Reliance Money Complaints & Reviews

Respected Sir,

This is in reference to my previous email dated 23/08/09 & 24/08/09 to your reliance customer care department. But, with deep regret i have to say that inspite of my various calls & repeated emails i am still not able to operate my account which has been opened on 08/05/2008.

You are requested to kindly look into this matter treating on urgent basis.

Thanking you in advance.

Yours truly,

PRAKASH VASUDEO MAHTANI
(Contact no.: [protected] / [protected]

Myself sylvester Pathol was working as an Business development Executive(BDE) in Relaince Money ltd under teamlease payroll(Employee code :- 198088).Now since dec 08 i m trying to tell them that i resigned on 16 dec 08 and i also havea proof of that,but still they say as per there record it is 16 nov 08,which is totally rubbish
So pls look into the matter and resolve the issue

Thanks and Regards
Sylvester Pathol
[protected]

To,
The HR manager
Reliance money LTD.
Bombay,

Respected sir,

My self Krishna Kumar Mishra worked with Reliance Money LTD Lucknow (UP) .as a BDE on
The "Teamlease payroll" from 11th may 2009 to 15 Jun 2009.My reporting boss MR. Rakendu
mishra (center manager Mob. no.[protected]) hold my salary cheque. When i ask about my
Salary then he said me i[censored] refund @ 3000/ RS (as a donation money / caution money) then i give
You when say about the receiving of 3000 RS. he ignore to pay the cheqe i have gone through
the Office for several times but they used to making excuses regarding that matter while without
my Knowledge he sends a mail to Teamlease HR for the Resign at 15th Jun 2009. After that he
make a Presser for the business. When I contact to Teamlease cunsultancy then I know about
my Resigning. So i think why I login a business after resigning. Sir please help me so
That i can get my salary shall be highly obliged to u for sort it out.Thanking you. Hopefully u
We’ll take an appropriate action.

Regards
krishna kumar mishra
emp no. 392546
Mob no [protected]

Dear Sir,

I had applied for De-mat A/c with Reliance capital ltd. at the time of IPO( Reliance Power Ltd). 16 Share was allotted to me in my Beneficiary A/c no. DPID: [protected] ( My Application no. 1297092).

My problem is that I don’t receive my welcome kit for till date.

I had called so many guys regarding this issue including those guys who filled my form & formalities.
there was issue of address proof. I had given a company letter head for local address & DL for my permanent address.
But they told me that letter head is not valid so i told them my permanent address will be used as a local address & i had given proof already. I dont know made who did the mistake but i am facing the problem.

I had registered my complain also ( complain no: 863818 on 20.03.2008) but I am still waiting for positive action.

Please look into the matter & do the need full

Thanks & Regards
RAJEEV KUMAR
[protected]

I sent them 5 Mails but they have not responded.
I asked;

How to transfer some of my shares lying with Reliance Money to My own NSDL Demat A/c. held with Indiabulls.

* What is the procedure.
*

* If there is Inter Depository Delivery Instruction Book, (Though which shares can be transferred from CDSL Demat Account (Reliance Money) to NSDL Demat Account (Indiabulls) then send it to me.
*

* What are the charges.


Treat it as MOST URGENT

But there is no response till date.

Bharat B. Sahni

Sir,

i have reliance money trading account client code D00043371, i have changed my brokerage structure to % brokerage on 20th jul 09, now i want to change it back to limit card but i cant, they shows it should be minimum 30 days but it is more than 30 days. i mailed so many times to their customer support but not getting any reply. they have the worst customer support.

Deependra Singh

Recently I have sent the below mail to Reliance money..I am 100% sure, I wont get any reply.

Dear Sir / Madam,

I am very much frustrated with the services by Reliance money recently.
I am not getting any reply for the mails from customer service. I am unable to contact the customer service personnel over phone.

1) For options trading, I have been deducted with 10000 rupees as limit card charges so far due to some strange calculation by Reliance money.

2) For each order RMoney is deducting Rs. 15. Recently I placed a order for 20 shares of Ackruti as single order but the order was executed as 2 different orders of 19+1 and deducted Rs. 30.

