Reliance Money Complaints & Reviews

1. That I am the Prop. of M/s Kohinoor Investment partner code[protected] and has established my office.

2. I have the following grievances and you are requested to kindly redress them at per your earliest possible.

(a) That till date I have opened nearly 700 Demat accounts.

(b) When I started opening the account, I was given guidance by the Jammu branch office staff to fill the form for opening the account and attach the formalities i.e (ID proof, PAN, Address Proof, Cancelled Cheque) and there is no other formality as they added. The above made me that the commission cheques for the online and offline trading will be dispatched to me from this office branch Jammu and will be delivered to me in my office in time.

(c) But till date I have not received any cheque of commission of the said trading online accounts so, I repeatedly approached to the Branch Office Jammu to Mr Ravi Sharma (CMT) and Mr Harpreet Singh (CSE) but after my serial repeated requests and approaches to the cluster head it is told that I have not filled the mandate forms while opening the demat accounts which no body has guided me to be filled at the start and neither they have provided me this mandate form prior to May 2008. If I was submitting my demat account forms from the last one year without mandate It was obligatory on the part of authorities at helm in Jammu branch to point me the flaw was any at my part. I repeatedly remained press the concerned authorities for non delivery of my commission cheques but they pretended that it will take time and there is nothing to worry. However in the last on my pressing I was told that my mandate forms are missing to be attached with AOF which none had guided me and never the said mandate forms was handed over to me to complete the necessary formality if due. These mandate form have been shown to me and delivered only after May 2008.

(d) That the clients whose accounts I have opened mostly reside in the far-flung area of the mountainous tract of the region. It is as such not possible for me to approach them to get sign the mandate form from them of the old opening accounts now by this negligence in the part of the superior officers of the Jammu branch I am not getting commission of these accounts and so suffering measurably to expand my work.


3. That there are 100 and above accounts which were sent to Jammu branch office in time but not being done quick disposal by the branch office staff to forward in time. They forward after lapsing of formalities time limit which is known to have been returned to branch office from the head office Mumbai, again the formalities were get fulfilled by me and sent to the Jammu branch they to have met the same fate for not making the quick disposal to the head office and on telephonic contact, the office concerned have informed that the have also been returned from the head office for lapse of period of completion of the formalities. However the said account have not been sent to me so far for any action. In this way due to distrust created in the mind of my these account holders my business has suffered and suffering very measurably which causing huge loss to me personally as well as the company as whole. And my clients are harassing me for not being opened their accounts so far from the last one year due to which I have suffering recurring loss of lacs of rupees till date and also lost business of life insurance, general insurance and mutual fund which are created through these clients.

4. That there are also cases who filled free accounts from my office and the accounts get approved in time and immediately after approval of account when they have received the letter of approval of accounts the deposited demand draft of Rs 500/- each but they have not received kit so far due to which they suffering recurring loss of thousands of Rupees till date but with no remedy in spite repeated request to branch office Jammu personally by me.


5. Due to non activation of accounts mentioned in Para 3 and 4 and mandate issue referred in Para 2 by the negligence and delay at the part of authorities in helm in the branch office Jammu I and my clients both are suffering recurring loss of lacs and thousands per month.


rajesh gandotra

Hello im Raj from vizag ( andhra pradesh )

Do not Open account with Reliancemoney

Its cheating its customers.. They are using Money in our accounts with out our permission Or notice.

I Transfered 10, 000 rupees from my Bank act to reliancemoney act.

that day itselt i bought 7 shares of Infosys
Next day when i market opens.. Infosys share got Increased by 5% and i sold those 7 shares.
At the end of the day... In my legender balance its showing Correctly.. and i got Mail stating that U have sold 7 shares of Infosys.. after that i didnt done any trading

when i checked my act after 4 days, i was shocked.

Balance in the act shd be around 11, 000
But its showing 200
when i called cust service they said that
U have sold shares in ATST ( but i bought in Delivery ) so those shares got auctioned and u wont get money

this is the response i got frm cust care

what i have to do now...

I want to sue Rmoney.. and how to proceed..

Pls Help me in this Regard.

