Reliance Money — Charges injustice in Option segment | |
This is a letter i sent to reliance money today. I want to have strict actions against this. This is simply injustice to small traders. In this only RELIANCEMONEY is making money. I hope goverment will take appropriate measures against this. [protected][protected][protected][protected][protected][protected] Dear Manager, This is regarding charges of Limit card turnover in OPTION LOT ofn FNO segment. Today i bought option put of NIfty with strike Price of 4000.00 @ Rs. 9.65. But as per your Customer care my turnover limit will reduce by [ 4000.00 (strike price) +9.65(buy price)) X ( 50(lot size) ]=200482.5 Turn over. He said, my Limit card will get reduce by this much amount. This is really insane charges. My existing limit balance is somewhere around 4.75 lac. Your formula needs to be revised for Options. Since, i am buying in OPTIONS and not in FUTURES. As per your formula my limit will reduce for same amount irrespective of whether i buy Future or Option LOT. Please clarify following. No other brokerage house charging so much. I am satisfy with your equity but i am really not willing to continue with your service due to this Option Lot problem.I was thinking to start commodity account in reliance money. But i will hold my decision untill this get resolved. Was this information helpful? | |
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I am also facing this problem. I have sent mail to customer care, but i didnt get any reply so far.
bad bad ADA RM bad
bad bad ADA RM bad
Dear Mr Mehta,
I am fully agree with you. Reliance money is charging huge brokerage charges. I am also a victum of their unreasonable charges. I also trade in options and futures. Do contact me on [protected]. I am posting a letter here which I have sent to them. This will show the malfunctioning of this organization. My only advise to you to break all the relations with them otherwise be ready for facing other things which one could not imagine. I am in the process of filling a suit against them in the public consumer court. The copy of letter:
4/9/09
Attention: Reliance Money Authorities:
With Reference to my customer complaint no: 2677150 dated 13-14th Aug 2009. You people are keeping on harassing me and giving me mental torture as I am a victim of your senseless and unreasonable brokerage charges. You don’t understand the value of time of an ordinary investor as there is no impact on you of my humble complaint made earlier. For how many times I should make an effort of reminding you to return my money which is going to be deducted again and again by your faulty software system. This is my final warning to you people after this I am going to explore various options like complaint in SEBI, Suit against you in Consumer Court i.e. in Gurdaspur, Punjab and Complaint in NSE Delhi and also the Media like CNBC Awaaz and also in the print media as it will be a good case study for other stake holders in the financial services industry as to how your faulty behavior is responsible for leading a valued customer into the agitation process. Followings are the sequence of events:
DATE Wrong Brokerage Debited By You as Limit Card Charges (in Rs.)
(A) Brokerage Credited By You as Limit Card Reversal Charges after my complaint dated:13-14 Aug
(B) Actual Brokerage Re-Charged by you as Limit Card charges which are corrected after my complaint. (C) Brokerage/Limit Card Charges Yet to be credited/ Reversed/or My Money Yet to be refunded by you
(A)-(B+C)
11/8/9 1000
12/8/9 1000
13/8/09 31000 1000
13/8/09 11500
17/8/09 8500 37000
17/8/09 4000
02/8/09 5000
Total 60000 37000 3000 20000
With reference to above table, About Limit Card Charges Rs. 5000 you charged me as on 2nd sep 2009 note that I have already a limit of Rs. 87 lacs as margin turnover and Rs. 10 lacs as delivery turnover available for me as on 1st Sept 2009. I have not purchased/opted for Rs 5000 limit card again your system automatically charged me. Why should I purchase this 5000 card as I have already a limit available with me????????. Shame on you people as you again and again repeating the same mistakes and playing with investors hard earned money.
You take note of my this email as a notice period for you people. Return my Rs.20000 with in 5 days. Otherwise I have no options left but to go for hard options.
Manan Mahajan
MAMA0015
M0012921
I am fully agree with you. Reliance money is charging huge brokerage charges. I am also a victum of their unreasonable charges. I also trade in options and futures. Do contact me on [protected]. I am posting a letter here which I have sent to them. This will show the malfunctioning of this organization. My only advise to you to break all the relations with them otherwise be ready for facing other things which one could not imagine. I am in the process of filling a suit against them in the public consumer court. The copy of letter:
4/9/09
Attention: Reliance Money Authorities:
With Reference to my customer complaint no: 2677150 dated 13-14th Aug 2009. You people are keeping on harassing me and giving me mental torture as I am a victim of your senseless and unreasonable brokerage charges. You don’t understand the value of time of an ordinary investor as there is no impact on you of my humble complaint made earlier. For how many times I should make an effort of reminding you to return my money which is going to be deducted again and again by your faulty software system. This is my final warning to you people after this I am going to explore various options like complaint in SEBI, Suit against you in Consumer Court i.e. in Gurdaspur, Punjab and Complaint in NSE Delhi and also the Media like CNBC Awaaz and also in the print media as it will be a good case study for other stake holders in the financial services industry as to how your faulty behavior is responsible for leading a valued customer into the agitation process. Followings are the sequence of events:
DATE Wrong Brokerage Debited By You as Limit Card Charges (in Rs.)
(A) Brokerage Credited By You as Limit Card Reversal Charges after my complaint dated:13-14 Aug
(B) Actual Brokerage Re-Charged by you as Limit Card charges which are corrected after my complaint. (C) Brokerage/Limit Card Charges Yet to be credited/ Reversed/or My Money Yet to be refunded by you
(A)-(B+C)
11/8/9 1000
12/8/9 1000
13/8/09 31000 1000
13/8/09 11500
17/8/09 8500 37000
17/8/09 4000
02/8/09 5000
Total 60000 37000 3000 20000
With reference to above table, About Limit Card Charges Rs. 5000 you charged me as on 2nd sep 2009 note that I have already a limit of Rs. 87 lacs as margin turnover and Rs. 10 lacs as delivery turnover available for me as on 1st Sept 2009. I have not purchased/opted for Rs 5000 limit card again your system automatically charged me. Why should I purchase this 5000 card as I have already a limit available with me????????. Shame on you people as you again and again repeating the same mistakes and playing with investors hard earned money.
You take note of my this email as a notice period for you people. Return my Rs.20000 with in 5 days. Otherwise I have no options left but to go for hard options.
Manan Mahajan
MAMA0015
M0012921
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Reliance Money — unreasonable charges
i have open account through Franchisee. then i have charged as mandate charge though i trade from home or cyber net. to get rid of this expenses i am told that i have to quit from Franchisee. and so applied and i get rid from this.but before 1.5 month i am charged this expenses from my account once again . "YE RELIANCE WALE CHOR HAI"