Kindly let me know the procedure to close the RMoney trading account and the procedure to transfer the demat account and you CHARGES for this too.

Thanks a lot. Kindly reply.

TO
Mr. Sudip Bandyopadhyay
C.E.O.
Reliance money


Sub: - Complaint against sub broker regarding Forgery

Dear Sir,
I would like to inform you that your SUBROKER Mr. Vishal Shrivastava Licensing no.[protected] & Registered office at SHREE LODGE BUILDING, Opp. PATEL AUTO, MOTIBAGH, FAIZABAD – 224001.
For your further reference Vishal Shrivastava has done a lot of fraud with me & with his other clients from his power trade like sell shares of the clients without their permission & information, 100% forge receipt given to clients, false commitment regarding for giving fixed profit, transfer their funds to his personal demat A/C & after doing it he has shut down his registered office. We have tried several times to contact him but he has not responded us neither give us his new address details where he is operating his power trade.
One F.I.R.has also launched against vishal srivastava in local police station Faizabad regarding above matters.
Pls. verify at your end the above mention matters & ask him to provide his Bank A/c & Demat A/C details which have a lot of fraud transactions.
This matter has down the goodwill of Reliance money in the city. ple. Give franchisee only to those whose background should be financially sound and reputation should be strong.

Regards

1: Suresh kumar varma. Mo.no.[protected]
2: Vijay Gupta Mo.no.[protected] 3: Saylendra Varma Mo.no.[protected]
4: Pankaj Singhal Mo.no.[protected] 5: Pawan Srivastva Mo.no.[protected]
6: Alok Mishra Mo.no.[protected] 7: Rupesh Agarwal Mo.no.[protected]
8: Hushin Ahmad Mo.no.[protected] 9: Gaurav Srivastva Mo.no.[protected]
10: Ram Dharash Mo.no.[protected]
12: Surya Bhan Yadav Mo.no.[protected]

This is regarding reliancemoney mall online trading portal. I would like to alert my fellow citizens not to be carried away by the name of “Reliancemoney” which happens to be an ANIL DHIRUBHAI AMBANI GROUP company. I am also one of the millions of innocent Indians who got cheated. They have been cheating people in the name of "reliance". Their strategy of working is to offer heavy discount to attract customers & then supply useless products. When contacted they quickly respond & ask to return the product so that it can be replaced. But replacement never takes place. The defective product is sent to someone else. I am afraid they are also collecting secret information regarding credit cards & online banking details. I wonder what makes Anil Ambani to take up such a nasty business.

Hi All,

I had a recent bitter experience with Reliance Money. Everyone beware that they are charging huge hidden charges behind. THEY ARE NOT OFFERING LOW BROKERAGE. All is fictious and in background they charge heavily.

I have lost 6500 INR recently by their automatic deduction of Limit card charges, which normally should have been Bimonthly 1000 card. But they deducted 500+500+500+500+500+500+500+500+500+500+500+500+500+500 in the same day with PR500. What a new way of cheating.

Top of this when i tried their Nugambakkam branch, they are not answering the phone and snapping the phone suddenly, when you ask their name. They direct you to bombay office, and gain bombay office send you back to chennai office.

Ideally they should not let the client to trade when there is no limits available for him/her. But reliance money conveniently allows client to trade and then charges heavily. (I have seen in this site some of them lost 25000 INR like this way)

These people have to be given a lesson and complained with SEBI. Please all of you who have lost money raise a complaint with SEBI quoting your details, since all their branches are stopping us to contact the head office. Some big time fraud is happening.

http://www.nse-investorhelpline.com/EIS/

http://www.nseindia.com/content/assist/ICF_TM.doc
http://www.nseindia.com/content/assist/ICF_CO.doc

dear sir
I am Gourav Singal from Hisar. I am student of MBA I had join the Headstart leadership programme at reliance Money, Hisar. As I am a MBA student i need my certificate. But they are forcing us to do a Rs. 20000 LI or 4-5 demats for providing us certificate. This conditions were mentioned us before. They are telling us that after completing this target we will get certificate near about two months. But as per the requirements of college we need it now. but they are not providing us. i had paid Rs. 3000 for this. as i am studying at gurgaon and i have leave for gurgaon on this sunday.
so please help me cause i need it urgently.


