[Resolved]  Religare Securities Limited — Improper trades and misleading and misinforming customer

Sir,

Please keep me informed about the latest developments in this matter. I would prefer not to entertain oral communication in this regard as the authenticity to it is not all dependable(you would be knowing it better as the case has started due to that itself, lack of authenticity in communication from your end).

It would be better if I get mails with SEBI marked in CC so that there is transparency in between which would be helpful for both the parties for any kind of further proceedings.

Thanks and Regards
Ritwik Dey

From: Ritwik Dey
Sent: Friday, September 04, 2009 3:52 PM
To: 'Dwaipayan.[protected]@religare.in'; 'sanjay.[protected]@religare.in'; '[protected]@religare.in'; '[protected]@religare.in'
Cc: '[protected]@sebi.gov.in'; '[protected]@gmail.com'
Subject: RE: Improper Trades in Religare Securities (Gentle Reminder)

Sir,

As discussed with you on call, that Monday 24th Aug 2009 Fame Industries was on Circuit for the whole day and there was no trading. I am sure SEBI would be responsible enough to verify and confirm this.

Even if this is the case I would just like to know one thing that how could your dealer confirm that the trade has been executed on the recorded line. Moreover when I spoke to the equity manager Ashish about it on Monday, he gave me the reason that some trades show executed(executed is flashed on screen) while trading but at the end of the day they come to know that it wasn’t executed. Is this the problem with the exchange? Are your exchange softwares not developed enough to handle enough number of customers? Please mark my words that all the conversations were on recorded lines and request you to kindly go through all of those before replying back or calling.

Hope I get a better answer to my question this time.

Thanks and Regards
Ritwik Dey



From: Ritwik Dey
Sent: Friday, September 04, 2009 1:00 PM
To: 'Dwaipayan.[protected]@religare.in'; 'sanjay.[protected]@religare.in'; '[protected]@religare.in'; '[protected]@religare.in'
Cc: '[protected]@sebi.gov.in'; '[protected]@gmail.com'
Subject: RE: Improper Trades in Religare Securities (Gentle Reminder)

Sir,

Can I expect at least a mail from the officials of Religare Securities that the matter is being looked upon? And the dates till when the issue would be sorted?

Or even the top notch people do not care about customer satisfaction and consumer complaints as is the case with the branch?

If this is the case then please let me know so that I can proceed to consumer forum for further claims.

Thanks and Regards
Ritwik Dey

From: Ritwik Dey
Sent: Wednesday, September 02, 2009 11:51 AM
To: 'Dwaipayan.[protected]@religare.in'; 'sanjay.[protected]@religare.in'; '[protected]@religare.in'; '[protected]@religare.in'
Cc: '[protected]@sebi.gov.in'; '[protected]@gmail.com'
Subject: RE: Improper Trades in Religare Securities

I am sorry I did not provide the client code.
The client code is RD2174.
Religare Securities Main Branch Ranchi

From: Ritwik Dey
Sent: Wednesday, September 02, 2009 10:46 AM
To: 'Dwaipayan.[protected]@religare.in'; 'sanjay.[protected]@religare.in'; '[protected]@religare.in'; '[protected]@religare.in'
Cc: '[protected]@sebi.gov.in'; '[protected]@gmail.com'
Subject: Improper Trades in Religare Securities

Dear Sir,

I am a customer of Religare Securities Ranchi Branch and I trade on phone on the recorded lines with the Religare dealer. I had a really horrifying experience which I would like to bring to your notice and would like to know the reason for the same.

I called Religare Securities on 24th Aug 2009 (on the recorded line) and asked for 4 transactions to be made which were:-
1. Selling 100 shares of Zuari Industries.
2. Selling 100 shares of Voltas.
3. Buying 2000 shares of Avance Technologies.
4. Buying 1000 shares of Fame India.

The dealer confirmed with me that Fame India was trading at 21.05 at that instant. I requested him to buy at the current market rate and he confirmed that 1000 stocks have been bought. Please mark my words that all the conversation was on RECORDED LINE.
When I logged into my CRN at the end of the day I didn’t find the shares of Fame India. When I called up the office next day I was informed that there were only 3 transactions and Fame India was not bought. After requesting the security manager Ashish and the Branch Head Rajesh Singh and informing them about the incidence they assured me that they would go through the recorded line and find out. Every time when I called up since then they made excuses and would tell me that they would call me in 15 mins but they never did so. Yesterday I called up Ashish (ON RECORDED LINE) I was told that they have gone through the recorded line and they heard that the dealer confirmed the stocks being bought but there was some software error that they found out. The screen flashed that the deal was executed but actually it wasn’t. I wonder how come this happen. Being a Software Professional with a company like Infosys I know how secured these banking and finance softwares are, either the transaction is successfully executed or it’s a failure. There cannot be instances like the screen flashed executed and the transaction was a failure.

Still if this is a case I would like to question who is to be held responsible for the loss which I had to suffer. I would ask Religare to pay for the losses as it is a sheer mistake on their part. I would like to buy the shares at the present rate and Religare should pay for the balance amount.

I am highly disappointed with this and wonder how a reputed company like Religare pay no heed towards consumer complaints and claim such high percentages of customer satisfactions. Being in a corporate world I know what word of mouth publicity means for a firm trading in stocks but you seem to completely unaware of it. Still would hope a positive response from your side.


Thanks and Regards
Ritwik Dey