Inspite of being aware of the fuzzy ethics of the Reliance Group, lured by low brokerage I went in for RelianceMoney online trading account in early 2008. Just like the leopard cannot hide its spots, the unethical practices of Reliance has come out in the open by the’Limit Card’ scam.
While strictly speaking what they have done is not illegal, since it was all there in the fine print, it is definitely unethical, and fraudulent and we have been cheated!
Like so many others, I was stunned to see charges of Rs.2, 500 in April due to’default’ rate card. They did not respond to my complaint. When I called customer care, they said they had intimiated about the limit card change by email - sent to the reliancemoney mail account which was not working most of the time and in any case is filled up with junk mail / spam mail.
RelianceMoney.com site sucks:
Convenently is down when market is volatile!
need a doctorate to read the ledge balance
Not trasparent at all - hidden charge everywhere
Delayed quotes make you suffer.
Very poor website GUI / usability
Horrible customer service - if they at all pickup
- email site closed down some time back
new email site full of spam/junkmails.
horrible reporting features.
Money transfer into Reliancemoney.com is instantaneous, but tranfer from your online a/c to bank take 2-3 days!
*All in all something I would not recommend to my worst enemy
I request all of us who have been taken a ride to lodge a complaint with SEBI at
*https://sebi.gov.in/Complaint7.jsp
The complaint I have submitted is given below:
Reliance Money
Reliance Money House,
250-A/1 Baburao Pendharkar Marg,
Off Dr. Annie Besant Road,
Worli, Mumbai - 400025,
Maharashtra.
Reliance Securities is perpetuating a scam through its online trading portal reliancemoney.com. It had promised low brokerage charges and given a no brokerage plan. All of a sudden in April 2009 I(and many others) find that we are charged with Rs.2, 500 as’bi-montly’ plan without getting our permission.That too when the trading done in this account is negligible owing to current market conditions. On enquiry they said that since Nov 2008 the original plan expired and by default we were put in Rs.1000 for two months plan. and since 4 months have passed since Nov they have charged Rs.2, 000+ Rs, 500 for another plan. They claim to have sent an email to a reliancemoney mail account, which closed down some time back(wouldn’t work) and they moved the mail account to hotmail.com withouth sending the password. You will find a huge number of similiar complaints at https://mouthshut.com/product-reviews/Reliance_Money-925072037.html. Request you to take action against this fraud and have the money refunded.