HI,
Myself Srinivas i am a employee in a small company. My problem is i gave the check for 500Rs, to reliance money last 3 months back to open my account . i submitted proper documents to executive. one of the reliance employee unfortunately miss match the my company id. But before the phone verification reliance money drawn the check for 500Rs. after one week i got phone call from reliance money and i answered to their questions. But the problem is my company name was not matched with their details so they rejected my account. But its not my fault its their employee problem. Now they are not refunding my money not even they are not opening my account. I am waiting from 3 months now even they are not lifting my phone if they lift not giving proper answer. I believing that i can get support from here.
Thanks in advance.

Sir
i am not able to find the websiet for reliance money mail.if i go thru www.mail.reliancemoney.com, it is not working. plz look into it and do the needful.
My id is RAKAO2DB

Worst ever service I have ever seen. Suprised to see their adamancy. Mails are definitely relied - though expect the reply within a span of 2 months. Worst ever service and the people at customer care s even worst - if at all they reply they will reply completely something else.

I have asked how to convert my MF purchased online to offline mode and they replied after 2 months - how to purchase MF online. And they argue too over the phone.

Dear SIr

I can not able to access site mail.relaincemoney.com past few weeks. i want to see my BSE/NSE contract that mail by you

pls provide me full details or i m just going to close account with you because i m not satisfied with you services

Dear Sir/madam
I am having and Demat / trading account with reliance Money.
Following is the account details:

A/c Holder’s Name : Snehal Harkawat
Client Id : S00041624
User Id : SNHA0001

I have bought an TCS July Future on 10/07/2008 which has been sold by RMoney back Office without any intimation to me.

If there is any shortage of margin, I would have transferred it on same time if I have been intimated. Even margin can not be the reason as 17, 303 INR is still there in my ledger balance and i have Stocks of worth Rs 1, 00, 000 around..

I had to carry of Rs 33, 000 loss as a result which is not acceptable.
Even the order has been squared off at 12:20 pm which is not the market closing time.
Settlement must be done on closing basis.
please let me suggest what can be done to take leagle actions againts them.

The reliance money net trading software has bugs and inadvertently I had selected limit card. Without warning and confirmation from the User about debiting anything it straight away debited by ledger and generated a fresh limit card. When complained to Reliance Money they told they will solve the problem and reverse the debit in seven working days which never happened. It is very disappointing trading on net with reliance money.

Hello Money Sucker Reliance Money Ltd

I had made complaint on 25/07/08 to the customer care of Reliance Money Ltd, they said that after the end of the day it will be corrected, but it is not corrected. Reliance Money cheated by deducting the double the amount of profit I made on the Friday from the open balance.

Opening Balance of Rs. 329, 730.53 on 25/07/08.

Made profit of Rs. 1315.96

Open Balance should be: Rs. 331000.00 on 28/07/08 at least.

But Opening Balance on 28/07/08: Rs. 328, 398.81

So, Reliance Money cheated me total of Rs. 2731.92,

Traded Details on 25/07/08
Ledger Balance:
Opening Balance of 329, 730.53 on 25/07/08.
Trading Type: Margin
Script: ESSAROIL

Total Quantity Trade: 2582,

At 10.40 AM Sold 250 qty
At 10.46 AM bought 250 qty

With this made profit of Rs.100

At 12.23 sold 82 qty
At 12.24 bought 82 qty.

Made profit of Rs. 32.8

From 1.12PM to 1.24 PM, sold 2250 qty at different time.

At 2.08 PM bought 500 qty & remain qty I’ve square off reaming qty 1750 to buy at Rs. 186.90 & order is accepted

I tried to edit the Open order and I could not able to modify the order. Ultimately went to market after the margin hours, i.e. at 3.00PM, which makes a huge loss. Why system does not allow me to edit the order??????????

With my luck, All the 1750 shares is traded under market with profit of Rs. 1, 315.96 & showed in the Ledger balance.

I noticed in the ledger balance the square off order still opened and not yet cancelled even after the margin hours are over & my money of the open order qty was blocked in ledger.

Why this is so????????????????

In the contract note, I see that I have to pay you Rs. 326000 from account, what is this bull , because of the deliver mode transcation even though I have not done any delivery transcation on the 25/07/08.

Customer care says, there is open position on 28/07/08 in Deliver mode. I have not done any delivery selling or buying. How can they say that I have made the delivery position.

Reliance Money Ltd playing with my money to our there personal purpose.

Very bad service & application. When ever I call the customer, they says, you will get a call in 20 minutes, 30 minutes, 1 hours. I never got any call.

