Beware of Reliance Money

#1
I have done a trade in Options and squared off the position at a rate of Rs. 0.10 for 14000 shares on NIFTY. The total trade value is Rs. 1400 and the brokerage charged for it is Rs. 4200 but it has to be Rs. 35 which is 2.5% of the trade value. And I have been charged Rs. 7500 as limit card charges on the same day since the turnover is 79801400 as specified by the customer care executive of Reliance Money. But the calculation of turnover is not mentioned anywhere on their website and when I said the same to the executive, I was provided a link to the NSE website "http://www.nseindia.com/content/fo/fo_businessgrowth.htm". In the website, it explicitly mentions the turnover as "Notional Turnover". When I reverted back to the cusomter care regarding the same, they gave a call and told me that for "Limit Card Broking", the turnover will be calculated as "Notional Turnover", but for "Percentage Broking" the turnover will be calculated normally which is nothing but the product of quantity and premium. After that, I have given a mail to them stating that "Notional Turnover" is not mentioned anywhere on the Reliance Money website and if they are calculating the turnover normally for "Percentage Broking", then it contradicts with the NSE link but there's no response after that. If you look in my case only, for a trade value of Rs. 1400 the total brokerage is Rs. 11700, which is 8.35 times of the trade value. I would suggest investors to beware of Reliance Money as they are lacking in transparency.
 
#2
I have done a trade in Options and squared off the position at a rate of Rs. 0.10 for 14000 shares on NIFTY. The total trade value is Rs. 1400 and the brokerage charged for it is Rs. 4200 but it has to be Rs. 35 which is 2.5% of the trade value. And I have been charged Rs. 7500 as limit card charges on the same day since the turnover is 79801400 as specified by the customer care executive of Reliance Money. But the calculation of turnover is not mentioned anywhere on their website and when I said the same to the executive, I was provided a link to the NSE website "http://www.nseindia.com/content/fo/fo_businessgrowth.htm". In the website, it explicitly mentions the turnover as "Notional Turnover". When I reverted back to the cusomter care regarding the same, they gave a call and told me that for "Limit Card Broking", the turnover will be calculated as "Notional Turnover", but for "Percentage Broking" the turnover will be calculated normally which is nothing but the product of quantity and premium. After that, I have given a mail to them stating that "Notional Turnover" is not mentioned anywhere on the Reliance Money website and if they are calculating the turnover normally for "Percentage Broking", then it contradicts with the NSE link but there's no response after that. If you look in my case only, for a trade value of Rs. 1400 the total brokerage is Rs. 11700, which is 8.35 times of the trade value. I would suggest investors to beware of Reliance Money as they are lacking in transparency.
Visu_09,
1)You have done the right thing by calling up the executive of Reliance Money and then explaining to him your point.
2)Please ensure that you following it up with a written complaint to Reliance Money and narrating your communication with the Reliance Money Executive.
3)If still their reply is not to your satisfaction, you can write to them again stating that you are not happy with the reply and that you are ccing to the concerned NSE or BSE Stock Exchange and cc to SEBI. Please note down the following email ids for cc and send to them, I am sure then you can explain to NSE or BSE and SEBI and they will intervene on your behalf and sort out the problem.

If you do not take up the case with the concerned authorities, the authorities will not come to know how many such cases are happening so that they can take remedial measures.

[email protected]
[email protected],
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[email protected]
[email protected]
[email protected]
http://www.sebi.gov.in/Complaint.html
http://www.sebi.gov.in/investor/caution.html
http://www.ccccore.co.in/
 

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