Traderji.com


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

Discuss RM trading on my a/c - is it safe ??! at the Investors Grievances within the Traderji.com; Just asking .... is it safe to have a RM trading on your a/c without ...


Go Back   Traderji.com > TOOLS & RESOURCES > Investors Grievances


Investors Grievances Discuss your personal grieviences and frustrations with stock market intermediatories like brokers, registrars, bankers, etc.


Reply
 
Thread Tools
  #1  
Old 31st March 2009, 05:17 AM
Member
 
Join Date: Mar 2007
Posts: 89
Thanks: 19
Thanked 20 Times in 15 Posts
rishikesh_m is on a distinguished road
Default RM trading on my a/c - is it safe ??!

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 ?


Advertisements

Reply With Quote
Advertisements
  #2  
Old 31st March 2009, 07:07 AM
Member
 
Join Date: Nov 2008
Location: ahmedabad
Posts: 73
Thanks: 27
Thanked 18 Times in 13 Posts
imbharatk8 is on a distinguished road
Default Re: RM trading on my a/c - is it safe ??!

it is not proper.Very risky.RM gets share in brokerage generated,so he has an axe to grind.
Reply With Quote
The Following User Says Thank You to imbharatk8 For This Useful Post:
rishikesh_m (4th April 2009)
  #3  
Old 31st March 2009, 09:45 AM
rider.royal's Avatar
Member
 
Join Date: Sep 2007
Location: Gurgaon
Posts: 120
Thanks: 113
Thanked 33 Times in 25 Posts
rider.royal will become famous soon enough
Default Re: RM trading on my a/c - is it safe ??!

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..
Reply With Quote
The Following User Says Thank You to rider.royal For This Useful Post:
rishikesh_m (4th April 2009)
  #4  
Old 2nd April 2009, 12:28 AM
rohangawale's Avatar
Member
 
Join Date: May 2008
Posts: 731
Thanks: 247
Thanked 893 Times in 362 Posts
rohangawale is a splendid one to beholdrohangawale is a splendid one to beholdrohangawale is a splendid one to beholdrohangawale is a splendid one to beholdrohangawale is a splendid one to beholdrohangawale is a splendid one to beholdrohangawale is a splendid one to beholdrohangawale is a splendid one to behold
Default Re: RM trading on my a/c - is it safe ??!

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.
Reply With Quote
The Following User Says Thank You to rohangawale For This Useful Post:
rishikesh_m (4th April 2009)
  #5  
Old 3rd April 2009, 06:52 PM
NOMINDTR's Avatar
Member
 
Join Date: Jan 2008
Posts: 653
Thanks: 248
Thanked 272 Times in 139 Posts
NOMINDTR is a jewel in the roughNOMINDTR is a jewel in the roughNOMINDTR is a jewel in the rough
Default Re: RM trading on my a/c - is it safe ??!

Not legal and ethical.

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

Take care
Reply With Quote
The Following User Says Thank You to NOMINDTR For This Useful Post:
rishikesh_m (4th April 2009)
  #6  
Old 3rd April 2009, 07:44 PM
Smart_trade's Avatar
Moderator
 
Join Date: Apr 2008
Location: On the internet
Posts: 12,843
Thanks: 7,838
Thanked 71,832 Times in 11,389 Posts
Smart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond repute
Smart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond reputeSmart_trade has a reputation beyond repute
Default Re: RM trading on my a/c - is it safe ??!

Quote:
Originally Posted by rishikesh_m View Post
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 ?
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
Reply With Quote
The Following 2 Users Say Thank You to Smart_trade For This Useful Post:
krishna23 (3rd April 2009), rishikesh_m (4th April 2009)
  #7  
Old 18th April 2009, 04:37 PM
Member
 
Join Date: Mar 2007
Posts: 89
Thanks: 19
Thanked 20 Times in 15 Posts
rishikesh_m is on a distinguished road
Default Re: RM trading on my a/c - is it safe ??!

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.
Reply With Quote
  #8  
Old 30th April 2009, 02:32 PM
Member
 
Join Date: Nov 2008
Posts: 2
Thanks: 0
Thanked 0 Times in 0 Posts
sundeep is on a distinguished road
Default Re: RM trading on my a/c - is it safe ??!

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.....
Reply With Quote
  #9  
Old 6th August 2009, 05:21 PM
Member
 
Join Date: Aug 2009
Posts: 1
Thanks: 0
Thanked 0 Times in 0 Posts
amitbansal is on a distinguished road
Angry Re: RM trading on my a/c - is it safe ??!

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.

Advertisements


Last edited by amitbansal; 6th August 2009 at 05:22 PM. Reason: spell correction
Reply With Quote
Reply

Bookmarks


Advertise Here


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT +5.5. The time now is 02:36 PM.

Indemnity, Disclaimer & Disclosure Notice:
By visiting Traderji.com you automatically indicate that you agree to our Forum Rules, Indemnity, Disclaimer & Disclosure Notice and General Content Disclaimer Notice and indemnify Traderji.com, its associates and related parties of all claims howsoever resulting from the usage of the forum/site.
Disclaimer: Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. You are recommended to make appropriate enquiries and seek appropriate advise before sending money, incurring any expenses, acting on recommendations or entering into any commitment in relation to any advertisement published here. Traderji.com does not vouch for any claims made by the advertisers of products and services. Traderji.com will not be held liable for any consequences in the event such claims are not honoured by the advertisers. Traderji.com will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of any information by anybody mentioned anywhere on this site.
Disclosure: The information in this forum is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.
All names or products mentioned are trademarks or registered trademarks of their respective owners.
General Content Disclaimer Notice:
In light of our policy of encouraging candid, open exchanges of views and the rapid distribution of information originating from many sources, Traderji.com cannot determine the accuracy or legality of any information that may be uploaded to the forum. Opinions, advice and all other information expressed by participants in discussions are those of the author. You rely on such information at your own risk. You are urged to seek professional advice for specific, individual situations and not rely solely on advice or opinions given in the discussions. Since Traderji.com is an open and free discussion forum, any comments made by members of this forum in their posts reflect their own views and not of the owner or administrator of Traderji.com. Thus the owner/administrator indemnify themselves of all claims whatsoever and will not be liable or responsible for any members comments/views in this forum Traderji.com. Although we constantly delete all irrelevant content and/or SPAM, if you should find any objectionable or offensive posts made by members of this forum which you would like to bring to our notice for removal then please Contact Us.
 


Copyright © www.Traderji.com 2001 - , All rights reserved.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268