We have a case with Reliance Securities and need your guidance and assistance to resolve this matter, the NSEIL arbitrator says it is not in their jurisdiction where Reliance is a member of NSEIL, therefore they are getting away with case of cheating and mis-representation.

Case in brief

We have signed the Authorised Person agreement with Reliance Securities on Oct '10 and subsequently they alloted a partnership code and started taking business from us. Two months passed by and during late Dec '10 they asked us for additional document for registration purpose by saying this document is pending therefore the registration did not go thru, however they continue to do business with us.

After 3-4 months business with them we started asking for our brokerage which they paid partially (*936 Rs.) and refused later by saying that they cant pay us since our registration is not complete with NSE or BSE as sub broker or AP.

We filed an arbitration case with NSEIL, where the arbitrator (Mr. Nayak) initially agreed on jurisdiction and heard the case on merit however on judgement he dismissed the case by saying he/NSE do not have jurisdcition on the matter since our AP agreement with the broker was not registered with them. We have spent money on business development, infrastructure and other expenses for four months and generated brokerage business, however we were not paid any* brokerage.

What is our mistake and who will hear our case. ???

The broker is getting away due to non jurisdiction by NSE/BSE.

Will SEBI hear this case ???, we recently lodge the complain in SEBI's SCORE system, or big Guys like Reliance would get away by any wrong doing ??????

Manoj K Agrawal (director)

For Pioneer Financial & Management Services Ltd.