To IndusInd Bank, Mumbai (Branch and Bank Management + GrievanceDept) ( Ms Meghna Khot, Ms Anita Verghese SVP Banking Operations, ),

To Religare Securities, Mumbai (Branch & Religare Management+ Grievance Dept)

Copy to SEBI

Copy to Aaj Tak

Dear Sir/ Madam

I am a 79 year old widow & I am customer at Indusind bank,Bandra, Mumbai Branch. My account no is 0003 268314 0001. I also have demataccount with Indusind.

I wanted to purchase stocks & Indusind bank advised me theyhave tie up with Religare & led me to open brokerage account with them.Indusind Bank relationship manager (Ms Niyati Jetley) & Religare manager(Rajeev Solanki) came to my house in Aug 2010 with account opening form(booklet) of Religare. They explained once account opened, I could purchaseshares and money would be debited from my savings account at Indusind bank,& shares would be shown in Demat account at Indusind.

They misrepresented many facts and took Rs 50,000 for brokerageas an advance. Mr. Solanki & Ms Jetley assured me this 50,000 is likea fixed deposit and Religare will deduct their brokerage fees from thisadvance & any unused funds will be refunded to me on request or willshow credit to my account till completely used. They never told me thatany unused will be forfeited if not used in one year, otherwise I would havepaid Rs 1,000 to Rs 2,000 for brokerage.

I trusted Niyati Jetley who was my bank relationship manager,and paid. I am not a heavy trader & in past 13 months have only purchased 6securities. (Total Value less than 4 lakhs). Mr. Solanki/Religare and MsJetley/ Indusind misrepresented and made me believe the Rs 50,000 is safe andprobably took advantage of my old age and status and took signatures on blankform (excess of 40 signatures) and told me form/ package they gave me isstandard terms, knowing I would not be able read & understand the technicalterms, conditions etc.

In May 2011, my son in law found out about the forfeiture andmet with Mr. Anshuman Jain, AVP at Bandra branch. Mr. Jain assured him he wouldhelp sort this out. On2/6/2011, we filed formal complaint with Mr. AnshumanJain (email copy’s between 22/5/2011 & 02/06/2011 enclosed).

Mr. Anshuman Jain verbally agreed to this misrepresentation ofhis bank staff and agreed to compensate me by giving me gift vouchers ofShoppers Stop monthly of amount Rs 5,000 to Rs 8,000 till Rs 50,000 refunded. I havereceived Rs 5,000 voucher in May 2011, and Rs 5,000 in Aug 2011. Eventhis senior manager of bank has not honored his commitment. Till today, myson in law follows up with him regularly, and I have only received Rs 10,000(instead of monthly receipts which should have been minimum Rs 30,000 to Rs48,000). Every time we get different excuse for nonpayment.

These vouchers are useless to me; I do not shop at ShoppersStop. But was told this is only option to get refund. I complain as lastresort and request you to please take action against wrong doers, and pleaserefund me in cash. Mr. Jain was notified I would complain. I am old anddo not have resources to keep following up etc with bank and deal with theirdelay tactics.

I hope the management of companies, and Sebi, Consumer affairscan help me

Sincerely

Mrs. Neelima A Purohit

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From: ashokfatnani@hotmail.com
To: anshuman.jain@indusind.com; nutanf@hotmail.com; napurohit@hotmail.com
Subject: RE: Religere refund/ Mrs N A Purohit account
Date: Thu, 2 Jun 2011 22:29:05 -0400

dear Anshuman


cc Nutan Fatnani
cc Mrs Purohit Neelima

Ref Religare : Brokerage advance of Rs 50,000 paid in 2010

I wish to register a complaint to all the management of Religare and IndusindBank.

I was involved with account opening for my mother in law, Mrs Neelima Purohit.

Niyati Jetley, our Relationship Manager from your bank introduced Religare andhad sent us account opening booklet for Mrs Purohit's signatures.
This signing formality occured at Mrs Purohit's Santacruz East residence in Aug2010. Niyati/ Religare personnel were present and beleive the number ofsignatures on form were in excess of 40 sign.

At this time, we were verbally told all the features of opening account withReligare. An amount of Rs 50,000 was requested as an deposit/ advance brokeragefee.
I had questioned this amount, and we were verbally advised that this amount isjust an advance and all stock purchase/sale brokerage due to Religare will bedebited from this advance. We could close this account anytime,and/or requestrefund of un utilised funds (remainder of the rs 50,000 advance). No time limitto use the funds was specified.