Reliance Money Ltd knows only to suck the money from the customer because of there profit.

I need the correct answer on the why the profit made is not added instead is deducted from my account, who is responsible for this, because of this my business is stoped and also lossed the trust with Reliance Money Ltd.

Shivana

I have paid Rs 750 for opening of Online Trading & Demat Account. The acknowledgement receipt [protected], The amount was debited from my bank account on 26/06/2008.

Since I didn't receive the welcome kit, I called up Awinash Singh ([protected]) who told you will get kit whitin two days, he gave same answer for 15 days. then I called up Chembur Branch office at 32045649 from where i come to know my application is rejected and papres are with awinash then i called awinash who again gave same answer you will get kit within two days then i told him the fact that i know that my application is rejected and from that day he is not taking my calls.

Regards
Himanshu

address to be change as follow
Cliant Code : C00032774

Chandrakant V. Patel
c/o Chunibhai C. Patel
Vitthal Shivani Wadi, Tarsadi,
Ta : Mangroad, Dist: Surat, Gujarat
Pin 304120

I am to inform you that i had a D/Mat A/c having the following
Clint Id s00031391. AppNo:-[protected]. Dp ID:[protected].
User Id:-SUCH004D Ac opening Date16.04.07 Bo Id 00347093 with reliance capital limited partner code:=[protected]
which perhaps been dormant.Now i like to cancell the account due to non utility for months together and there is no scope for further betterments.
I there fore request youto please do the needfull at the earliest to avoid further discripency.In this connection I have already send letter to your end to Reliance MOney Limited 5th Floor LEXINGTON HIRANDANI ESTATE OFF GODH BUNDAR ROAD THANE(W)400607 but no reply til date.

I had applied for an Demat A/c with Reliance Money on 18/06/2008 and submitted all the documents (Application # [protected]) and also paid Rs.2, 750/- by cheque. But I've not received any reply from them till date. By the grace of almighty god, I got connected to Reliance Helpdesk. But, to my consternation, they told me that my applicatiom is rejected due to improper POA (proof of Address). Now, what is more distressing/ annoying is the IRRELEVANT REASON they had cited, because I had submitted 2 Address proof (Bank statement and Ration card as well). Disappointed with their poorest and dormant service, I asked them to refund my money. But, they are neither activating the A/c nor refunding the money. I've sent more than 70 mails to customer.[protected]@reliancemoney.co.in, but to no avail.
I request the higher ups of the Reliance Money to activate the A/c as early as possible or refund the money (The least they can do).

V.Vivek,
Hyderabad.

Dear Sir,

On 9 of june 2008, i had place an order to sell a put of 4600 at 365. later i got know that the put has been sold at 190 and i called up customer care regarding that, they told me that there was a system crash. When i called the customer care again on the next day, the customer care said that franchisee have sold the order there was no system crash. on wed same thing has happened, i placed an order to sell the call at 142 and i got to know that they have sold the call at 115, that also been done by the franchisee without my permission. Till now I have lost Rs. 4700 because of franchisee, no action has been taken by the reliance money. They have given us a security key saying that if you loose the your account number and password, it will be of no use for the person who will get those detail.. coz while logging we need to put security key, which they will not be having.
could anyboby suggest how do i tackle this issue, to whom shall i contact in this regard.. till now i have sent a mail regarding this to the sebi. however till now i have not got the response.. help me guys..

thanks and regards
Amul

SIR,


I am based in Gwalior. I have a trading and demat account
with Reliance Money.The account number is[protected].

A few days back I had withdrawn Rs. 7000=00 from my R money
account after I had sold some shares as I needed money for
personal use. I hoped to receive cheque at my registered
residential address as is the custom of all the other DP,
Mutual Funds and Companies.

On 29.05.2008 I received a call from phone no.[protected]
from R money. The person informed that a cheque of
Rs. 7000=00 has arrived at City centre, Gwalior Office,
upon this I asked to send the same to my residence through
courier. On this the person said it will not be possible to
send the cheque through courier and I will have to personally
pick up the cheque.

Upon this I asked him to connect me to Accounts incharge or
Branch Head of (Reliance Money) so that I will request him
for the same.Hearing this he replied that he could not
connect me to both these officials and further remarked
following words " It is your cheque, if you wish you can
pick it up from office" and without waiting for my answer
disconnected the phone.

