Donot get cheated

suri112000

Well-Known Member
#1
I spent around Rs.2,30,000 in search of a good advisory firm. I happened to receive numerous calls from advisories as soon as I opened a trading account. they gave free calls. Some of them have worked well. Final result is I lost my capital and advisory fee what I have paid them.

What I understood is that these advisories are not at all genuine. They are made of up people who lost in this game of trading and want to recoup by cheating new upcoming traders.

I lodged numerous complaints with SEBI about these fraudulent companies. Here is eye opener.

SEBI looks into complaints where there exists a written and registered agreement about the promised returns. None of these companies provide such agreements/documents.

SEBI looks into complaints where the advisories have a registered office and contact telephone number. None of these companies have a registered office as per SEBI requirement.

SEBI requires that one should effect the payment only when the advisory executes the written agreement which is duly stamped and registed as to promised return. To my dismay no such advisory exists in india. It implies that all of these advisories are fraudsters.

The advisory includes software vendors such as buy/sell signal systems etc.

This field is full of leaches who are ripe to suck the blood of beginners and less experienced alike.

Beware of the claims such as Sure Shot Calls, 100% accurate calls, Make Rs.5 lakhs from Rs.50K no Loss hurry up, HNI calls etc. If they are so sure about their calls, they must be richest people on this planet by trading their own calls. They arenot.

Donot subscribe to their services if they donot trade their own calls.
 

amandeep86

Well-Known Member
#2
But whats the fault of these Advisories ,They are businessmen after all its customers choice to buy a product or not.

Thay are not forcing any body to deposit money in their account.Its the GREED and lure to make easy money that people are webbed off.

SMART people take money from the WeaK people ,This is the rule of Business...No offence against them.
 

suri112000

Well-Known Member
#3
SMART people take money from the WeaK people ,This is the rule of Business...No offence against them.
Is it? Business is making money by providing the needs of customer but not by cheating. I agree that our legal system is weak enough to send these culprits behind bars. It does not vouch for their smartness.
 

Vertigo_1985

Well-Known Member
#4
But whats the fault of these Advisories ,They are businessmen after all its customers choice to buy a product or not.

Thay are not forcing any body to deposit money in their account.Its the GREED and lure to make easy money that people are webbed off.

SMART people take money from the WeaK people ,This is the rule of Business...No offence against them.
Your justification sounds like this.. i order a phone online, have made payment for it but when i open it i find a dummy phone instead of real one, but i guess its all part of business and i should accept it as my fate !!!

Any business involves exchange of goods or services, the tipsters are frauds because despite knowing that they will fail to fulfill their part of the deal they go ahead and cheat the other party.

SMART people trade well and make money legally and morally, not through scams or frauds.
 

anjanbm

Active Member
#5
Data Vendors many of them have not registered or they have license like others to supply,
Software Vendors sell their products with false promises, Trainers train many but when losses occurs because of their strategy what they taught in web or in seminars or somewhere else, they never never accept their faults,
Brokers don't support you at very important time and they blame on technology.
They are smart at receiving customers money and by this time you cant even imagine they have become so RICH. They are ready for any extent to escape from all their faults.
I am one among those who have lost earned money.
anjanbm:rofl:
 

Rish

Well-Known Member
#6
I spent around Rs.2,30,000 in search of a good advisory firm. I happened to receive numerous calls from advisories as soon as I opened a trading account. they gave free calls. Some of them have worked well. Final result is I lost my capital and advisory fee what I have paid them.

What I understood is that these advisories are not at all genuine. They are made of up people who lost in this game of trading and want to recoup by cheating new upcoming traders.

I lodged numerous complaints with SEBI about these fraudulent companies. Here is eye opener.

SEBI looks into complaints where there exists a written and registered agreement about the promised returns. None of these companies provide such agreements/documents.

SEBI looks into complaints where the advisories have a registered office and contact telephone number. None of these companies have a registered office as per SEBI requirement.

SEBI requires that one should effect the payment only when the advisory executes the written agreement which is duly stamped and registed as to promised return. To my dismay no such advisory exists in india. It implies that all of these advisories are fraudsters.

The advisory includes software vendors such as buy/sell signal systems etc.

This field is full of leaches who are ripe to suck the blood of beginners and less experienced alike.

Beware of the claims such as Sure Shot Calls, 100% accurate calls, Make Rs.5 lakhs from Rs.50K no Loss hurry up, HNI calls etc. If they are so sure about their calls, they must be richest people on this planet by trading their own calls. They arenot.

Donot subscribe to their services if they donot trade their own calls.
:thumb::thumb::thumb::thumb::thumb:

As a trader, we should also understand,

- No system generate money for us

- No one sell the system, if it generates money

- Making money with consistency in trading takes minimum 4 to 5 years if you study the price action

- No one teach anything in a class room within a day or two about trading

Moreover, we can't depend SEBI or any other regularities, if any one decided to cheat, he will do it somehow, so, as a individual we should be careful.