Gourav Singal

I have a DEMAT account [protected] (client ID M[protected] in Reliance Money (Rel Capital).
They have charges an amount of Rs. 13000/- on 31.07.2009 for Intra day trading on 29.07.2009 against PR-500 limit card charges (500*26) in a single day their system charge 26 PR-500 cards. without informing or giving a message at the time of trading. I was in a impression that I have the enough available limit against intra day but the previous balance was neither forwarded nor giving any message.

So please credit the same at earliest.

Thanking you,

Mukesh Garg
[protected]

Why I quit Reliance Money?



Or Disadvantages of Reliance Money…



· Comparatively twice the delay in opening account initially. Took 20+ days.

· Inconvenient security token

o Without security token you can’t trade.

o It creates inconvenience and discomfort more than security

· Poor trading portal

o Trading portal is not compatible with Firefox or Opera.

o In Internet explorer (IE6/IE7/IE8), it stuck most of the time. You need to re-login again and again.

o JVM installation is also required

· Poor customer service

o No response to emails most of the time

o Otherwise it will take many days to get an email response

o To email them, you need to login to very uncomfortable email account of Reliance Money Mail (Now associated with hotmail)

o No TOLL FREE Number for support. All major share brokers have toll free no. for cust.care

o When an unauthorised tele-trade occurred in my account, they simply said they can’t do anything on the matter. (Case ref:1606762)

· Inconsistent tariff – Always increasing

o They increased the AMC from Rs.50 to Rs.200, i.e. 400% increase

o Limit card turnover limit decreased from 5 lakh to 2 lakh for PR-500. i.e. 60% increase in effective brokerage

o Rs.15 additional charge was introduced per trade for limit card users



Shaheen97ATgmailDOTcom



You have all rights to copy! You may put this article in your website.

RESPECTED SIR,
I HAVE APPLIED A DEMAT A/C VIDE Acknowledgment Sr. NO. [protected] IN April., 08. BUT STILL AFTER 5 MONTHS MY DEMAT A/C IS NOT OPNED AND PAYMENTOF RS. 1250/- HAS BEEN MADE.

I HAVE FACED THE POOR SERVICES OF RELIANCE MONEY LTD.
PLEASE LOOK INTO THE MATTER.

It seems RELIANCEMONEY using client's money without permission which is completely unethical and unfair trade practice. I have faced problem with RelianceMoney.
I transferred amount Rs. 10000/- from ICICI in reliancemoney account, it was showing me in withdrawable balance for 3 days, the fourth day I transferred amount 90000/- to apply for Adani IPO application.
I assumed I am now having 100000/- in my account I tried to apply for Adani power IPO (application amount Rs 97500/-).but it give me message that I do not have sufficient funds in account.
I checked the withdrawable amount and was shocked to see it was showing 90000/- and not 100000/-. I could not apply for IPO due to this.

I tried to call customer support but I could NOT get a chance to talk to them after wasting 30 min. of call time. I sent an email to reliancemoney customer support and no reply on my email till date.
Fortunately I got my money back in my account after 3 days of this instance.

RELIANCEMONEY CHOR HAI.. FRAUD HAI .. CHEATER HAI.. BEWARE..
DONT GET LURED BY THEIR LOW BROKERAGE THEY ARE WORST, YOU WILL LOOSE ALL YOUR MONEY ONEDAY.

