investing in the share market anymore which will be  wise decision instead of continue to suffer more and  more losses by investing more in order to retrieve the losses.

 


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