Worst service ever seen -> Reliance Money

http://www.traderji.com/brokers-dema...-cheaters.html

The above links say it all guys.

RELIANCE MONEY = THE WORST OF ALL BROKERAGES = NIGHTMARE FOR CUSTOMERS = LOSE ALL YOUR MONEY = PATHETIC SERVICE = HOPELESS, WORTHLESS = INCOMPETENT

Hi Guys,

I have seen many other forums. But this forum seems to be good and out spoken. This is my first post in 3 years. Let me share my set of grevience. In Reliance Money, they have a damn "f***ing" thing called "Square Off". Actually It should be renamed as "IP Square Off", (Investor Profit Square Off). I opened the account with them in the month of May 2007 because of cheap brokerage. But as one our fellow friend says "ITNA PAISA MAIN ITNA HI MILTA" (Some How managed to understand-I am a Madarasi), they are having pathetic service.

This square off thing squares off all the margin positions at 3.00 PM. Its starts at 2.52 PM NSE time and completes at around 3.10 PM. But in recent days as the customer base of Reliance swelled many fold their server is breaking down frequently. I was affected twice in this. I have already made around Rs.40,000/- loss out of this. The second one happened on 06.12.2007. They didnt square off the position. I dont know what will happen this time. This time defenitely its going to be around Rs.10,000/-. Because the shares which I shorted is UCOBANK

The quantity is 250 Nos and the selling price is Rs.58.80/-. It will reach auction market on 11 or 12th december 2007. Exactly the date on which the FED CUT is to be made. The customer care is total waste. This is the reply which i got from them when I shorted last time

"Dear Customer,

We write with reference to your complaint for compensation against the margin sell order of 200 shares of GMRINFRAEQ placed on July 12, 2007.

We have taken note of the difficulty you have faced and sincerely regret the inconvenience.

As you know, we provide a net based trading system, which depends on various applications, including lines of communication. There may be instances of temporary disconnects between applications. We assure you that in cases where temporary disconnects is attributable to factors which are in control; we immediately take corrective action to minimize the inconvenience to the customers.

We have! gone through the details of your transactions and the circumstances and in the present instant, we regret that we may not be able to compensate.

Best Regards,

Customer Support.

The information contained in this e-mail message is intended only for the use of the individual or entity to which it is addressed. If you are not the intended recipient, you should return it to the sender immediately. Please note that while we scan all e-mails for viruses we cannot guarantee that any e-mail is virus-free and accept no liability for any damage caused by any virus transmitted by this email".

Can anyone tell me what is the legal procedures which I can do. I have already threatened them that I would go to consumer court. Please help me with this.

I am very much "f***ed up when I received a mail with the end quoted as "Best Regards". They are very much happy that I have made a loss of Rs.40,000/-. That was the total money which I had at that time. I made upto 55,000/- in intra day and in this one short selling I lost my capital and profits.

Thanks and Regards
VENK@

Short selling is never a good practice especially intraday cash segment. U may win 9 out of 10 times, but ur 10th loss will wipe off ur entire gains!
No point in blaming the brokerage houses whether RM or Icici.
Short only if u can deliver!

I had started trading in Relaince money and on the first day itself hen i tried to cancel a buy order for NIFTY 5000 Put option for 200 nos,the system did not respond saying :THE ORder doese not Exit "

When i called up Customer care and requested them after giving them password and the code they also found out that that the particular order could not be modified nor cancelled.

The CSE assured me that the order would have been cancelled by the system.

Imagine my surprise in the evening after trading was completed i got amil whwerein it was shown that the order was executed !!!!.

I complained to their customer service saying that the order was never even showing on the screen and if it had shown on screen ,them my attempts at cancellation would have been shown as :rejected order already traded "" which was waht the screen shws in such cases .

Because of it i had to suffer losses as the market rose the next day and i had to sell it off the next day.

Also their software is such that double order taking for a single order is common .

I always immediately go to the order book and invariably find that the order has been duplicated and i have to cancel one order !!!

Do other people also face the same problem and if so how can the broker be held responsible for the same as they should not get away with such bad service .

By the way my mail to the above was answered after a week !!! and it totally skirted the matter saying that my order for 200 nos has been bought !!!!

I agree with you , this is the most frustrating software and customer service I have come across too.
I will discourage anybody putting their money through reliance money.
My stocks whom I purchased for 88 Rs. they should in their ATST projection as bought for 78 rs. had I squared off the trade through their ATST projection would have incurred a loss of 10 rs per share...
Then I bought few Paracom shares and the shares were not released,there was no way I could find out where all the money went and I contacted the cs of reliance the guy said I had few shares of geometric not yet released and he would release them in 15 min. so that I coould sell them and there was nothing done....

Around one Lakh rupees of transactions are not answered for...

Guys is there any way these people be made accountable for their faulty software and erroneous customer service behaviour.

I think going to SEBI website and complainig against these people is the only way.... go on SEBI website and click on complaint report and proceed from there.

Thx,
JK

Hi, I am new to this site and is my first post here. I too face too many problems with the Reliance Money software. Have sent too many complaint mails to them but of no use.They come back asking me to check my PC, though there is a severe problem with their own server. System just hangs while trading and i have lost quite a lot bcas of which.I have told them if there was something wrong with my PC then how come other sites are working fine.For which they dont have any answer.They just call you to show that they have attended my complain and close the case.I have to just at their replies and keep quite.

hi
if u have bad experience at opening acount , think that god has saved ur money what reliance money could have earned [doing fraud] out of u
and never touch them go through other threads