Respected sir,

Subject: Fraudulent use of DP account by the staff members (Religare Securities Ltd.)

I have an account "AK11259" with Religare Securities Ltd, in which I had 25 and 65 shares of "Reliance Power" and "Rural Electrification Corp Ltd" respectively which were allotted through IPO.

ISIN Nos:

Reliance Power: INE61401033
RECLTD: INE020B01018

On 11th May'09, I thought to sale off those shares from the account and submitted the delivery slip for the same at the branch office "JMD Tower, Gurgaon".

I got the confirmation message from "TA-Religare" on the same day at 6:48:01 pm for the successful transaction.

The Price on which shares were sold:

RELPOWER: 129.1x 25 = 3227.5
RECLTD: 114.30 x 65 = 7429.5

Total: INR - 10657

After two days, when I went to request them for transferring the amount to my saving account, I was informed that 50 Reliance Petroleum" shares were sold from my account and are pending for auction:

When I asked for the reason, why it is sold from my account, I never had “Reliance Petroleum in my account? They did not have an answer for this.
Also, I was informed that only INR 9300 is present in my balance instead of 10657.

It raises few concerns:

1. How can they use someone's Offline DP account, without intimating?
2. If it has been intentionally, it must be happening with several other users as well
3. I was able to find out this difference because the amount was not very big, what they would be doing with someone who has invested huge.
4. There is a fraud of almost 13%, and I believe, it is very huge %age.

I would request you to intervene and resolve the issue, and also it must be a lesson for them for any future misuse.

Thanks in advance!

Arun Kumar
AK11259