My complaint to Religare

Dear Sir,
i am a small retail invetor having demat a/c in religare securities with client id .......(omitted due to security reason)
On 4th of december-07 i traded in few scripts including BPCL in intraday, at 15:30 in my net position its showing that everything has been squarred up. In the next morning i got a call from Mr X from religare and he was asking some confusing questions about BPCL, that time i was in a bus and i told him to call me back after 30 minutes. again he called me up and still he was not sure about anything and was telling something about shortselling of BPCl and sometimes about BPCL delivery i got confused as i have seen my trading window being squarred up at the end of last day. Then after i got busy in my office works and seen that 2000 shares of BPCL being ordered from different client id even widout any permission from my side. i squarred it up as i have not given this order, at 15.02 once again i saw a buy order of 2000 shares of BPCL and i thought like some problem in reliagre server. That day a huge work was left in my deptt and so i was unable to contact religare. Everything was fine that day and even next day i.e. on 06.12.07 no trading was done from my a/c and no calls from religare. i thought like everything has been ended but to my surprise on next day when i saw my ledger balance it was showing a 9,44,900/- debit from my account.


12/6/2007 N/SO/232/214 Bill N/SO/232 for Ex: NSE -BT: SHORTAGE - Settlement =2007232 944,900.00 0.00 515,574.22
12/7/2007 N/NN/233/19854 Bill N/NN/233 for Ex: NSE -BT: NORMAL - Settlement =2007233 0.00 338.70 515,235.52


Then i called to Mr X and again he was confuse and was unable to tell me the true picture. sometime he was saying that 2000 short postion of BPCL has been auctioned and sometime saying like it will go into settlement, i m really confused about this the main heavy loss done to me is how come 2000 shares of BPCL can be bought in 944900 averaging 472.5 while in its lifetime it has never touched 472.5 and it was closed at 419 on 04.12.07, 423.75 on 06.12.07 and 421.20 on 07.12.07. even i talked in ur grievence deptt and a lady told me to wait till cummin tuesday. i have few points regarding whole matter

1. if a intraday trade was not squarred off in the same day due to problem related to religare why a custome should be responsible for any moment in the script while its none of his fault.

2. how an order can be placed from client a/c without his knowledge and acceptance.

3. as per settlement detail stil i am unable to know that it has been auctioned or it will go into settlement as no one is giving any firm statement.

It is to request you kindly look into matter and plz ensure that no damage being done to clients due to problem in the server and no fault from customer side.

Thanking You

now its showing something like this...

12/6/2007 N/NN/232/18406 Bill N/NN/232 for Ex: NSE -BT: NORMAL - Settlement =2007232 0.00 804,032.25 -429,325.78
12/6/2007 N/SO/232/214 Bill N/SO/232 for Ex: NSE -BT: SHORTAGE - Settlement =2007232 944,900.00 0.00 515,574.22
12/7/2007 N/NN/233/19854 Bill N/NN/233 for Ex: NSE -BT: NORMAL - Settlement =2007233 0.00 338.70 515,235.52
12/11/2007 N/BI/232/183 Bill N/BI/232 for Ex: NSE -BT: BUY IN - Settlement =2007232 865,960.00 0.00 1,381,195.52
12/11/2007 N/NA/232/189 Bill N/NA/232 for Ex: NSE -BT: AUCTION - Settlement =2007232 0.00 944,772.44 436,423.08

still i m unable to findout the edited deduction of 865960...
CAN ANY BODY HELP ME IN THIS REGARD

Try to email SEBI for redressal ASAP!!

ICICI gives you online massages?

Gotta open an account

today now they have changed d date and showing buy in @432.9

12/11/2007 N/BI/232/183 Bill N/BI/232 for Ex: NSE -BT: BUY IN - Settlement =2007232 865,960.00 0.00 1,380,195.52
12/11/2007 N/NA/232/189 Bill N/NA/232 for Ex: NSE -BT: AUCTION - Settlement =2007232 0.00 944,772.44 435,423.08

Okay then contact CNBC Awaaz "Peheredaar"!

( March 15, 2007 )Stock market problems
I was reading this article in the Times of India that dealt with a stock investor getting swindled by a stock broking company in Bombay. In a shocking case, the lady had been dealing with the Religare Securities Limited for about one year. She had a deposit to the tune of Rs. 3 lakhs. One day she got a record of transactions totalling Rs. 3 crore that had been done in her account.
Initially the company had confirmed that these transactions were as a result of server error, and that these transactions would be reversed. However, after a couple of weeks, the Regional Head went back on this deal and told her that no matter what the case was, she would have to bear the burden.
This is a very strange case. If this happens in a country where the consumer system is more strict, there would have been court cases against the company and it would be facing enquiries and fines. Now the lady has filed a police case, and also cases with the SEBI and National Stock Exchange of India.

todays update...the person is even not picking d phone...

Dear Sir,
This is very sorry to say but the service provided by religare is really very untransparent, i called up to Mr rahul 4 times today and he even doesnt bother to pic the phone and i was on hold more than 20 minutes, when i called to another no i was able to listen all the background voices that was related to my client id N122432 but he and his colleague was simply ignoring me. I have only 1 point to say that in the vallan 2007232 dtd 07.12.07 wherein 2000 shares of BPCL eq were bought why it was bought @432.98 while sauda rate was 421.20 that day. even no one is ready to send me the bill for that day's transaction. Is it really a transparent service and cliend is forced to bear the losses of 60000/- just beacause of no mistake from his side but only due to problem in religare server or watever. Short sell is always being squarred up in same day only, if it is not neing done on same day then why customer are responsible for any market moment and losses.Enclosing the valan for that day and from this its very clear that shares were not bought at sauda rate.
Kindly look into matter do the justice with small investors like me.

One should be grateful for Traderji through which Forum retail investors are alerted by the members the problems that have been faced from various brokers. With regard to Reliagre, I am one of such suffers from day one. First, I remitted Rs.25K to start trading. Due to some technical error, this fund eventhough transferred to Religare, was not credited to my trading account on time. After much follow up this was credited only to be debited again with remarks the amt. was wrongly credited. After several follow ups finally it was credited. Thereafter, I had several ( I have listed 42) problems with their software. They do not admit to it. Finally I decided to quit, inspite of paying 15500 as annual advance brokerage in only Aug. 07. I requested them to transfer my shares to other Demat account with other Broker. This was not honoured. Therefore, I sold the shares at a price lower than the purchase and tried to withdraw my money. Even this was not honoured. Finally, I mailed :SEBI/NSDL/NSE/BSE. After some days, they transferred fund to my bank account.

One can understand technical fault but there must be limit and one should try to look into it. Instead, Religare was only fooling me. It would be difficult for any one to believe that in one instant I was allowed to sell (delivery) excess shares than I was holding in DP. Next came the auction penalty. Like this, I have listed 42 defects. ( 1 or 2 may be repeatation and I do not wish to waste time on this).