[Resolved]  Reliance Money — All fund amount debited from my account in Reliance Money

Address:

Bangalore, Karnataka

Dear Sir,

I had bought 300 shares o[censored]nited Breweries Ltd (UNITEDBREW) in sort sell order (Margin trading or intraday trading) on price 282.80 worth Rs. 16968.00 on 22nd July 2010 through Margin/intraday trading. as the trade started going against me and trading block by upper Circuit so I tried to square off the order. But RM didn’t allow me to cancel the order even when it was showing up in the order book. When I clicked at cancel option it used gets rejected and gave message the order does not exist. Whole day I jus tried to cancel or modify the order without success. At the end of the day the order was gone from the order book. Through the ledger balance and contract notes I came to know that the sale of those shares have been credited into my balance amount. Means I received the money (about 84K). Naturally this should not have happened as I was trading in margin and I should have been in some loss if shorted shares were squared off at the end of day (Confirmed by customer care, as per intraday trading it should be closed on the same day). After two days I checked my demat account and all shares amount were gone including my fund Rs.16968. I checked the history and there was no sale o[censored]NITEDBREW shares anytime through delivery. All trades were through margin. Even contract notes showed the trade as margin trades only. And the fact that I had only less than Rs. 20000 in my delivery account so I could not have sold more than 60 shares through delivery trade even by mistake.

I have called up and mailed to reliance money customer care thousand times without any reply. The local RM contact office guys didn’t solved the issue for weeks now UNITEDBREW of contacting them daily. Daily they used to say the Server are down or they are contacting Mumbai office. One day some guy told that if the position is not squared of at end of day then shares can be sold from delivery. This is just ridicules.

Please check bellow forward mail information (check mail chain from bottom to up) with reliance money.

Thanks & Regards,
Swati Jain
Email ID: [protected]@gmail.com
Mobile No. +91-[protected]
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• QRC[protected]HEZ8Y CRM:[protected]‏
To [protected]@reliancemoney.com
From: Reliance Money Customer Care User4 (customer.[protected]@reliancemoney.co.in)

Sent: 06 August 2010 11:01AM
To: [protected]@reliancemoney.com
Dear Ms. Jain,
We write with reference to your email on August 03, 2010.
We would like to draw your kind attention to the disclaimer/ warning posted on our portal which is pasted below for your reference.
Please close (square off) all your open NSE Intraday Margin positions by 2:55 pm and square off by 3.10pm all BSE Intraday Margin positions . We shall attempt to close the Margin positions that are still open after the above time respectively, but we cannot guarantee total Square off. In view of the above, we cannot be held responsible for any losses or auction losses arising from the Intraday Margin positions that could not be squared off by the end of the day.
As you did not square off the short open position in United Breweries 300 quantities on July 22, 2010 and the shares were not available in your demat account, these shares were delivered short.
Please note that we have sent an intimation of seller shortage on July 26, 2010. Please find attached the auction bill passed in your ledger on July 27, 2010.
You may quote reference no. 2950226 in relation to this query.
Please feel free to write to us at customer.[protected]@reliancemoney.co.in or visit our nearest branch for any further assistance.
Yours Sincerely,
Customer Support.

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To customer.[protected]@reliancemoney.co.in
From: SWATI JAIN ([protected]@reliancemoney.com)
Sent: 03 August 2010 17:13PM
To: customer.[protected]@reliancemoney.co.in
Dear Sir

I am not satisfied with your reason that you have given me regarding my complain. So I have decided to complain in consumer court. We want clarification for the below points.

1. As per your customer care information Margin Trading is squared off at the end of the day. So why you have not closed the scrip (UNITEDBREW) on the same day (22nd July 2010).
2. As per your mail that scrip was in Upper Circuit Trading, but Reliance Money has not declared anywhere if the share is upper circuit it will be converted in delivery for couple of days without any sufficient fund in client account.
3. In my account there was not much amount that the scrip can be converted to delivery. So how did you converted into delivery without suitable amount required?
4. If my scrip was not squared off on the same day (22nd July2010). Why didn’t you inform me via mail, phone or any communication mean before 23rd July 2010? And in Reliance Money Website, There was no information in any record (i.e. Demat Balance , ATST Projections, Trade Book & History ) that I am holding some amount of shares for settlement.
5. As per your mail you credited some money in my account and will debit on 28th July 2010 so the debit amount should be same as credit amount so why did you debited my whole money from my account.
6. According to you if I was holding any scrip so I should have right to settle the scrip, but as per your convienince you have setteled my scrip without my knowledge and till date I am having no information on which price you have settle my scrip and this information is also not available in history or any other record.

Please clarify each and every point, Based on these point I will raise the complain in consumer court, Media and Police.
However, it is your fault you have not squared off my scrip on the same day and you didn’t inform me on the next day so I will not bear any losses and please credit my money as soon as possible.

