[Resolved]  Reliance Money — Fraudulent Charges under sub-heads as 'Mandate Charges' & 'Tele-Charges'

Dear All,

I've been charged following undue charges under various sub-heads like Mandate Charges, Tele Charges & Account Maintenance Charges

1) Please find attached the Ledger Report for the Q4 2009, the total Mandate Charge comes to around Rs.150/ and Tele-Charges of Rs.270/. The Tele-Charges for a single day have been charged upto Rs.60/.
The mandate charges are totally unheard of in the relam of stock broking, had such been the case it should have been specifically state at the time of opening of account under Most Important Terms & Conditions.

I'm a seasoned equity investor and under none of the circumstances prefers placing order via tele-trade, as can be very well verified from my transactions. The only reason for placing order via phone has been your web-servie not executing orders and it is absolutely out-of-question to be charged tele-charges when your web-based services were not functional.

The charges also includes a lot of charges under the head ' Payment for CDSL DP BILL No - 0040/1873260 of Client - [protected] for the period 01-DEC-2008 to 31-DEC-2008' the same should be part of contract note and I've not seen any such charge being levelled by any other broking house.To top it some of the narration doensnt even mention the Bill No.

3) Rs.171/ of charges under 'Mandate Charge', Tele-Trade & Payment for 'CDSL DP BILL No - 0040/547130 of Client - [protected] for the period 01-JUL-2008 to 31-JUL-2008' during the July to Sept/2008 Period.

2) The cash ledger for Q3 FY 2009 ie. October/2009 to December/2009 is not provided.

3)My account was opened during June/2008 and an A/C Maintenance Charge of Rs.100 is deducted in the Bill for the period 01/09/2008 To 30/09/2008 with Bill No as 0040/1492543, and there is a mail from Customer Care dated 2nd of December with BO Id as [protected] under subject 'Sub: DP : [protected] - Outstanding Demat Account Annual Maintenance Charges' for outstanding Account Maintenance Charges. If A/C Maintenance Charges are deducted in September, how can under any circumstance the same again be due in December of the same financial year..Please explain.

My details are as under

Name : Rajiv Manocha
Client Code : R00086132
Client Id. : RAMA05EB
Branch : 00018
Sub Broker :[protected]

It is requested to either clarify all the above concerns or I would rather love to close my account and continue trading with MOSL/ICICI Direct with a transparent and honest brokerage than your fraudulent system.

It really is height o[censored]nethical behaviour and fraud that reliance money is perpetrating with email being conveniently sent to the account holder in an account that has more advertisement banners on the page than anything else.

Thank You

Regards,

Rajiv Manocha