Hello

I am a costumor of Reliance Money for trading in equity shares. They have
this concept of Limit Card which allows you to do trading for a certain
volume and time. For example, if you purchase a half-yearly limit card for
Rs 2500, you can do delivery trading of 30 lakh, margin trading of 2.7 crore
and the card if valid for 6 months. If either the trading volume or the time
limit exceeds you have to purchase a new card.

What reliance money has done 3 times with my account is to levy an incorrect
limit card charge. That is, even when the previous limit card was valid,
they charged an amount in the name of limit card and debited the ledger.
Even after repeated complaints, the customer care desk does not respond to
the email and neither do they revert the charges. It is obvious they do this
on purpose and it is not a mistake. And to make it worse there is no
escalation matrix at Reliance Money. The customer can just write to this
standard email id and hope that something will be done.

Any help in pushing this case will be very much appreciated

Regards

Hi All,

I had a recent bitter experience with Reliance Money. Everyone beware that they are charging huge hidden charges behind. THEY ARE NOT OFFERING LOW BROKERAGE. All is fictious and in background they charge heavily.

I have lost 6500 INR recently by their automatic deduction of Limit card charges, which normally should have been Bimonthly 1000 card. But they deducted 500+500+500+500+500+500+500+500+500+500+500+500+50 0+500 in the same day with PR500. What a new way of cheating.

Top of this when i tried their Nugambakkam branch, they are not answering the phone and snapping the phone suddenly, when you ask their name. They direct you to bombay office, and gain bombay office send you back to chennai office.

Ideally they should not let the client to trade when there is no limits available for him/her. But reliance money conveniently allows client to trade and then charges heavily. (I have seen in this site some of them lost 25000 INR like this way)

These people have to be given a lesson and complained with SEBI. Please all of you who have lost money raise a complaint with SEBI quoting your details, since all their branches are stopping us to contact the head office. Some big time fraud is happening.

Reliance money started heavily cheating on small investors and small traders in Limit card. They say they offer lowest brokerage, but if one calculate finally what they are charging at the end then its the same like other brokerage houses. Added to this, they are swindling the money like a pirate. I was shocked to see my account deducted with a HUGE amount RS.10500 in 3 days as brokerage and believe me i am a small trader. The trick they have done to rob me is charging me on limit cards of PR500 many times in one day, where they could have switched me to bimonthly 1000 scheme.

When i checked about this in their customer care, the female, answered rudely that nothing can be done. There was no number to contact anyone else for grievance. I have sent email to reliance money grievance mail id from my reliance money mail, but as you can guess, there is no answer even after 6 days. (though i sent reminder mails every day)

I hold my main shares in reliance money demat account, and i have decided to finally move them all to safer place, i mean another demat account. They are not trustable. The bigger cheaters and frauds.

PLEASE DO NOT BELIEVE RELIANCE MONEY, THEY ARE PIRATES OF YOUR MONEY AND ARE NOT TRUSTWORTHY.
If you have similar exp. then complain in SEBI through NSE website. I am going to do the same.

write to C B Bhave, chairman SEBI. chairman@sebi.gov.in

This is a huge fraud

I have used reliance money as well as icici direct and things didn’t go bad as it did for you.. Hoep the best for you to settle this..

sir:
Like many small investors I am also having a trading account with Reliance money and do buy and sell of shares. I did experience a lot of problems like not showing the shares purchased in ATST on the next day, deliberately making disappear some of the shares in Demat account,debiting charges with details not exactly as per the original contract, changing limit cards position as it suits them,unilateral decisions for not allowing the trading in smaller value scrips, minimum charges of Rs.15 per contract executed for both legs of buying and selling and so on and so forth. It is difficult to enuerate them here because in every day trading one or the other discrepency arises. When the scrip touches its lower or upper circuit they hardly give chance to customer to effect the transection because at that particular moment their trading platform hangs and obviously it results in losses. In other words the Broker eg. Reliance money staff sitting on trading portals are doing all sort of tricks.
In Ledger balance account the brokerage charges and other charges are not shown seperately and these are debited and the reduced balance is carried forward next day. Why can't they show such charges immediately when they are debiting or crediting the amount in the ledger. It shows the malafide intensions of the Broker. Transperency is not at all visible in their affairs. They feel that they are smart in doing all this but they should keep in mind that people who are dealing in this business are more experienced and they keep an eye on their every movement.
In short sir, it requires a thorough investigation in their day to day activities and put certain checks and stict vigilence on their behaviour. It affects a large section of people AAM AADMI and you are the regulatory authority to do some good for the people.
I sincerly hope your august honour will weigh the above said anamolies for greater interst of the small investors.
With highest regards.
R.S.Sharma

