Baramulla District Commission Holds Religare Broking Ltd. Liable For Non-Closure Of Inactive Demat Account

The Baramulla District Consumer Commission ruled that Religare Broking Ltd was liable for not closing an inactive demat account as per the consumer's request. The complainant alleged that despite multiple requests, the account remained open, leading to unnecessary charges. The commission ordered the closure of the account and directed compensation for the inconvenience caused. This decision highlights the responsibility of financial institutions to promptly address customer requests and adhere to contractual obligations, reinforcing consumer protection in the financial services sector.