Dear Readers, I wish to bring this unfortunate incidence to your notice which happened with me and some other people in Ghaziabad.I am a service class person and job is my only source of income.I saved some money by sacrificing and compromising on day to day needs and INVESTED[I don't have an appetite for trading hence I am not a day to day trader] some money through Reliance Money in Share Market .The reason for choosing reliance money is the added security they promised me as they gave me security key and promised me / gurreented me thet no one except me can operate my demat / trading account which I have with them.I inevested 200000 INR by purchasing all good & A grade shares in year 2008 and thought that whenever I need money I'll simply sell them and take out my money.I invested in following shares:-GVK POWER AND INFRASSTUCTURE, RPL, RPOW [got it in ipo], APPOLO TYRE, BHAGYANAGAR INDIA LTDFour days ago, I got a call from a friend, who also got an account with reliance money, he was screming over the phone, told me that when he checked his demat account, to his surprised, many of his shares have been sold without his knowledge and his account is depleted systematicllay I thought may be he has misunderstood as I was confident that this can not happen and stayed calm, but when he again and again asked me to check my own account, I become a bit worried, I was in office at that time but asked my manager for 1 hr break .I rushed to the franchisee office of Reliance money where I hold my account, they told me that they are unable to update me as they have shifted database to Lajpat nagar location.I took the number of the owner immediately from them and gave him a call .I asked him to provide me the demat balance, Initially he kept on diverting the topic my saying words like "beleive me" " don't you trust me", don't listen to rumourse", but when I stricktly asked him to tell me the balance, he handed over the phone to someone there, he asked me my trading id, and told me that only 4000 worth of following shares are there in my accountBLUE CHIP, CARLS, INTRA I could not beleived him I requested him to kindly check it again, he checked it again and told me same, my head started spinning, I am shocked and I can not tell how I felt at that moment.I felt I got robbed, I called the same friend who informed me about this and told him what has happened with me . He asked me to talk to the franchisse owner, I called franchisee owner again and asked him how could all this happen, he simply said he doen't know and can't do anything about it, and put the phone down.I was like felt screaming on everyone, I went to my friend's place where he has already called a gentleman who has expertise in sharemarket.He told us that OFFLINE trading is the cause of this mishappening where a person from reliance has the ability to do trading from our accounts on our behalf to increase the trading commision revenue and as he might have traded heavily and due to valatile market that backfired him .He asked me to give call to the franchisse owner again and ask him to tell about the one who does this there, I call franchisse owner and asked the same, he told me that guy left the company 2 weeks ago also he asked me to talk to reliance money cluster head regarding this matter as It's with reliance money I have opened my Demat and Trading Account and not with him.I called cluster head and told him the entire story, he fixed a meeting with me and my friend next day.We met him next day and explained him the whole story again. He told us he'll investigate this matter and update us on what so ever is the finding.We went to our friend who has expertise in share market .He asked us to document it at first everything what happened and took formal steps also.We wrote a letter to Relaiance money and went to hand it over by person to Reliance Money office.While coming back from Reliance money office I got a call from cluster head, he asked me wheather I went to relaiance office I said Yes, He asked Why you went to Reliance office I told him to document the incidence, he seemed very annoyed he said " See when I told you I am looking in to it then why you went to office, now on wards i'll also respond you officially only, i took personal interest in your matter but seems you wish to take this official only so it'll be like that only, I didn't understant the reason why he is so annoyed ?Could there be a posibility that reliance guy and franchisee owner doing it together.how and why can my shares be trade with out my consent, knowledge and information ?They did all this just to increase turnover for there trading commission or could there be any other story as well?I am in complete state of shock and mental trouma right now.Did anyone iother also experinced the same issue ?Please join me raising this concern, i beleive united we stand help me, any suggestiions and advice would be appriciated .Can anyone please help

Reliance Money is not only an unethical but an cheat company as well.

I opened an account with Reliance Money when they gave offers of less brokerage and better services in 2007. But little did i know i am going in a trap.

Just after some transactions i was amazed to found RS 1000 has been deducted from my account without any knowledge. To my surprise no intimation or mail was sent to me.

Upon waggling up with customer care i came to know that they have deducted money for some limit card which is an onetime fee for all transactions.

I calmed down thinking that only one time money transfer is better than paying for every transaction.

But soon they have started charging for every single transaction a flat sum of 15 rupees. just imagine paying 15 rupees when you are incurring losses in thousands.

