[Resolved]  Religare Securities Limited — Unauthorised access to a/c

Dear Sir,
i am a small retail invetor having demat a/c in religare securities with client id .......(omitted due to security reason)
On 4th of december-07 i traded in few scripts including BPCL in intraday, at 15:30 in my net position its showing that everything has been squarred up. In the next morning i got a call from Mr X from religare and he was asking some confusing questions about BPCL, that time i was in a bus and i told him to call me back after 30 minutes. again he called me up and still he was not sure about anything and was telling something about shortselling of BPCl and sometimes about BPCL delivery i got confused as i have seen my trading window being squarred up at the end of last day. Then after i got busy in my office works and seen that 2000 shares of BPCL being ordered from different client id even widout any permission from my side. i squarred it up as i have not given this order, at 15.02 once again i saw a buy order of 2000 shares of BPCL and i thought like some problem in reliagre server. That day a huge work was left in my deptt and so i was unable to contact religare. Everything was fine that day and even next day i.e. on 06.12.07 no trading was done from my a/c and no calls from religare. i thought like everything has been ended but to my surprise on next day when i saw my ledger balance it was showing a 9,44,900/- debit from my account.

12/6/2007 N/SO/232/214 Bill N/SO/232 for Ex: NSE -BT: SHORTAGE - Settlement =[protected],900.00 0.00 515,574.22
12/7/2007 N/NN/233/19854 Bill N/NN/233 for Ex: NSE -BT: NORMAL - Settlement =2007233 0.00 338.70 515,235.52

Then i called to Mr X and again he was confuse and was unable to tell me the true picture. sometime he was saying that 2000 short postion of BPCL has been auctioned and sometime saying like it will go into settlement, i m really confused about this the main heavy loss done to me is how come 2000 shares of BPCL can be bought in 944900 averaging 472.5 while in its lifetime it has never touched 472.5 and it was closed at 419 on 04.12.07, 423.75 on 06.12.07 and 421.20 on 07.12.07. even i talked in ur grievence deptt and a lady told me to wait till cummin tuesday. i have few points regarding whole matter

1. if a intraday trade was not squarred off in the same day due to problem related to religare why a custome should be responsible for any moment in the script while its none of his fault.

2. how an order can be placed from client a/c without his knowledge and acceptance.

3. as per settlement detail stil i am unable to know that it has been auctioned or it will go into settlement as no one is giving any firm statement.

It is to request you kindly look into matter and plz ensure that no damage being done to clients due to problem in the server and no fault from customer side.

Thanking You
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Aug 13, 2020
Complaint marked as Resolved 
Complaint comments  26 CommentsShareTweet


Hello Sir,

The similar thing happened to me, but i am in london flying back on saturday bought tata motors, the best thing i am going to do is "SUE RELIGARE"... my email address is [protected], i live in new delhi and you can call me at [protected], They did not square off for me and above all sold my shares without telling me.

If you feel the same, we might put our complaint to SEBI and can go further to get justice.

Here is my mails to them :-

You can also check my account..

I bought 80 Shares of Tata Motors at 778 on intraday and they made it to deliver, and they sold it for 703.

Also with jyoti strutures i bought 83 or 84 on intraday 315 and sold it for 283.

From: Simer Singh < [protected]>
Date: Dec 26, 2007 7:34 PM
Subject: Another Complaint and Again no Reply Expected..
To: [protected], [protected]


This is another mail, another feedback which offcourse will bring no reply, but i am also forwarding this message to office of fair trading this time and if i got no response than i will also forward this to NSE/SEBI personally.

Right now i am sitting in London, so i am helpless, all i can do is mail, but no reply from you guys, come january 6 i will be in India and hopefully we will sort this thing out in one way or the another.

Now my question, how could you first make the stock i buy as intraday to delivery, and how could you sell that stock in the losses without telling me or notifying me.

That means i cannot trust your company. I know i will not be getting response but i am sure my message is gone in right ears.

