[Resolved]  Religare Securities Limited — Incompetence of Religare Security

Address:

West Delhi, Delhi

My Trading a/c with Religare Securities was opened in September, 2009. I transferred all my stocks from Motilal Oswal to Religare Securities. I used to trade in stocks only, but then due to the incompetent expertise & advice of your employee at Janakpuri Branch, I lost Rs 31,000/- by January, 2010 in F&O. When I went to discuss this issue in branch, branch manager Harpreet Singh scoulded that employee in front of me because of his incompetency and told him not to deal in F&O in my a/c.

In March, 2010, Harpreet Singh took the charge of my a/c and convinced me that now onwards he is going to be thew relationship manager of my a/c. That time he convinced me to sell all my stocks and liquidate the amount. After this Rs 79,400/- were available in my a/c. He said, "Now onwards, I will manage your a/c and will give you a return of 10% by year-end" and I will also help you recover your loss of Rs 31,000/-. Then he said, there can be two ways of handling your a/c: first wherein you will tell me which all transactions are required to be done and second, wherein I will do transactions on my own, your intervention would not be required in that case. He also said, I have rich experience in this market and I will make your money grow.

I said if you are so confident in giving 10 % return, then its better if you do transactions on your own, but my money should be safe
I told him about my risk-apetite very clearly, that I am a conservative customer who doesn't believe in high-risk-high return theory.

Even then he started doing transactions in F&O. In May, 2010, he asked for more money and said he has made a good & safe position in F&O, I gave him Rs 25,000/- on 24/05/2010. While giving this amount, I told him very clearly that I would like to withdraw Rs 1,00,000/- from my account within this month as I require this amount for the registery of my plot. He said you just wait for one week. In first week of June, he said, I require more funds in order to make your exit profitable. I said I don't have spare funds, whatever I had I have alraedy given, then he said, it wiil be better for you and the safety of your investments, so after his repeated request, I gave Rs 25,000/- on 06/06/2010. My total amount invetsed was Rs 1,30,000/- now. After giving this amount I was in touch with Harpreet on regular interval to check when can this amount be released, first he told me to wait till June end, then in June end, he said first week of July, In first week, he said July end, then in same manner he consumed whole August. During this period neither I was informed about the value of my investment nor I was informed about the deductions made due to unavailability of margin money. No such calls were made by Harpreet.

In September first week when I lost my patience, I checked thouroughly with Harpreet, after lot of discussion he revealed this fact to me that my investment amount has come down to Rs 50,000/-. I asked why he didn't inform me when the amount was debited in first instance, I would have quit that time only, I was not interested in wasting Rs 80,000/- He didn't show any interest in the matter and said everything was discussed with you. I told him that my money should not go below this level to which he said OK.

After this, he stopped picking my calls and giving me the status of my a/c, I visited the branch yesterday on 15/09/10 and found that my amount has reduced to Rs 29,000/-. After that I called Harpreet, he was not there in office, and he simply said now nothing can be done, your money has gone, he also didn't give any response on phone, you can do whatever you want to do, you can make complaint to Noida office also, you can not do anything. Yesterday evening, I gave the request in branch to release the complete available amount in my bank a/c.

I request you to please look into the matter, as it was my hard earned savings amount, which I have lost dut to the incompetency of your employees.

For this loss, Harpreet Singh is completely responsible and I simply want my money back. He only said you give me this amount and I willl make your money grow. I would also request you to go through my a/c's ledger and P & L A/c you will get to know how competent your Janakpuri branch staff is??

Being a broking house, they have just used my a/c and money to meet their fee income target & F&O targets.

Awaiting your reply at the earliest.

Varun Mishra
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