Rel Power - No Refund, No allotment :(

Hi,

I have applied for Rel power shares by part payment. But till date I haven't received any notification mailer from karvy about the no. of shares alloted to me. How can I confirm that how many shares are allocated to me ? I have the trading account with indiabulls. In the online version of indiabulls, client profile also doesn't show any scrips available.

Also, I haven't received any refunds in my account too. I have two citibank accounts one of delhi branch and another of bangalore branch. The bank account linked to my Demat account is of Bangalore branch while I made the payment by cheque of delhi citibank account. Both accounts are active and running but I havent received any money back in any of the accounts. Will this kind of case halts or delays the process of refund or reliance had eaten up my whole money ?

Are there any ways I can contact them or fasten up the refund process as I have taken loans from my friends and need to refund asap.


I am totally confused as I have no shares alloted, no refunds. Plz help and guide me ?

Thanks
Ankit

I received my refund after the day of listing. They have issued cheques of refund though I have applied online. The refund cheques are dated 1feb08. Have patience,courier or postman will deliver it to you within a weeks period. Prevoiusly, I had recieved refunds after 15 days of listing.

hello
Dear Sir / Madam,

I had applied for R-Power IPO (Appln. no: 83195463) at Vellore karvy branch.The allotment for R-Power IPO was finalised on 02-02-2008. As per SEBI guidelines My refund should have been dispathched within 7 working days. But till (13-02-2008) now, My refund amount has not been refunded nor the shares credited into my D-mat A/C.

I tried to contact your Head office at 040-23420820 / 1800-425-8282 / 1800-345-4001several times, but all the numbers were always busy.
However, I managed to talk to your Customer support executive on 09-02-08. I was told that I had been alloted 17 shares and those shares will be credited into my DP account before listing.

But even after listing, the shares were not credited into my account. When I contacted your Toll-free Number, I was informed that My Application has been rejected on the basis of Invalid DP details and the refund were still not dispatched.

If my application is rejected, then, you are supposed to refund my full amount Rs. 25,875/- within 7 working days.

Why didn't you refund my amount ?

When will you refund my amount ?

Moreover, When I called Karvy Hyderabad Office on 13/02/08, I was informed that Rs. 18565/- has been dispatched.

Plz. tell me what will happen to my remaining Rs. 7310/- ? as I had paid Rs. 25875 by AT PAR CHEQUE NO : 003044 (Axis Bank).

The Customer Support Executive says that the amount won't be refunded as the shares had already been credited against my Invalid DP account.

Plz. clarify, what will happen to my remaining amount Rs. 7310/-..

Suppose if you are crediting 17 shares to my DP account, It should have been credited before the Listing Date of 11-02-08. and NOT AFTER THE LISTING DATE.

B'coz every analyst advises to sell your shares on Listing date.

You can't credit the shares after Listing Date as it is against SEBI rules.

So, Plz refund my entire amount rs. 25875/- without any delay.

Plz. kindly clarify my quereis and make necessary steps to refund my funds at the earliest time as possible.

Thank You,

Anbarasu Shanmugam
9486619115

hmm, not sure, If you applied through cheque, and money is alredy taken from ur account, then u should get refund, karvy site has link to report Non refund of ipo money. check that.

You should be happy of not getting allotment(if you have'nt) u can buy same 17 shares now in market at very attractive rate(350) against 450 if u have been alloted