Simerdip S Mayo


Client Service Team/Religare
Reference to your mail dated 29.12.2007.

"Reference your email; we draw your attention to the terms and conditions of the Member Client Agreement, the Risk Disclosure Document and related documents / addendums executed by you and by virtue of which documents you have accepted your responsibilities as well as risks involved in dealings in security market particularly so through the electronic trading mechanism.

Please note that you are responsible for all the orders entered into trading system by you/ entered upon your instructions in the trading system and are required to settle the same."

Well in that case i would like to see the terms and conditions, also i want to see where it says that the broker has 100% freedom to make a stock from intraday buy to delivery buy on his/her terms and also sells that stock on his/her terms. If that is what it says in terms and condition than i will back off, which interprets to me that a customer cannot trust the "RELIGARE SYSTEM".

I know very well the risks involved and not.

S Mayo
Please be informed that under A/C No. RR1584 (which number was intimated to me over telephone by the Sub-broker i.e. ‘ONLINE CAPITAL SERVICES’, Piajee More, Malda, West-Bengal) I opened a D-Mat A/C with you.

I was expecting to receive the relevant papers by the last week of December’2007; but I did not receive the papers. On query it revealed that against airway bill No. [protected] ‘OVERNITE COURIER SERVICE’, Rabindra Avenue, Malda, W.B. delivered the same papers on 24th december’07 to one SANKAR, who is neither my relative one having acquaintance with me. [website:-]

The courier company intimated that the same was delivered to the Religare broker’s company at Rabindra Avenue, Jyoti Complexe, Malda [Opp. Of veterinary hospital].
My subsequent visit to the broker’s office ended in smoke as it also failed to trace the packet or the person concerned.

Under the circumstances I fear that my A/C may be manipulated fraudulent by. So you are requested either to close the A/C immediate or adopt measures for an acceptable solution.
Waiting for your sharp action and thanking you in anticipation.

Yours faithfully,


Ramkrishna Pally [North],
P.O. + Dist.= Malda= 732101,
West- Bengal
Mobile:- [protected]
E-mail:- [protected]
Religare trading terminals and the customer care are both *PATHETIC*.
- I wanted to purchase stocks one day. I tried 10 times but could not do the fund transfer.
- The trading software does not connect many times
- When you email the customer care, they respond only when they have had their sleep.
- When you call them, they dont know what to do and just transfer us from one department to another giving different numbers everytime.

I would suggest everyone who is thinking of going to open account with Religare to back off and think again. They are *PATHETIC*.

Alert : F&O trraders please be aware of MTM funda if your MTM goes low beyond 50% in a particular day RMC will Square off you standing position . >>>>> This is newly invented Rule by Religare ..on 22nd Jan , 2008.

While opening the Account they never ever mentioned such policy..
also this claus is not even metoned in their Agreement which customers signs.

They pretty good che**ters , They take Advance Brokrage but if we are not satisfied than they don't even give back " they say it is not refundable" which is very wrong policy , if a customer is not satisfied than he/she has a right to discontinue with the service and the amt. collected by the company has to be given back to the cust.

They are jack_assess they don't even know what is exposure ?

they had made my loss !!! but i will not leave them untill n unless they will not provide me the better service n also i will take good advantage of 15000/- which i paid "in short vasool karoon ga "
by hook or by crook" i'll srew them up such a way that they will remeber my name " Darshan" .
i had already screwed up mumbai > malad branch they irritated me alot but now the tables have turned ,

malad branch if you are reading this msg. than be ready n also understand i will not compromise in any case with religare do understand your responisebilities as somebody from malad branch told that we have lac. of customers this is an appeal to you that atleast take care of this customer or else every next trading day would be a Hard day for you . . .
My shares taken as intraday, converted to delivery insteade of sqaring off on the same day by RELIGARE SECURITIES.
The customer support was unable to handle the problem & was keep on insting that it was their "Technical Fault"
mera sbhi logo se nivedan hai RELIGARE SECURITIES se apna account band kare nahi to apko salfas ki goli khana padegi