Thanks & Regards,
Swati Jain
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From: customer.[protected]@reliancemoney.co.in
To: [protected]@reliancemoney.com
CC:
Subject: QRC[protected]V7N5Y CRM:[protected]
Date: Fri, 30 Jul 2010 12:03:38 +0530

Dear Ms. Jain,
This is with reference to your query regarding 330 shares o[censored]nited Breweries Limited on July 22, 2010.
We write to inform you that United Breweries scrip is traded on The Stock Exchange with a 20% circuit filter.
When the stock moves up by more than 15% we square off all intraday short positions in that particular scrip. This is because if the price reaches 20% circuit limit then these short positions cannot be squared off and will result in short delivery and auction loss.
On July 22, 2010, the scrip almost hit 20%. Hence, we squared off your short position for 330 shares as a risk containment measure. However, the short position taken by you later at 12:07:05 PM again could not be squared off due to the upper circuit.
For any further assistance, you may write to us at customer.[protected]@reliancemoney.co.in or visit our nearest branch.
You may quote your reference no. 2944789 in relation to this query.
We value your relationship with us.

Assuring you the best of services.

Yours sincerely

Customer Support.
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• RE: Intimation for Seller Shortages CRM:[protected]‏
To customer.[protected]@reliancemoney.co.in
From: SWATI JAIN ([protected]@reliancemoney.com)
Sent: 28 July 2010 17:30PM
To: customer.[protected]@reliancemoney.co.in
Dear Sir,

As per Ledger Report, UNITEDBREW stock has been settled on Transaction ID “SETTNO=2010081BSECMADFINAL BILL” and I got a loss of Rs. 16361.30.
So for your information I would like to continue with my last mail, I have not played any stock (UNITEDBREW) on delivery sell order and as per margin trading UNITEDBREW stock should be settled on closing price of 22nd July 2010 (on that day UNITEDBREW closing price 282.80).
By mistake if Rs. 84840.00 has been credited in my account then same amount (Rs. 84840.00) should be debited from my account and not Rs. 101201.28.
Please clarify this issue as soon as possible otherwise I will take some action against reliance money.

Thanks & Regards,
Swati Jain

________________________________________
From: [protected]@reliancemoney.com
To: customer.[protected]@reliancemoney.co.in
Subject: RE: Intimation for Seller Shortages CRM:[protected]
Date: Tue, 27 Jul 2010 06:06:30 +0000

Dear Sir

As per my earlier mail, I have mention wrong trading date (23rd July 2010) for UNITEDBREW. I have played this stock on 22nd July 2010 in intraday trading (Margin Trading)
So the settlement price for UNITEDBREW stock should be same(282.80) as closing price on 22nd July 2010.

Please take this in your reference and clarify this issue as soon as possible

Thanks & Regards
Swati Jain



________________________________________
To: [protected]@reliancemoney.com
Subject: RE: Intimation for Seller Shortages CRM:[protected]
From: customer.[protected]@reliancemoney.co.in
Date: Tue, 27 Jul 2010 10:59:06 +0530


Dear Customer,

We thank you for writing to us.

We have taken note of the same and confirm that you will receive a reply from us at the earliest.

If you require any assistance in the interim, please contact our nearest branch.

Assuring you of our best services

Sincerely,
Customer Support


________________________________________



Dear Sir,

This is in reference of your mail for Settlement Number[protected] for 300 shares o[censored]NITEDBREW. I have not placed this order in delivery sell order so why u have not settled this order on same day?
I was playing intraday trading (margin trading) so as per intraday trading (Confirmed by your customer care) it should be closed on the same day (23rd July 2010). Customer Care person told me that in any conditions Intraday trading is closed end of the day
So please let me know why you have not closed the order on 23rd July 2010. As per your mail why are you closing the order on 28th July 2010.
I played UNITEDBREW 300 shares on price 282 sell order and on the closing day the share price was 282 so you should settle this order on the same price (282) in buy order
I will not bare the losses Please clarify this issue as soon as possible.
Thanks & Regards,
Swati Jain
________________________________________
From: customer.[protected]@reliancemoney.co.in
To: [protected]@reliancemoney.com
CC:
Subject: Intimation for Seller Shortages CRM:[protected]
Date: Mon, 26 Jul 2010 17:26:20 +0530

Dear Mr. / Mrs.SWATI JAIN
Client ID:-S00148152

Intimation for Seller Shortages
Further to your sell in Settlement Number[protected], we would like to inform you that 300 shares o[censored]NITEDBREW have been delivered short.

The auction payin settlement for Settlement Number[protected] will be on 28/07/2010.
Your account will be debited against the credit already given in your account towards the above sell and final entry will be posted in your ledger account after auction settlement date.
In case of any further queries, you are requested to visit the nearest branch or write to us at customer.[protected]@reliancemoney.co.in

Yours sincerely,

Customer Support

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