They have also taken the limit card money means charging the customer on all fronts.

I am now planning to take them to consumer court for all of these unethical practices.

If anybody else has some issues please contact me at [protected]

Unethical rs 15 / each trade brokerage charges by reliance money

I my self Ashish Bordiya do on line share trade by Reliance Money Plat form.

MY Clint ID is A00091216

My point is that if online share trade generates thousands of crores turn over in a single day then it has to be clear & secure by Online operators (Brokers) other wise its just like an online gamble which is worst then a casino gamble because in casino gamble you know why you have lost the money. But in online trade you won’t know why you have lost the money when broker creates some thing unusual by showing their un usual legal boundaries & suck the crores (Very Huge) of amount of money in 2 / 3 days times form consumers pocket & SEBI or else were sleeping to wait for an another events like “Sataym”.

(a) What BSE Says for online trades

"The Bombay Stock Exchange Limited is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-Laws of The Bombay Stock Exchange Limited, SEBI Act or any other laws in force from time to time. The Bombay Stock Exchange Limited is not answerable, responsible or liable for any information on this website or for any services rendered by us, our employees and our servants."

(b) What Reliance Money Says for online trades

Although Reliance Securities Limited tries to ensure that all information and materials, whether in relation to the products, services, facilities, offerings or otherwise (hereinafter "Information") provided as part of this website is correct at the time of inclusion on the web site, it does not guarantee the accuracy of the Information. Reliance Securities makes no representations or warranties as to the completeness or adequacy or accuracy of Information and expressly disclaims liability for any errors or omissions or delays in updating this information.

According to them they can launch products for trading like limit cards(1 moth to 1 year limit) & collect crores of amount then before expiry of these product with ought giving any advance information’s they introduce another brokerage plan & and make limit card plan use less by charging rs 15 per executive trade, they stars to charge rs 15 per executive 20/07/09 and announcing about this on 23/07/09 on their web site that moment they sucked crores (very huge) of amount from customers pockets by the name of rs 15/- each trade & limit card

And clients are calling, mailing again & aging but they are not giving any response.

Means they can make any rules & regulations by their own any time they feel that they need money “example” -: 200 crore they can change the plan or else quite normally to gain the same.

Sebi or Indian judicial system sleeps to see all these kinds of bluff with their consumers
If any responsible person of sebi or Indian judicial system will just search over the internet they can find thousands of complain against online brokers.

Is it a chit fund organization or an organization of mr. jadeja which is declaring they are no liable for anything

I want to know what consumer protection act does for above mentions situations

(a) Is that they can revert back the amount to the consumers from the faulty company?

(b) How may days it will take?

(c) Is there any online plat form to get back the money?

(d)How much penalty it can provide to consumer (10 times or 20 times or more then of actual amount) why huge penalty is needed? answer if penalty will be on actual basis then no body can control these kinds of situations company appointed is legal adviser who is getting salary for these issues then actual basis solution will be the write choice for them. And 100 out of 2 persons will get hedge to get back their money and problem wont be solved


(e)If same case of a person solved then this will be applied on every suffering consumer?


If sebi, Indian Judicial System, Consumer Protection Act won’t stop these kinds o[censored]nethical
Practices permanently then stop online trading

Hi, The security key provided by the reliance money or secure login onto the website has stopped working all of a sudden due to which i was not able to login to the website and trade. there where few shares which i had to sell but could not due to this. Tried calling the call center number posted on there website but in vain. the operator says the that the number is not in use.
emailed my complaint twice to them but still they did...

The worst thing in reliance money is : TIME LIMIT for intraday which is 2.55pm (we have to square off all the shares till 2.55pm or the system will automatically square off the shares according to market price)

they should give us the time till 3.25 or 3.30pm or till market last. coz the 1/2 hour (ie after 3.00pm) is too curcial in market in terms of price fluctuation.

the time limit till 2.55pm is just showing about their market unawareness and not taking care of those who Rely on RELIANCEMONEY

... is they r consider our request??