[Resolved]  RelianceMoney — ****** GROSS VOILATION RELIANCEMONEY ABRUPT Rs 15 Brokerage CHARGES ******* VOILATION of consumer protection‏

I'm shocked to see today while logging to https://fasttrade.reliancemoney.com/ I got pop-up message stating that Rs.15 brokerage is in-effect from Jul 20 2009 irrespective of limitcard. I've already paid 2500 for 6 months of intraday trading, this Rs.15 per trade is GROSS VOILATION.



Few things here which are completely unethical and unfair.



1. This message started appearing since July 23rd noon and was completely absent starting from July 20th 2009.

2. This should be done with at-least a month of notice vai regular surface mail and thru https://fasttrade.reliancemoney.com/ and acceptance should be taken from customer, which was not done.

3. Since, this is a major change in brockerage contract agreed earlier, it is completely ABRUPT unethical and unfair by RELIANCEMONEY.COM to just notify customer 3 days after these charges are in-effect furthermore I've been doing intraday trade for last 2.5 months and was never told about this ABRUPT changes and charges on my trades which are around 70-120 per day, therefore costing me over 1000RS loss per day as a result.





I strongly believe that above abrupt charges since July 20th are waived off for my account immediately thereby amicably resolving this arbitrage without having to report this unethical practice to higher authorities.



As such I’ve stopped trading with RELIANCEMONEY.com with such unpleasant and bitter experience till further clarification is provided on this gross matter.


Regards,

Baljit Rana
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Aug 14, 2020
Complaint marked as Resolved 
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Hi Baljit

Even i don't get any proper response from the reliance guys when I've enquired about this.
I've lodged a complaint with SEBI ... you also go ahead a lodge a complaint using the below url http://www.sebi.gov.in/Complaint7.jsp

Arun kumar
Dear Friend,

I am totally agreeing with you. These guys are known to be cheater and I am expecting this from the very day when I opened my DMAT account with Reliance money. They gave you some good plans in the beginning and later on they ditch you and take more than that what they have given you in past. For example you have already paid a fee of Rs. 2500 for next six month. Now if you will move to other broking house it means you are not doing any trading through them and means profit to reliance money and if you did then they are earning Rs.15 per transaction.

I am closing my account as I am not a big trader and currently doing trading just for charity. Better you will also close your account and move to some other broking house like sharekhan or some other.

Keep mailing me about the progress. If you are planning to file a case against them then please add me as well to your group.

Regards,
Anubhash Jain
Ya i face similar issue and one more thing to add now there is no customor care as such you have to call to local office,
I tried to call them so many time but one number is switched of where as other number is either say busy or if not busy nobody pick the calls

I sent the mail to customre.[protected]@reliancemoney.com not a single reply from reliance money, and they also closed there office in Jayanagar bangalore so i cant reach them.
Sir, I wanted to raise this question long back, but since this is a Indian company, managed by Indians who are well known cheaters which so happens till these Indians do not bother for getting cheated. MERA BHARAT MAHAN HAI. On one hand Mr Anil Ambani is fighting for getting justice for KG basin Gas with his brother, and on the other hand after attracting tens of lakhs of customers suddenly he has increased the brokerage of Rs 15 per trade, till such time they extensively advertised for 1 ps brokerage only. This is a clearly a gross violation to the initial offering. so this is clearly a UNFAIR TRADE PRACTICE, SINCE MOST OF HIS CLIENTS TURNED TO RELIANCE MONEY LEAVING THEIR ORIGINAL BROKERS. the service offered is also very poor in this age of man going to moon. MY many of mails were never attended to. Initially to attract, my mails were sincerely attended to and once they attracted the no of clients then they started neglecting clients. INDIA IS SHINING. Mr. Anil Ambani is talking too much of Mr. Mukesh Ambani for unfair treatment to to their agreement in kg basin gas price and if he is really interested in meeting out Justice to Indians in India, & if he is true human being then let him refund all the brokerage collected from limit card users & stop further charging Rs 15 brokerage to L C users, & TO THOSE WHO DIRECTLLY TRADE ON LINE WITH NO FRACHISEE HELP. Now HOW THIS COMMENT WILL REACH TO Mr. ANIL AMBANI. If he meets with un-justice then he is ready to fight to any length, & at the same timee if he does injustice to his own clients then, there who will make him understand this and set it RIGHT. THIS ANOMOLY SHOULD BE SET IT RIGHT SOON & REFUNDS SHALL BE ARRANGED TO above said CLIENTS.
I agree with the contents of the complaint. Once should be given prior notice of change in brokerage charges. There should be exit option available.

Moreover this new charges should be applicable to new customers & not to existing customers.

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