*Hello,*
**
*I am sorry but have been forced to write to you about my pains with the
Relaince Customer Care Dept that I have been through. I call from 9331183444
(Kolkata) and have been a Legend Reliance Customer. There have never been
any defaults in Bill payments.*

However this time I have been Billed Excess by an amount of Rs.312/- by
virtue Value Added Service which* I HAVE NOT USED*. This is for the month of
September, bill dated 05-10-2009. Bill no - 293293929939. Attached is the
Billing Details as downloaded from the Companies website.

My first complaint about the Bill was on 16th October where I spoke to Mr.
AVIJIT. The Complaint Reference Number being - 111257012. Have received the
complaints number as a text from Reliance. Msg reads : "Dear Customer Thank
you for contacting Reliance Customer Case, your service request no is
111257012, Your request will be addressed in 2 days."

The 2 days were long gone by 18th Oct and I never heard anything from
Reliance. No one from the company took the ownership to call and keep me
informed about the progress of my complaint. Finally I gave up and called
back on 31st Oct at 5:15 PM. I spoke to Deepa who coudn't pull up my records
stating that the systems were first slow and later that the system were
down. (reliance systems never work). I was aggressive and got the call
transferred to someone higher. Spoke to Mr. RAJ who asked me about the
problem rather than looking into my records and giving me a resolution. I
kept informing him that if my query is not dealt and resolved now, I would
go to Consumer Court. I kept asking for someone snior to speak to and I was
told to callback after 1 hour 30 minutes as no manager was avalable. He
woudn't let me speak to anyone beyond him. These people take things so
lightly. My very obvious frustration came out with the use of inappropriate
language. Not meant to harm the integrity of Mr. RAJ. However he
disconnected the call without saying a word. No warnings were given before
the call disconnected. I assume this to be a DREADFUL CUSTOMER SERVICE. Have
lodged a complaint on this behaviour with another Employee named Mr. SAJAL
who later took the 2nd call in 5 minutes. He was couteous and had my records
up in a flash. Dont know how 2 people in the same companyworking on the same
tools at the same time have different things to say.

On checking about my issue of excess billing, he informed that his backend
team is working on it and the issue shall soon be fixed. I wasn't given any
time frame and have been kept on waiting for the resolution. I am
escalating on the Breach of Service Level Agreement of 2 days by Reliance.

*Consumer Court Team - Request you to please address this issue with
sincerity. It is not acceptable by any means that a Customer has to wait and
keep calling back for updates on his problem. *

*My Concerns/ Complaints Against Relaince : *
**
*1 - Inappropriate Excess Billing.*
*2 - Bad Customer service by the Customer Care dept.*
*3 - Breach of SLA of 2 days.*
*4 - Lack of Communication and Ownership*
*5 - Customer harassment*

*REQUEST YOU TO LOOK INTO THIS. ALSO PLEASE CHARGE THE ORGANISATION OF
COMPENSATION TO ME FOR CUSTOMER HARASSMENT.*
Waiting for update from you.