Dear Sir/Madam
I was your client in 2004-05, so my client id[protected], i have closed my d-mate account and surrender all document for your branch office near durgapuri, shahdra, but till date you don't closed my account without any resion, so i will not pay your any expenses, because i have closed my account so this is your i will not responsible for paying a single rupee. my new residence address is A-64, Balram Nagar, Loni, Ghaziabad, U.p. pin-201 102
Dear Sir, I have open a d-mate a/c with your branch at Patna ( CDX ) 2nd floor Shakuntla Palace Bakarganj Patna. from your dealers, and given him a cheque for Rs.12000/ on 03/11/2007. Owing to other engagement i never visited your office and never done any transaction. It is only in the month of March when I approached your office to close my a/c. To my surprise they siad your a/c is in minus ( debited for Rs. 5200/) They said you have to clear the debit amount and then we close.
I therefore request you to look into the matter seriously as i shoul't be cheated in your reputed securities. I am also lodging a complain with SEBI. plz settle the matter earliest possible. my Client ID[protected]. thanking you.
Mehar sultana
Client ID[protected]
Dear sir,
i am unable to transfer funds.i don't know what the hell is going on since 1 week .pls kindly take a look
Dear Sir, I have open a D mat a/c on 03/11/2007 through your trader from PATNA ( CDX )
2nd Floor shakuntala palace office Bakarganj Patna. I have given him a cheque for Rs. 12000/ - Cheque No. 152300 dated. 03/11/2007 . which was cleared on 06/11/2007. I made no transaction . It was in the month of April, I approached to close my a/c lying useless . They told me you’re a/c is showing Rs. 5200/ - debit,
Sir, I request to look into case seriously and do the needful to settle the matter amicably.
Mehar Sultna
DP ID IN301774
Client ID[protected]
D/O A. Ali
Sr. Advocate
Patna High Court
Uma ji aap sahi bolte ho yeha account kabhi nahi kholna chahiye. its just eating salfas jaise aap bole.

sahi ho aap.
Religare promises..that too to people who invest ot get reasonable returns...but it doesn't happen really.

I have ended up in loss...very soon i will put up the matter in this forum
Dear Sir, my id is N194123, & i want to chage my plan race basic to racepro so i requesting u regarding in this metter, i hope u will chage it as soon as.
thanks :
dear sir My name is yoginder Kumar (yk414). i have account in karolbagh1487 branch.. religare company chected to me by giving wrong information .(Mr ajay who left the job from religare company who open my account comitted to me that ur religare software is free) . though he left the job another person Mr Akash kumar Rm of karol bagh branch collect the check from me and cutted down the 1800 Rs. by saying that it is software rent which is giving to u

i ask Mr. Akash that Mr. Ajay comitt me that this software free to me but Mr Akash using rabish language me by saying that take the money from mr, ajay dont ask me any question any query, which is really very strange..
than mere account se Mr akash
misuse of my trading which is loss to me of 700 Rs

this is really unresponsible person is recuted by religare company neither they take reposibility nor they able to settel my account. now advice me what to do .

i m sending mail again again but no response pls help me

thanks .

waiting for ur positive reply i hope even u can understad my problem and make a solution for this


manoj kumar.


I have open my account with Religare 2 years back and Account Code :SG4347.

I have given a Cheque of ABNAMRO BANK (Cheque No:-554806) of Rs.10000/-(Rupees Ten Thousand)to one of your executive Mr.Rajan Srivastava in Noida in February 2009 for equity trading and asked him to inform me time to time.Now it is almost more then 3 months and whenever I am calling he is not picking up his phone.Even I tried to reach the RM Mr. Ravinder Singh but the same problem.So, I find Religare and its executives the most worst service provider.Now I want my money back so tell me how I can get my money back?

