Beware of RelianceMoney !

Among all praise and appreciative words about RelianceMoney please take note of my experience:

I applied for a membership with Rs.3200/- cheque on 9th Nov.06.

After a month on 9th Dec. my DSA called me to find out if I have recieved the 'kit'. I said no.

After 3 days the DSA called me back to ask for PAN No. of Nominee ! I told him that my nominee is a child and there is no PAN number requirement for nominee. On 29th Dec. I received the glossy kit without any nominee name at all !

The kit mentioned about JAVA based Insta-Trade.

When I logged in to Reliance Money and then to Insta-Trade, I repeatedly got the following message :
" Login failed ..User does not have access to the source from which he has sent request..contact Customer Care. "

Now the story about their customer 'care' - both offline & online

I tried several times to send a message through their online customer support after successful login (not insta-trade) but every time i got this message :

"Insertion failed."

Then I tried their e-mail with following response :

The following recipient(s) could not be reached:
'[email protected]' on 22/12/2006 3:02 PM
530 5.7.1 Relaying not allowed: [email protected]

Then I tried their 'Contact us'- 'Branch Locator'. Their branches are listed but without any phone numbers. So RelianceMoney does not want us to call them over telephone (may be except for placing trading orders). We'll have to visit them for every query.

And, of course, their DSA has no clue as to what an "Insta-Trade" is !

It is not possible to contact their customer support, if they have it at all.

So my friends, especially those who are highly appreciative of RelianceMoney, please tell me if the Insta-Trade is working ? and have you yourself ever been able to get a response from their online 'support' ?

I have not been. For last four days. May be you are more lucky !

very good post....check if you can send it under some category to watchoutinvestors.com or cnbc awaaz (they may not take any grievance against reliance). email them and confirm.

It could be possible that the user Id and password you got was for Trade Now and NOT for InstaTrade.

As of now InstaTrade is avaliable only for franchises and not for retailers..It will be soon made avaliable to normal traders too. The user ID and password are different for all three- TradeNow, InstaTrade and PowerTrade.

Moreover if possible you assign another person as your nominee, ofcourse who has a PAN card..

Contact RM or the person who opened your account..I think this matter can be solved..
Dont panic

Where is question of panic ? I already have three brokers - Indiabulls, ICICIDirect and RK Global for last two years.

AND am fairly conversant about user-ids and passwords etc.

I'm just amazed to see the false aura a RELIANCE name associated business creates. I'm trying to make fellow members aware of the realities.

RelianceMoney kit does not mention anything about separate user ID or passwords required for TradeNow, InstaTrade, PowerTrade. It does't even mention the word PowerTrade. May be you are more privileged to have that info.

Also, it appears from the RelianceMoney documents that InstaTrade is not something very unique. It appears to be a simple JAVA based internet plateform which other broker are providing as entry level trading software for free (every online outfit except ICICI direct).

But you have not touched my question.

Have you yourself been able to get a reply from their Online Customer Support ?

And of course, RelianceMoney does not allow its customers to nominate their children as nominees unless their children have their own PAN cards. No other Brokerage requires it. But then, Sir, it is no ordinary brokerage but a 'RELIANCE'. Take it or leave it. Please do not recommend it to other members of the forum till you yourself have traded on it.

dear sudhir,

many people here are from reliance money franchises etc trying to promote their services...dont wate your time arguing with anyone...good that you brought this to everyone's notice

and mr abhyat "if possible you assign another person as your nominee, of course who has a PAN card"...why? u want to change succession/nomination laws? if he wants to put his child's name for nominee...no one can stop him from doing so...only guardian's supporting signature is required if nominee is a minor...so stop this pan card ****.

All these problems will arise till it is officialy launched. If you want perfect service than wait till that time . I am using Insta Trade now and there is no problem of any type. They will provide Insta Trade to every invester after officialy launch till the time they are providing only to franchisee account. I am also franchisee of Reliance Money. Any Query contact 9311275266, 9311275267 . Delhi

OK. So the Rs.2500/- they have charged for one year - will that period of one year will start from the day they launch their perfect service officially ?

On jan. 28 officialy launch date. there is not 2500/- for one year charge their is other option also i.e. 500/- , 1350/- It is your option ,your choice my dear.

You are not clear.

I have paid Rs. 2500.00 (limit card scheme) for trade upto Rs.60,000,000 valid for one year.

My account was created on 22nd Dec. 2006. As of today, per RelianceMoney Account Info i have 357 days left without any trade.

All I am asking from you, Sir, that if I have been already charged for an "not perfect" "to be officially launched" on 28th Jan (07 ??) service ?

Thank you sir. You are right.

But I thought that i owed it to this forum which has given me so much.

These franchisee are promoting blindly RelianceMoney without themselves knowing thoroughly about it. They themselves seem to have no access to authorities in RelianceMoney. In the process they are ending up giving a bad image to the brokerage they are trying to make money from.

This brokerage is not ready yet.

Senior members like you must intervene so that new investors can make an informed choice.