Extra brokerage charged by reliance securities
Gurpreet Kaur
(Querist) 21 February 2012
This query is : Resolved
Hello,
My husband has been using the services of Reliance securities to trade in the market. He is not computer friendly therefore, he deals in the market through a broker.
Last year on 15th April, 2011, reliance securities has changed the brokerage & sent an intimation on the registered email ID which was opened by reliance only in the name of my husband. My husband has never checked that email account.
Moreover, the broker also failed to communicate the change in rates. As the market was volatile, so my husband did not trade for 8 months. When he sold the shares which he was holding from the past year on 29th Jan, 2012, Reliance has charged the brokerage as per the new rates.
Now, I have been communicating with them for the reversal of the extra brokerage charged & refund of the money to which Reliance securities has refused completely.
They are just contending in all the emails that they intimated through emails which were never checked by my husband as he doesn't deal through their website. He gives an order to the broker to purchase & sell the shares on his behalf.
Could you pls advice me the remedy available to my husband in this case?
I will appreciate an early reply.
prabhakar singh
(Expert) 21 February 2012
Why you are asking for your husband?????
Anyway a/c would be treated with reliance as the same was opened with reliance and not with one whom you consider your broker as he is simply franchise of reliance.
your husband was obliged to read those emails,if he has provided his email address to reliance,whether computer savy or not.
Any way your husband can consult a local lawyer to move consumer forum ,if you think ,he had a bad service,though in my view he has no case.
V R SHROFF
(Expert) 22 February 2012
There is no special brokerage policy for you You are bound to pay the brokerage as per their rule .
SO NO REMEDY. JUST PAY .
mahendrakumar
(Expert) 22 February 2012
unless there is a special brokerage agreement for your husband,he is bound to pay the general rates prescribed by the reliance.
anyhow,unless the transaction was very large,the differences in rate would be very minimal.
mahendrakumar
(Expert) 22 February 2012
dear rajeev,
Mr.Makkad has not commented in this thread.
as such how are you agreeing with him?
Gurpreet Kaur
(Querist) 22 February 2012
Prabhakar sir,
My husband doesnt have a personal email ID. Reliance has opened an email ID for him on their portal for all the queries while opening his demat account. That is the reason that I am looking for a remedy for this issue. Had my husband given any email id, then I know I would not have any reason for looking for the refund of extra money charged. Now if you can help me.
mahendrakumar
(Expert) 23 February 2012
with regards to email id creation,if someone else create it own our behalf also,it is valid,unless objected.
how much money is involved?
what was the brokerage rate actually charged.
give details,so that further guidance if needed be given.