Thank you
Shekhar Saraf

i m also going to leave & thinking to so with sbi 3in1 or angle broking
few buddy tell religare is also good

i think sbi is good atleast we will not be cheated
i m still analysing
if u are also shifting then please tell where should we move

hi guys...I am also the one who got cheated by this Reliance Money..not only as a demat opened customer but also an employee....it recruited 1500 members at a time pan india as operational mgmt trainees (including me).. but with in a couple of months, it got to know that company is not in a position to maintain this much of man power...suddenly, on one day mgt sent a mail, wherein it transfered some of us into sales dept and remaining got turned off mentioning a reason called poor performance...on which evry one got shocked...the guys who transfered to sales dept also put down the paper forcefully in the immediate month...we people suffered alot bcoz that is a time of heavy recession and didnt find jobs properly...it is a big lesson for us and v all suggest u people who r planning to join this company, pls think once r twice before getting into this fraud company....it has a great technique to cheat the customers.... it has a worst system and a vey kanjus mgmt....
BE VERY CAREFULL.... Stupid company.... Stupid worst mgmt....

all reliance cos continue to fleece people and somehow are getting away with it.
reliance money reliance energy as well as reliance communications have multiple complaints against them. It is best not to use their services.
also other reliance (reliance inds) is similar but they dont deal with public at large and are able to get away by bribing corrupt government officials.

Hello,
Dear all,

Be Careful, about Reliance Money.. This is a cheater Company. Who is taking 6000/- Rs. for 3 Month on behalf of Unlimited Brokerage. They give the Attractive offers that your a/c will open by Free. Trading a/c Equity & Commodity A/c.
But they are cheating... While other companies are opening the Trading & Commodity a/c at the Nominal Charge at about 500/- to 700/-. But Reliance Money is taking to High- To High Brokerage.. on Behalf Free demat & Trading a/c. While the Cost are Highest Cost than Other Companies.
Which is not Fare.. The R. Money is doing openly Fraud...
& Government, Police & other administration Power must to stopped this Company to do this Fraud.
I Want to alert to every Body About That......

Regards
Prince Ajay
From Jaipur (Raj.)

The compalint /feedback of the people mentined here is of immense help especially to the people who are looking for the service providers for the share broking services. Thank you very much. I will never go to Reliance Money. I had a similar horrendous experience of cheating and harrassment from customer service deppt for Reliance mobile services couple of years back. The Relaince empire is built on the cheating, bribery and fraud only. I prey that people are careful while selecting the service provider.

Hello,
Dear all,

Be Careful, about Reliance Money.. This is a cheater Company. Who is taking 6000/- Rs. for 3 Month on behalf of Unlimited Brokerage. They give the Attractive offers that your a/c will open by Free. Trading a/c Equity & Commodity A/c.
But they are cheating... While other companies are opening the Trading & Commodity a/c at the Nominal Charge at about 500/- to 700/-. But Reliance Money is taking to High- To High Brokerage.. on Behalf Free demat & Trading a/c. While the Cost are Highest Cost than Other Companies.
Which is not Fare.. The R. Money is doing openly Fraud...
& Government, Police & other administration Power must to stopped this Company to do this Fraud.
I Want to alert to every Body About That......

Regards
Syed Ali
From Jaipur (Raj.)

Hi All,

I had a recent bitter experience with Reliance Money. Everyone beware that they are charging huge hidden charges behind. THEY ARE NOT OFFERING LOW BROKERAGE. All is fictious and in background they charge heavily.

I have lost 6500 INR recently by their automatic deduction of Limit card charges, which normally should have been Bimonthly 1000 card. But they deducted 500+500+500+500+500+500+500+500+500+500+500+500+50 0+500 in the same day with PR500. What a new way of cheating.

Top of this when i tried their Nugambakkam branch, they are not answering the phone and snapping the phone suddenly, when you ask their name. They direct you to bombay office, and gain bombay office send you back to chennai office.

Ideally they should not let the client to trade when there is no limits available for him/her. But reliance money conveniently allows client to trade and then charges heavily. (I have seen in this site some of them lost 25000 INR like this way)

These people have to be given a lesson and complained with SEBI. Please all of you who have lost money raise a complaint with SEBI quoting your details, since all their branches are stopping us to contact the head office. Some big time fraud is happening.[/QUOTE]

I'm also facing the same problem. what needs to do. Any suggetions its great help