Reliance Money
Unauthorised use of account

I have a Demat account with Reliance Money.

I have had a very bad experience with it. Two weeks ago I transferred money from my Axis bank account to my Demat account, and the money was deducted from my bank account but was not creditted to my Demat A/c of Reliance Money. Later Reliance Money says it will take T 3 days. Atlast I got the money after 5 days.

Now the second thing which happened yesterday, I logged into my account and it showed my balance with an excess amount of 1, 14, 000/-. Today when I logged in, it showed me that my balance is

-54, 500/-.(negative :-0)

Now they say that the server short sold 800 shares of RNRL on 4th Feb. Without me giving any orders for the same. They sold 800 shares and credited the balance to my account. And now the have put those shares on auction. And I cant trade as my balance is -54, 505/-. Now again their customer support executives (who pick the call after 15 minutes of hold time) say that they will rectify the balance, which the accept was some technical error. and this will again take T 3days.

The trade was executed at 3:03, so I cant order it as Reliance does not accept Margin orders after 2:55. Its them who did this. And now the RNRL share is at 163/- and they had short sold at Rs. 143.65/-.

I really dont know what to do about all this?

Company: Reliance Money
Country: India

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