[Resolved]  Reliance Money — Cheating of 2 lakhs

Reliance Money — reliance money - a cheat

1. Rs 1000/- has been charged to my account on account of limit card charges (whatever that means)... i was told i enjoy a transaction limit of Rs 500000/- (margin+deliveries), which got exceeded and hence the card got renewed (automatically without my consent?)... this is something which is new to me and was not informed when i opted to open an account with RELIANCE MONEY They are already deducting huge brokerages... the why this charge?

2. the scheme that i originally subscribed for was changed without my knowledge and consent... i understand the scheme i subscribed for was free and only brokerage was chargeable... who authorized the same?

3. the trades get executed in your account at your prerogative and time and not that of the customers... for example, when a specific scrip is at Rs 100 and i put a say buy order i get it at Rs 102 (+2%), even at a time when the scrip appears have a lower ask-rate... is reliance money trading the scrip at lower cost but transferring at
a higher cost to its customers? Also, there have been several occasions where 'market' trades have not been executed... how is that possible?

4. There trading platform is extremely slow and investors generally lose their money here

5. Whenever there is a huge volatility in the market you will find their server being ungraded

6. They only uses IE6 browser... the trading platform would not open in other lighter and more secure browsers...

7. Their customer grievance cell is completely inactive... i requested them to furnish me details of their branches in hyderabad and procedure for tranferring my investments to another account, but they are yet to get back to me with the details

You are right

reliance money are no 1 cheaters. No professionalism.
Lets all go to consumer court.

Some correction

Hi,
This is the bigest cheating done by Reliance money, In my account I had 10, 000 Rs but one fine day I found that it is showing negative balance of 1.8 Lakhs Rs in my RelianceMoney account.When I contact customer care regarding this, they told me that margin trading of 5 lakhs has been done from my accound and due to this my balance is showing as nagative 1.8 lakhs.I don't how this transaction is showing in Reliance meney, which I have never done and it could not happened also since I had just 10K in my account.After taking this matter to senior Reliance money executives they accepted the system fault of just 20K, but still they are not accepting the whole 5 Lakhs transaction was faulty. Please let me know what I can do?otherwise I will be forced to take this matter to consumer forum.

Name:Mukesh
Mobile : [protected]