RM trading on my a/c - is it safe ??!

Discussion in 'Investors Grievances' started by rishikesh_m, Mar 31, 2009.

  1. rishikesh_m

    rishikesh_m Member

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    Just asking .... is it safe to have a RM trading on your a/c without your permission ?

    My RM is continuously doing intra day without my permission. I told him on friday not to do so but he has done it again.

    Today, four lots of ITC were bought and sold for 30 paisa profit. Whatever profit is there in 30 paisa will mostly go into paying brokerage. Since he is not making a loss for me I cannot say anything but one wrong trade and things can go out of control.

    I was mostly with Icici before this, and never had such a experience , just wanted to know if whatever this chap is doing is it a common practice among brokers ?
     
  2. imbharatk8

    imbharatk8 Member

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    it is not proper.Very risky.RM gets share in brokerage generated,so he has an axe to grind.
     
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  3. rider.royal

    rider.royal Active Member

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    Its absolutely wrong to do it when you have asked him not to. Talk to his manager and request him to change your RM. Worse he is dabbling in Futures and Option, where if trade goes wrong your entire portfolio may get trashed..
     
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  4. rohangawale

    rohangawale Well-Known Member

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    You will have to face all the endresults of trades.
    very simple thing, till the time everything is positive there is no harm, but afterall its market and anything can happen. once it goes opposite to his trade then u will blame him and he will have N number of excuses for that.
    But actual loss will be incurred in your ac. he will earn brok in that trades also.
    just try to understand his intention behind doing his. he is not doing for you. he dont want ur ac to be grown, he wants his bussiness. they want to acheive their targets so all this things goes on.

    Speak to his senior and tell him to stop immediately. best thing is to mail and keep record of all this things, which can help us if its in writing, incase if anything goes wrong.
     
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  5. NOMINDTR

    NOMINDTR Well-Known Member

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    Not legal and ethical.

    If you allow this practice, then you are going to suffer.

    Take care
     
    rishikesh_m likes this.
  6. Smart_trade

    Smart_trade Moderator

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    Your trading account is in danger...my friend ,act fast.

    It is a common practice amongst RMs and Dealers to trade clients account. They have a daily and monthly target for brokerage generation,and they generate brokerage by trading clients' accounts for small difference. But totally wrong and unethical. Stop this practice by making a written complaint to the Branch Manager ,Broking house head,NSE and SEBI if need be.

    These RMs and Dealers are semiliterate guys who know nothing other than talking on telephone and punching orders. One RM traded once on my account,and I found that he did not know the difference between buying a put and buying a call...for him anything bought means "teji".

    These guys have no understanding of the market,they follow some tips and will finish your account. You cannot complain later as you are getting the contracts regularly and you are not objecting means you are accepting the contracts.

    And think of simple thing,if these guys are expert traders why would they do a job for Rs 10,000-15000 pm ? A good trader earns much more than that. It is a big con game going on ....Beware....

    Best Wishes,

    Smart_trade
     
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  7. rishikesh_m

    rishikesh_m Member

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    Thanks a lot for all the help here. I met the RM at his office about a week back and told him to open a new account for himself with his brokerage. I suggested he should fool around with his own money rather than mine :)

    He apologized for what happened and told me won't punch orders again. Its been a week now, although I have removed about 90% of the money in the a/c - there has been no problem now.

    Thanks for the timely advice.
     
  8. sundeep

    sundeep New Member

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    its totally on the part of clients, till then they get profit they say its ok...most of the time they clients say that they hav not enough time to see their account. once the get loss they start blaming their rms and dealers.....
     
  9. amitbansal

    amitbansal New Member

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    This is completely unethical and unfair trade practice. I have also faced the same problem with RelianceMoney.
    I transferred amount Rs. 10000/- from ICICI in reliancemoney account, it was showing me in withdrawable balance for 3 days, the fourth day I transferred amount 90000/- to apply for Adani IPO application.
    I assumed I am now having 100000/- in my account I tried to apply for Adani power IPO (application amount Rs 97500/-).but it give me message that I do not have sufficient funds in account.
    I checked the withdrawable amount and was shocked to see it was showing 90000/- and not 100000/-. I could not apply for IPO due to this. :(

    I tried to call customer support but I could NOT get a chance to talk to them after wasting 30 min. of call time. I sent an email to reliancemoney customer support and no reply on my email till date.
    Fortunately I got my money back in my account after 3 days of this instance.

    RELIANCEMONEY CHOR HAI.. FRAUD HAI .. CHEATER HAI.. BEWARE..
    DONT GET LURED BY THEIR LOW BROKERAGE THEY ARE WORST, YOU WILL LOOSE ALL YOUR MONEY ONEDAY.

    The people who say that usage of the consumer money by RM is not bad as long they do not book loss, I say that they are the RM of one or other such(reliance money) worst companies.
     
    Last edited: Aug 6, 2009
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