If I am not going to get the response as well as my money back then I am going to put this issue in the consumer court and on internet also so that other people also see before going to deal through Religare.

Shailendra Kumar Gupta
I had opened an online trading account with Religare Securities in the month of July 2009.In the intial stage before the account was made operational, the Executives who were in charge of collecting the application documents spun a tale about the highest level of customer satisfaction being achieved by M/S Religare.
Your customer support has been nothing short of pathetic and now I have come to realize that your customer support is totally a farce.I have vented my displeasure through the online customer feed back mode available in
Till date there has been no response, despite the fact that, you have mentioned "post your comments online for quick resolution".
I would like to bring to your notice that, from the date of opening, not a single trade has been undertaken by me as a result of innumerable difficulties faced in operating the account.The demo CD which has been given with the Religare account opening kit does not serve any purpose and it is nothing but a "piece of scrap"  is an understatement.
I give below my account details and am expecting a response from you within the time for Close of Business on Thursday(6th August 2009)
(Account details not provided due to security reasons)
In case I do not receive a response from you within the time for Close of Business on Thursday(6th August 2009), I have no other choice, but to take Legal Recourse and lodge a complaint with SEBI.

Religare Securities Limited — address proof

Sir, I have a demat/trading account with religare securities limited. recently my address has been changed. i am a house wife, and i donot have any address proof in my name with the new address. they are rejecting my husbands BSNL (latest) telephone bill as address proof. i would like to know the actual guidelines of SEBI or RBI in connection with the address proof. is it not difficult for each member of the family to have an address proof in his own name, is the address proof of a husband not valid as an address proof of wife?

please let me know the actual definition/guide lines of SEBI/RBI etc regarding address proof


Padmaja Konduri
Beware Demat Account opening with RELIGARE SECURITIES

Take care when you opening demat account with RELIGARE SECURITIES.

I have bad experience with RELIGARE SECURITIES.

One day Religare Executive called for opeaning Demat account. He came at home and collects all documents for opeaning Demat account. Employee told me if i gave in advance cheque of Rs.2500, brokarage is life time free as per the plan. I agreed with him and gave him Rs.2500 cheque in advance for the same plan

After 7 days when i call regarding trading he told it is prepaid account & before trading you have to pay some amount for the trading in your Demat account. I have paid cheque of Rs.12000.00 at same day for trading.

Next day when i trade and tell about my Rs.2500.00 sceme, employee told me in Rs.2500 scheme brokarage is not life time free but it is free for only one year & the when you trade the brokerage deduct from the Rs. 2500.00 till available. Religare executive cheat me 2nd time. But When I trade first time they deducted the all amount from the 12000.00 amount.

On 01st Sept’2009, when i call to my broker for the sell stock i am shocked he told there is problem in the Religare software so they not able to sell or purchase any stock, I called to Religare customer care, I have not received proper answer from the customer care executive, executive give me a Ahmedabad customer care phone no.

Last 5 month I trade with religare they did not deduct brokerage from advance Rs.2500, but they deduct my brokerage from my available balance & ask every time it is prepaid account you have to paid advance amount before trade any stock.

Also one other problem is that when I trade in intrade they sell my product without intimation me.

Also from last 4 days I want to sell my all stock but religare broker told it is not possible due to software problem. I called from last 4 days, 40 to 45 times in Religare Custmer care and Religare Head Office but no any officer & executive response me proper. So who is responsible for loss?


Thanks & Regards,

Hardeepsinh Rathod

Dear sir/madam

I have a trading/demat account with religare and my id is n134604. i recently changed my house and submitted an application with address proof and id proof, they now rejected my application stating that the signature was not tallied. how rediculous it is. i only tell them to show me any two signatures alike in the several signatures i put in the application and the agreement. further i made the application in the presence of the staff then and there itself at race office, vijayawada. now they ask me to come and put another signature. what if that too will not tally. are they giving me money on this signature. it is only a change of address application. this reflects the attitude of religare towards the clints.

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