Still Want To Work With Reliance Money???

Dev Mookerji · #1 24th May 2007, 07:45 PM

Hi Friends,

I am telling u, How much exactly I loose, due to Reliance money & how?

I was having short position in Nifty on 11 May 07 (friday). I wanted to Squared off on the same day on closing hours. The system accepted the order, and message shown in instatrade 'order sent to the exchange'. After checking of the position afterwards, i found the position are still there.

As U know, on Monday (14 May) Market reverses. I was in nowhere. On 15 May again i placed order for squaring off my positon. Again did happened the same thing.
By disgust, I wanted to squared off my positon, on 16 May 07 @ 3 pm order accepted & queued. Again I placed and order on closing hours.

But after closing of market hours, I found the position were there. on 17 only I was able to squarred off my position.

I complained for reimbursement of loss.

After that I decided not to work, with Reliance Money. But as fund transfer is likely to take some time. I took risk & again played with R/Money.

Yesterday I bought nifty & wanted to squared off @ 3.26 pm. Order accepted & queued. But only after closing of market hours, I came to know that my position is intact. One can imagine how much loss, I suffered, due to them. If anybody is having doubt, i can send them order Nos also.

During this period (11 to 24 May 07), I am so disturbed that unable to trade quietly, or concentrate, on anything. I can say Reliance money has destroyed my interest in trading as of now.

Friends, let us unite & fight for reimbursement of losses incurred due to their system's fault. Also let them correct their system before putting investors money, in wrong thread. Till then they should stop providing services to their customer.

SORRY ; THERE ARE A LOT OF POLLS ARE BEING CONDUCTED, BUT I AM AGAIN STARTING ABOUT RELIANCE MONEY. PEOPLE THOSE ARE HAVING R/MONEY ACCOUNT ONLY SHOULD PARTICIPATE, AND SUGGEST. OPENING/TRADING IN RELIANCE MONEY IS ADVICEABLE OR NOT?

dev mookerji
dev mookerji

ratan jain · #2 25th May 2007, 12:10 AM

its surprising...they have the money, the manpower, the required expertise...everything!! yet they are not able to give a good trading platform???????????????????????

milind857 · #3 25th May 2007, 12:21 AM

Quote:

Originally Posted by ratan jain

its surprising...they have the money, the manpower, the required expertise...everything!! yet they are not able to give a good trading platform???????????????????????

everything needs time......

Dev,

The basic thing about Reliance money is that when I saw the web base terminal I decide not to trade on it...........as i have very bad experience with ICICI.....

Web base terminals are quite poor for intraday trading....In these days nifty fluctuates 5 to 10 pts b4 u open web base terminal & put the order....

I think u are new in the market else u would not have done the mistake of trading in Rmoney...if u would have trade at least with Power Indiabulls ..for delivery I think it is fine but I havn't used for the same as well........

judemit · #4 25th May 2007, 10:56 PM

Hi Milind857,
What trading site/software you use for trading. I had ICICI which took forever to open sometimes. Swithched to AnandRathi and few weeks back they upgraded their system which is worse than the previous system.

uasish · #5 26th May 2007, 11:10 AM

There is a newspaper report (Economic Times ,kolkata edition) today at pg 16, regarding the horrible state of affairs of R Money

kkseal · #6 26th May 2007, 03:10 PM

Quote:

Originally Posted by uasish

There is a newspaper report (Economic Times ,kolkata edition) today at pg 16, regarding the horrible state of affairs of R Money

Yeah, read it.

It's titled 'RELIANCE MONEY CAUGHT IN E-TRAP Investors blame system snags for wrong ledger balance, financial losses'

I think Dev, Praveen & others who have suffered can write to gaurav.pai@timesgroup.com (Gaurav Pai being one of the reporters who have made this report) and other financial newspapers like Business Standard & Financial Times. A link to this thread can also be sent. Some bad publicity might wake up the RMoney folks.

Regards,
Kalyan.

P.S. : Praveen might have actually benefitted from the delay.

Nifty 4250 puts rose to 110 in the first 90 mins yesterday.

nvkrishna · #7 27th May 2007, 04:59 PM

Reliance mobile faced some hiccups in the initial days. Things will gradually improve. I have faced no problems with Reliance money.

rahul_sachan · #8 5th July 2007, 10:02 PM

i also agree with dev that reliance money has extremly poor services. some of the problems faced by me are as follows:-
1. during my first log on my name appears as boga shiv kumar. i complaint regarding the same at reliance money and ther asked me to send one snap of desktop. i did the same but still problem has not been rectified by reliance money.
2. I placed order for ipo of dlf and vishal. although i have got allottement and also sold the same but status in reliance money is still sent to exchange and ordered respectively.
3. all refunds of ipo are being send physically and not through ecs.

for all the above problems i called several times at reliance call center (022-39886000) and also send several mails to them but not even asingle problem has rectfied by them. in fact trading with relaince mo ney is a horible experience and i feel that i committed a great mistake by migrating from icici to reliance. in fact i will like to suggest everybody through this forum that do not fall in trap of relaince money.
rahul kanpur

View Poll Results: IS RELIANCE MONEY SAFE FOR TRADERS?
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