I am unable to go and pick up the cheque hence I send email
to customer support and customer grievance at Reliance Money
and requested to please cancel the cheque and credit the
money back to my trading account, as I can not go and deal
with their people at Gwalior office who may spring another
unpleasant surprise.

It is brought to your notice that till date my emails are
unanswered and my money is still lying with them. I have to
beg for my own hard earned money. The Company is not serving
properly to it's customers. It is therefore requested to
please take action against Reliance Money.



Pradnya Dilip Nigdikar

Hi I am Dhiraj Tanwar and before more than 2 months Reliance's agent collected all the documents from me to apply for DEMAT account and he submitted everything because I started getting messages regarding stocks within 1 month from reliance money but you know I am still waiting for the welcome kit from them and without that I can't start. I emailed their customer service thrice for the same and just got the reference IDs nothing else, here you see:

CRM:[protected]
CRM:[protected]
CRM:[protected]

In the last reference ID they crossed all the limits and told me to get the kit by visiting their Chandigarh branch, is it the customer service? Please suggest me what I can do in it, I suspect if I made the right decision to open the account with them.

Dhiraj Tanwar

RESPECTED SIR,
I HAVE APPLIED A DEMAT A/C VIDE APPLICATION NO. [protected] IN JAN., 08. BUT STILL AFTER 5 MONTHS MY DEMAT A/C IS NOT OPNED AND MY CHEQUE OF RS. 750/- HAS CLEARED.

I HAVE FACED THE POOR SERVICES OF RELIANCE MONEY LTD., I HAVE OPENED MY DEMAT A/C IN OTHER COMPANY. AND NOW MY MY APPLICATION MONEY OF RS.750/- GIVEN BACK TO ME IMMEDIATELY.

Subj:- Deduction of balance from the Account without any intimation to Customer, Limit Card Problem.


I am using Reliance Money Online Trading Account for which i have paid Rs.750 at the time of joining.I was told that i have to pay just Rs.750 and I can trade for Rs.5 Lacs or a year and my account got activated in the month of Nov or Dec 2007.

Now What I see is there is deduction of Rs.2500 from my Demate Account.

I have spoken to Customer Care Executive of Reliance Money, they said that I am using Bi Monthly Package for which there is deduction of Balance. I don't Understand at the time of joining your Executive say something and sell the product to customer .Later the Customer come to know that he is been cheated.

I have also given Complaint in Reliance Money Branch Office Pune and spoke to Priyanka, Ujwala asha who are employees of the same organisation, even they gave some stupid excuse. And it's been more than 2 months my money is blocked by the Reliance Money. The contact Number of Reliance Money Branch office is[protected].

I request the Consumer Court to take proper action on Reliance Money and so that this correction is made for all the customer who are facing this problem & the balance is transfered back to their account. Because Rs.2500 is a huge amount .

I would appreciate the Indian Law if the problem is solved.

Thanks & Regards
AKASH TAMBI

I have opened a Dimat Account in RELIANCE MONEY. They have sent me a Reliance Money Wel-come Kit via Your Courier Service By the POD NO::[protected] on the 28th of APRIL. Yet Now I haven't Get My Wel come Kit. So tell me the Status of my Kit.
Thank you..

sir I have recieved welcome kit from reliance money on 30.4.2008 but my address and my mobile no is not mentioned correct please correct it for further correspondences in future

Mohan

My Tradding Client I D[protected]M00072134
DP ID[protected][protected][protected]
Account No of Axis Bank[protected][protected]
Mother's Name[protected]Chandervati Devi
Mobile No.[protected]--------[protected](right mobile Number)
PAN[protected][protected]ARYPM9348N
((wrong Mobile Number [protected]) Please delete it from your record))

Date of Birth[protected]-05/04/1976

Address

Mohan s/o Shri Devi Ram
Village[protected]---- Bata
Post office[protected]Deeghot(please add post office)
Tehsil[protected]Palwal
Distt.[protected]-----Faridabad
State[protected]-----Haryana
Pin Code[protected]-121105(please add Correct Pin Code)

Wrong Pin Code(122012)
Sir I may not recieve my letters in future at the address mentioned in my voter I D Card which has clerkal mistakes in it. The post man has advised me to tell you my correct address

Call Centre Service is not good