I wish to know my legal options to recover the loss.
I invest in stock market and came in contact with one person (he manages a telegram group where he frequently posted such ideas as well as technical analysis) who influenced me that he can help me earn big profits by sharing investment tips in return of a monthly fee. After a lot of persuasions, I decided to enter in the deal (he kept sending me to chat screenshots of his other clients, I have retained chat history).
The person started posting trading ideas however frequent change in entry/exits incurred me around 1Lac loss within a month.
I found out that the person is not a SEBI registered technical analyst, due to his false commitment and frequent change in wording made me lose significant capital. I wish to know my legal options to recover the loss or at least make him pay for the damages he has done.
1. Even if the person was a SEBI Registered analyst or even a mutual fund there is no case as the amount invested based on advice is always subject to market risk
2. Fact that advice work in some scenario to some people is not a case to argue that it should work in your case too.
3. I personally hold 3 certifications from NSE but it’s not logical to assume that my advice would automatically make someone richer. Sometimes it may work sometimes it may not.
4. Legal remedies are available if the person cheated you directly and where the element of fraud is clear-cut like running away with your money or direct deception.