In Traderji, still one ID, i am watching, trying to sell his product (giving his designation and company name), giving some strategy, which is already available free in google. This is SMART way of selling the product. We should be careful and never jump into conclusion he is great.

In this field, only our knowledge & experience & learning fetch you money...no one else.
 

suri112000

Well-Known Member
#9
Consumer Protection Act defines

"unfair trade practice" means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice including any of the following practices, namely;—

(1) the practice of making any statement, whether orally or in writing or by visible representation which,—

(i) falsely represents that the goods are of a particular standard, quality, quantity, grade, composition, style or model;

(ii) falsely represents that the services are of a particular standard, quality or grade;

(iii) falsely represents any re-built, second-hand, reno*vated, reconditioned or old goods as new goods;

(iv) represents that the goods or services have sponsor*ship, approval, performance, characteristics, accesso*ries, uses or benefits which such goods or services do not have;

(v) represents that the seller or the supplier has a spon*sorship or approval or affiliation which such seller or supplier does not have;

(vi) makes a false or misleading representation concern*ing the need for, or the usefulness of, any goods or services;

(vii) gives to the public any warranty or guarantee of the performance, efficacy or length of life of a product or of any goods that is not based on an adequate or proper test thereof;

Provided that where a defence is raised to the effect that such warranty or guarantee is based on adequate or proper test, the burden of proof of such defence shall lie on the person raising such defence;

(viii)makes to the public a representation in a form that purports to be—

(i) a warranty or guarantee of a product or of any goods or services; or

(ii) a promise to replace, maintain or repair an article or any part thereof or to repeat or continue a service until it has achieved a specified result, if such purported warranty or guarantee or prom*ise is materially misleading or if there is no reasonable prospect that such warranty, guaran*tee or promise will be carried out;

(ix) materially misleads the public concerning the price at which a product or like products or goods or services, have been or are, ordinarily sold or provided, and, for this purpose, a representation as to price shall be deemed to refer to the price at which the product or goods or services has or have been sold by sellers or provided by suppliers generally in the relevant market unless it is clearly specified to be the price at which the product has been sold or services have been provided by the person by whom or on whose behalf the representation is made;

(x) gives false or misleading facts disparaging the goods, services or trade of another person.

Explanation. - For the purposes of clause (1), a statement that is—

(a) expressed on an article offered or displayed for sale, or on its wrapper or container; or

(b) expressed on anything attached to, inserted in, or accompanying, an article offered or displayed for sale, or on anything on which the article is mounted for display or sale; or

(c) contained in or on anything that is sold, sent, delivered, transmit*ted or in any other manner whatsoever made available to a member of the public,

shall be deemed to be a statement made to the public by, and only by, the person who had caused the statement to be so expressed, made or contained;

=================================================

By going through this definition, it clearly surfaces that all these advisories are using "Unfair Trade Practices" defined under Consumer Protection Act.

Here are the things required to book these culprits.

1. If their office is not located nearby your location, donot go for their services.
2. Make a visit to their office and obtain the brochure offering their services. (donot take a print of their website for this purpose because it is very difficult to prove their relation to the site at a later date).
3. Take a cash receipt for the payment you make. Donot depend on e receipts. Never make online payments which make these fraudsters easy to escape.

If you make sure these 3 are fulfilled, you can drag these culprits to consumer courts to cough up our dues.
 

saakk

Well-Known Member
#10
I spent around Rs.2,30,000 in search of a good advisory firm. I happened to receive numerous calls from advisories as soon as I opened a trading account. they gave free calls. Some of them have worked well. Final result is I lost my capital and advisory fee what I have paid them.

What I understood is that these advisories are not at all genuine. They are made of up people who lost in this game of trading and want to recoup by cheating new upcoming traders.

I lodged numerous complaints with SEBI about these fraudulent companies. Here is eye opener

SEBI looks into complaints where there exists a written and registered agreement about the promised returns. None of these companies provide such agreements/documents.

SEBI looks into complaints where the advisories have a registered office and contact telephone number. None of these companies have a registered office as per SEBI requirement.

SEBI requires that one should effect the payment only when the advisory executes the written agreement which is duly stamped and registed as to promised return. To my dismay no such advisory exists in india. It implies that all of these advisories are fraudsters.

The advisory includes software vendors such as buy/sell signal systems etc.

This field is full of leaches who are ripe to suck the blood of beginners and less experienced alike.

Beware of the claims such as Sure Shot Calls, 100% accurate calls, Make Rs.5 lakhs from Rs.50K no Loss hurry up, HNI calls etc. If they are so sure about their calls, they must be richest people on this planet by trading their own calls. They arenot.

Donot subscribe to their services if they donot trade their own calls.
Its like i have been using FAIR AND LOVELY since some time but i am still not fair so lets go and complain it in consumer court..... Sorry to hear that you lost 230000......
 

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