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consumer forum

Ronak (Trainee) (126 Points)

13 January 2011

Hi,

I have invested in the units of some mutual fund. Now i want to lodge a complain against them? How can i do so ? Will i be consider as a "consumer" under the Consumer protection act, 1986? Plz Giude...

Rgds, Ronak

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4 Replies

Madhusudan Kabra (knowledge seeker) (1779 Points)
Replied 13 January 2011

i think you should lodge a complaint online with SEBI ....there is a special panel for this who solve the problem and complaints of investores.....visit SEBI website for this .....

Defination of consumer under consumer protection act is here below for your refference :

All of us are consumers of goods and services. For the purpose of the Consumer Protection Act, the word "consumer" has been defined separately for "goods" and "services".

For the purpose of "goods", a consumer means a person belonging to the following categories:
(i) One who buys or agrees to buy any goods for a consideration which has been paid or promised or partly paid and partly promised or under any system of deferred payment
(ii) It includes any user of such goods other than the person who actually buys goods and such use is made with the approval of the purchaser.

Note: - A person is not a consumer if he purchases goods for commercial or resale purposes. However, the word "commercial" does not include use by consumer of goods bought and used by him exclusively for the purpose of earning his livelihood, by means of self employment.

For the purpose of "services", a "consumer" means a person belonging to the following categories:
(i) One who hires or avails of any service or services for a consideration which has been paid or promised or partly paid and partly promised or under any system of deferred payment
(ii) It includes any beneficiary of such service other than the one who actually hires or avails of the service for consideration and such services are availed with the approval of such person.

Regards

Madhusudan Kabra

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 13 January 2011

Mr Ronak

For what purpose u need to lodge a complaint? May I know the reasons

As stated by Madhusudan you can address securities related grievances only to SEBI and not in consumer Forum

Ronak (Trainee) (126 Points)
Replied 13 January 2011

Originally posted by : sivaram
	Mr Ronak For what purpose u need to lodge a complaint? May I know the reasons As stated by Madhusudan you can address securities related grievances only to SEBI and not in consumer Forum

Thanks all,

But i wanted to know that whether a unitholder is considered as a consumer acc.. to the CP Act, 1986. If yes plz help me with the supporting case laws.

Rgds,

Ronak

Suveera Patil (nil) (48 Points)
Replied 29 June 2022

Step 1: Send a formal complaint notice to the construction company/developer. In the event of a deficiency in service or unfair practice, it is important that the consumer informs the opposite party. To see if the other party is willing to compensate the consumer for the loss he suffered. You can approach the consumer court if the developer refuses or neglects to respond to the notice.

Step 2: Complaint under the Consumer Protection Act, 1986. For filing the suit, you do not need a lawyer. Please fill out this complaint form and submit it to the commission. Write down the details of the complainant and the opposing party on a plain piece of paper. You may also contact consumer grievance redressal forums, which assist consumers in filing and forming petitions at nominal fees. The International Consumer Rights Protection Council is one such non-governmental organization.

It is recommended that the consumer file a complaint in the district forum that has jurisdiction over the other party's place of residence or office of profit or the area where the project is located.

Step 3: A demand draft is required to submit the fee. To hear complaints, the consumer forum follows different jurisdictions: