Please AVOID RELIANCE MONEY

gujaals · #1 5th December 2007, 05:07 PM

Dear All,

I'm a newbie and started trading since feb'07. With an initial capital of 1 Lakh rupees, I wanted to make decent profit. Unfortunately, I ended up making 60K loss so far. I lost 20K in intraday and the other 40K was taken away by RelianceMoney (my brokerage house). I did intraday on ifci with 50K as margin money and did short sale of IFCI shares for 2.5L, but the reliance system did not cover my position during that day. Next day morning the sale amount was credited to my a/c. Since i dint know what to do, i tried calling up the reliancemoney helpdesk and the line was busy. in the meantime the price was fluctuating and so I bought the shares with the 2.5lacs trying to sqaure-off the position myself (unware of the diff. cycles). As a result of this transaction, in the coming days ofr the short sale stuff, auction was held as i did not posses my shares and then later money was debited from my a/c. also by this time i had to pay for the shares that i bought to cover-up the position, so the shares got credited but my a/c was now with NEGATIVE balance. This time i called them up and the representative assured me that it is no problem as long as i have the shares in my a/c, i need not worry and that i can sell the shares anytime i want. but to my dismay, one fine day when i looged into my reliancemoney a/c, i was shocked, because the ifci shares exist no longer in my demat a/c and from the transaction history i found that they got sold. when i asked this time, they said that i had egative balance and so their backoffice had ordered them to sell the shares and that too without informing me!!!
I fought for 2 hours, but only to lose this battle. the representative handed over the call to the so call more resposible guy (named Mr.Sudhakar) and then things got only worse. i was denied a single penny for which I do not think I was in anyway responsible.

So beware of getting lured by low brokerage and false promises. better pay few rupees more and get better service for what you pay. after all its our money.

All the best.

matrix24 · #2 9th December 2007, 10:03 AM

Thanks buddy for informing about false claims.

logmein · #3 9th December 2007, 01:59 PM

Quote:

Originally Posted by gujaals

Dear All,

I'm a newbie and started trading since feb'07. With an initial capital of 1 Lakh rupees, I wanted to make decent profit. Unfortunately, I ended up making 60K loss so far. I lost 20K in intraday and the other 40K was taken away by RelianceMoney (my brokerage house). I did intraday on ifci with 50K as margin money and did short sale of IFCI shares for 2.5L, but the reliance system did not cover my position during that day. Next day morning the sale amount was credited to my a/c. Since i dint know what to do, i tried calling up the reliancemoney helpdesk and the line was busy. in the meantime the price was fluctuating and so I bought the shares with the 2.5lacs trying to sqaure-off the position myself (unware of the diff. cycles). As a result of this transaction, in the coming days ofr the short sale stuff, auction was held as i did not posses my shares and then later money was debited from my a/c. also by this time i had to pay for the shares that i bought to cover-up the position, so the shares got credited but my a/c was now with NEGATIVE balance. This time i called them up and the representative assured me that it is no problem as long as i have the shares in my a/c, i need not worry and that i can sell the shares anytime i want. but to my dismay, one fine day when i looged into my reliancemoney a/c, i was shocked, because the ifci shares exist no longer in my demat a/c and from the transaction history i found that they got sold. when i asked this time, they said that i had egative balance and so their backoffice had ordered them to sell the shares and that too without informing me!!!
I fought for 2 hours, but only to lose this battle. the representative handed over the call to the so call more resposible guy (named Mr.Sudhakar) and then things got only worse. i was denied a single penny for which I do not think I was in anyway responsible.

So beware of getting lured by low brokerage and false promises. better pay few rupees more and get better service for what you pay. after all its our money.

All the best.

I think it all stems down from their core business tactics ..... right from the time they launched a mobile phone for 500/- .... Bad Karma's all I can really sey

Which is why .... like sum ppl sey .... there's still a lotta difference between Reliance n Tata .... Market Cap doesnt account for everything!

I can only sympathise wid you Gujaals ..... are you planning any legal action?

Pebu · #4 11th December 2007, 07:20 PM

Thank you for your valuable advice. I have planned to open a demat a/c with reliance money but today I dropped the idea Thank you very much all of you.

bombaytrader · #5 14th December 2007, 10:56 AM

Here is a link from where you get complaint forms. I think the second form (Complaints against Members by the Non-Members) should be what you need. http://www.bseindia.com/invdesk/arbitration_forms.asp

I too have a problem with Reliance Money. About three months back I had placed and intra day order to buy a few shares of adlabs, it was stop order and the order did not get triggered for sometime so, I decided against buying the shares and canceled the order and I received a confirmation (in my order book) which said that my order had been canceled. After which I logged out and ended trading for the day. But, when I logged on the next day I find that my account has a negative balance and when I check the previous days order book I found that the shares of adlabs for which I had canceled the buy order were bought 8 mins after I canceled the order. I called reliance money and after some time spent explaining to the incompetent customer service rep. she finally understood what the problem was told me it'll take 24 hrs to square off the position. I was not interested in waiting for 24 hrs so I told her get someone senior to her on the line which she did and this guy agreed that there had been some error on the part of reliance money and squared off the position but, for the loss of 18000 he told me he'll file a complaint and gave me a complaint no. and assured me that I'll get a refund within 7 days. After that I wasn't really bothered as the amount was small and I thought that since reliance is a reputed business house I shouldn't have problems getting the refund. However, even after three months of calling them and sending emails I haven't received a reply, forget a refund. This is the kind of customer service that really ticks me off, where they have no regard for their customers time or money. If I don't deserve a refund call me and tell me so, but these guys just keep coming up with some new line to avoid me that it'll take another 10 business days or 1 week or we'll call you back in 48 hours. Now I've had enough and not only am I going to complaint at the investor services cell and go to arbitration if necessary but, I'm also going to demand compensation. I mean the funds these guys have not returned have an opportunity cost. The shares of adlabs have gone up to 2.5 times or so since then, my own portfolio has given over 100% and even the nifty or sensex have given considerable gains. And the psychological stress they have caused, what if I needed the money for some important purpose like a medical expense or some other unexpected circumstances.

fizzler · #6 14th December 2007, 11:02 AM

Quote:

Originally Posted by bombaytrader

Here is a link from where you get complaint forms. I think the second form (Complaints against Members by the Non-Members) should be what you need. http://www.bseindia.com/invdesk/arbitration_forms.asp

I too have a problem with Reliance Money. About three months back I had placed and intra day order to buy a few shares of adlabs, it was stop order and the order did not get triggered for sometime so, I decided against buying the shares and canceled the order and I received a confirmation (in my order book) which said that my order had been canceled. After which I logged out and ended trading for the day. But, when I logged on the next day I find that my account has a negative balance and when I check the previous days order book I found that the shares of adlabs for which I had canceled the buy order were bought 8 mins after I canceled the order. I called reliance money and after some time spent explaining to the incompetent customer service rep. she finally understood what the problem was told me it'll take 24 hrs to square off the position. I was not interested in waiting for 24 hrs so I told her get someone senior to her on the line which she did and this guy agreed that there had been some error on the part of reliance money and squared off the position but, for the loss of 18000 he told me he'll file a complaint and gave me a complaint no. and assured me that I'll get a refund within 7 days. After that I wasn't really bothered as the amount was small and I thought that since reliance is a reputed business house I shouldn't have problems getting the refund. However, even after three months of calling them and sending emails I haven't received a reply, forget a refund. This is the kind of customer service that really ticks me off, where they have no regard for their customers time or money. If I don't deserve a refund call me and tell me so, but these guys just keep coming up with some new line to avoid me that it'll take another 10 business days or 1 week or we'll call you back in 48 hours. Now I've had enough and not only am I going to complaint at the investor services cell and go to arbitration if necessary but, I'm also going to demand compensation. I mean the funds these guys have not returned have an opportunity cost. The shares of adlabs have gone up to 2.5 times or so since then, my own portfolio has given over 100% and even the nifty or sensex have given considerable gains. And the psychological stress they have caused, what if I needed the money for some important purpose like a medical expense or some other unexpected circumstances.

I understand your grief.. as a customer we want the best service but sometimes things go bad...give them some benefit of doubt...but ya it shouldnt happen regularly.

NOTE: i dont have an acoount or any association with reliance money

basudeo · #7 14th December 2007, 11:54 AM

Hi members,

At Reliance Money you have no choice of your own. You cannot even choose the scripts for trade. I placed buy order for SGL and see their response.

14/12/2007*10:53:36 2076928 NSE SGLEQ CM B DELIVERY REJECTED 300 0 0 300 29.55 NA -6001001 SGLEQ scrip is not available for trading.

14/12/2007*10:51:35 2076673 NSE SGLEQ CM B DELIVERY REJECTED 500 0 0 500 29.55 NA -6001001 SGLEQ scrip is not available for trading.

bombaytrader · #8 14th December 2007, 01:45 PM

Quote:

Originally Posted by fizzler

I understand your grief.. as a customer we want the best service but sometimes things go bad...give them some benefit of doubt...but ya it shouldnt happen regularly.

NOTE: i dont have an acoount or any association with reliance money

I don't mind the fact that they actually bought the shares even though I canceled the order. I know that can happen. But, I shouldn't have to foot the bill for their mistakes. At least give me a call to say that we can't refund the money for so and so reason. I'm sure if the situation was the other way round where I owed reliance money 18000, they wouldn't be as lax about it and everyone from goons to cops would have been knocking on my door. I've been patient and given them 3 months and reminded them as often as I could. These guys are just taking advantage of the fact that most investors don't know what their rights are and where to go and complaint. Those who know probably don't have the time to deal with all the hassles. The customer service is just for name sake these guys are just there to harass the customers by telling them that their problem will be resolved next week and just delaying the process so that in a month or two the guy just gives up and stops calling.

kuriako · #9 14th December 2007, 04:20 PM

Quote:

Originally Posted by gujaals

Dear All,

I'm a newbie and started trading since feb'07. With an initial capital of 1 Lakh rupees, I wanted to make decent profit. Unfortunately, I ended up making 60K loss so far. I lost 20K in intraday and the other 40K was taken away by RelianceMoney (my brokerage house). I did intraday on ifci with 50K as margin money and did short sale of IFCI shares for 2.5L, but the reliance system did not cover my position during that day. Next day morning the sale amount was credited to my a/c. Since i dint know what to do, i tried calling up the reliancemoney helpdesk and the line was busy. in the meantime the price was fluctuating and so I bought the shares with the 2.5lacs trying to sqaure-off the position myself (unware of the diff. cycles). As a result of this transaction, in the coming days ofr the short sale stuff, auction was held as i did not posses my shares and then later money was debited from my a/c. also by this time i had to pay for the shares that i bought to cover-up the position, so the shares got credited but my a/c was now with NEGATIVE balance. This time i called them up and the representative assured me that it is no problem as long as i have the shares in my a/c, i need not worry and that i can sell the shares anytime i want. but to my dismay, one fine day when i looged into my reliancemoney a/c, i was shocked, because the ifci shares exist no longer in my demat a/c and from the transaction history i found that they got sold. when i asked this time, they said that i had egative balance and so their backoffice had ordered them to sell the shares and that too without informing me!!!
I fought for 2 hours, but only to lose this battle. the representative handed over the call to the so call more resposible guy (named Mr.Sudhakar) and then things got only worse. i was denied a single penny for which I do not think I was in anyway responsible.

So beware of getting lured by low brokerage and false promises. better pay few rupees more and get better service for what you pay. after all its our money.

All the best.

Your confidence level is too high because of your non education about financial markets!
Just an example of "Jump into ocean to get eaten by sharks!"

My humble advice though you are senior to me in financial market experience!

Read books on swimming, Watch somebody swim or else watch video, podcast, webcast or anything ....,Study swimming,first swim in bucket,Then swim in bathtub, then swim in pool with life jacket, proceed to sea with no sharks, proceed to ocean with no sharks, remove the life jacket, practice more with life jacket floating near by, practice parctice and more practice...

Then....Only then trade with leverage of 4X

Please dont blame Reliance money! You yourself has made the mistake of not following a trade till it is closed! You could have placed dial and trade! Call to nearest RM office, call the person who opened account for you or in worst case rush to RM office to close your trade before market close!

But dear friend, you learned a valuable lesson! A priceless lesson!
Consider it as a tuition fee given to market for teaching you that lesson!

Happy trading!

Lucky trading!

kuriako · #10 14th December 2007, 04:36 PM

Quote:

Originally Posted by gujaals

Dear All,

...................
but to my dismay, one fine day when i looged into my reliancemoney a/c, i was shocked, because the ifci shares exist no longer in my demat a/c and from the transaction history i found that they got sold. when i asked this time, they said that i had egative balance and so their backoffice had ordered them to sell the shares and that too without informing me!!!
I fought for 2 hours, but only to lose this battle. the representative handed over the call to the so call more resposible guy (named Mr.Sudhakar) and then things got only worse. i was denied a single penny for which I do not think I was in anyway responsible.

So beware of getting lured by low brokerage and false promises. better pay few rupees more and get better service for what you pay. after all its our money.

All the best.

Happens if you dont have good relationships especially with your relationship manager!

Offer him a tea, offer him free lunch...
Call him often after market hour, ask him how is his family doing, send him joke sms, send him seasonal greetings, treat him with sweets in diwali!!!

Dont forget to treat the branch manager also!

The amount spend in this process is far less compared to amount lost in market!!!

Only this personal relationship can save a "very small" investor or trader!

Just a newbie viewpoint!

OR ELSE

Give him good "turnover" and cover him with cash in the form of brokerage!