During my visit to Mumbai May 2011, was shocked to hear that the Rs 50,000 wasreally not refundable and any unutilised amount not used up within one year ofaccount opening will be forfieted by Religare.

We wish to protest that we were completely misinformed verbally by Religare andNiyati about this advance taken and one year time stipulation. Even when wequestioned, we were told un-used amount is refundable at request. Otherwise, wewould have opened account with rs 1,000 or rs 2,000 brokerage advance and notdeposited such a large amount. We are not stock brokers and do not trade suchvolumes to consume rs 50,000 as brokerage fees within one year.

During our meeting in May at your bank, you had checked with Religare aboutthis and was informed that the account opening form had this mentioned in theterms. We did not read this bulky form/ document and trusted Niyati / Religareverbal assurance about this.

This is a huge and un necessary loss for Mrs Purohit and wish to protest thison her behalf.

I understand Religare may be correct and going by book, but their staff andIndusind staff mis informed us to lead us to beleive that unused funds will berefunded

Kindly forward this to all senior personnel at Religare/ Indusind andappreciate if you can make an exception to refund unused funds immediately.Also request you to initiate disciplinary action against the persons who misinformed and misled us into depositing such large amounts under pretex it isrefundable.

Thanks

Ashok Fatnani
Mrs Neelima Purohit

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From: ashokfatnani@hotmail.com
To: anshuman.jain@indusind.com
Subject: RE: Religere refund/ Mrs N A Purohit account
Date: Tue, 24 May 2011 10:39:50 -0400

thanks

Ashok

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From: anshuman.jain@indusind.com
To: ashokfatnani@hotmail.com
Subject: RE: Religere refund/ Mrs N A Purohit account
Date: Tue, 24 May 2011 15:52:54 +0530
Hi sir,
This sounds great sir. Very muchpossible.
Regards,
Anshuman Jain
Branch Manager
231 , Indusind Bank , Mamta House , S.V.Road , Bandra West , Mumbai - 50
Cell - 09833276766

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From: ashok fatnani [mailto:ashokfatnani@hotmail.com]
Sent: Tuesday, May 24, 2011 6:04 AM
To: Anshuman Jain/ Indusind
Subject: RE: Religere refund/ Mrs N A Purohit account
hi Anshuman


noted, something urgent came up and i had to depart. You had mentioned you willcontact me tuesday. I had mentioned it is a holiday, and you advised me youwill call me as you were to discuss and resolve with Religere on Monday itself,and also your sales team work's on holiday.

i am in transit in mumbai on 5/25/11 for about 17 hours. if immigration allowsme to come out of airport i shall contact you ( some new immigration procedurethat foriegners have to keep 2 month gaps between visits to India)

if i cannot come out, i will call you from Usa and seek your help resolvingReligere. please confirm this is possible


thanks
ashok

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From: anshuman.jain@indusind.com
To: ashokfatnani@hotmail.com
Subject: RE: Religere refund/ Mrs N A Purohit account
Date: Mon, 23 May 2011 12:36:47 +0530
Dear Sir,
I was trying to get in touch with youfor the same on Wednesday. I found out that you had left the country. I hadfixed up an appointment with the Religare person also to figure how to sortthis out.
I also wanted to close the PSU fundwith you which we had discussed for a 5 l yearly commitment. You not being inIndia has put everything on hold sir. I thought you were in India for a week.
Regards,
Anshuman Jain
Branch Manager
231 , Indusind Bank , Mamta House , S.V.Road , Bandra West , Mumbai - 50
Cell - 09833276766

---

From: ashok fatnani [mailto:ashokfatnani@hotmail.com]
Sent: Sunday, May 22, 2011 8:15 PM
To: Anshuman Jain/ Indusind
Subject: Religere refund/ Mrs N A Purohit account
dear Anshuman


thank you for your time last week during my visit to your branch office

as discussed, we had opened an account with Religere with understanding that wehad to open account and deposit rs 50,000 which is an advance towards tradingexpenses. We were verbally advised that all untilised funds would be refundedupon request or when we wished to close the account.

it was only during my last meeting with Kotak securities person, i wassurprised to understand from Kotak that there is limit of usage of funds witin1year.

per our discussion, you were to communicate with Religere and arrange to get usrefund on unused brokerage charges from rs 50,000 paid

await your reply


Thanks
ashok