Can I get my money refunded from Portfolio management company paid as their service fee
There is a company offering various packages on trading in stock/derivatives, commodities etc, and some of the packages involve hefty fees as service charges for trading by the company. They also enter into contract with the client for providing service till they get profit. For instance for trading in derivatives, they charge Rs.5.25 lakh as fee for which they will provide service till the client gets profit of Rs.31 lakh. In addition to this fee, the client also has to pay service tax of Rs.65000/-.The company in the contract also states that they are not responsible if expected results are not achieved due to market conditions etc, and the service charges are non refundable. If no profits are made by a client on his portfolio, after payment of full fee etc., what remedies are available to that client.
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