Sir/ mam,

Date : 28-08-2010

Subject: Complaint regarding financial cheating misrepresentation and fraud committed by Mr. Niranjan Kumar Nishant ( Dealer) ( Emp. ID- 42686), Mr. Vivek Kumar Singh ( Branch Manager) ( Emp. ID- 38870) and their team while working for and on behalf of the company M/s Religare Securities Limited at Gurgaon Branch Office SCO382, SEC-29, Gurgaon-122002 ; with its Regd. Office at - A-3/4/5 GYS GLOBAL, SECTOR 125, NOIDA 201301 against the Applicant Mohinder Kumar Rohilla, son of Shri Mam Chand Rohilla, R/o 118 Paschim Vihar Extension, New Delhi 110063.

I Mohinder Kumar Rohilla, son of Shri Mam Chand Rohilla resident of 118 Paschim Vihar Ext. New Delhi – 63, opened my account with following details in Religare Securities Ltd. at Gurgaon Branch Office in Aug 2010. My details are:
Client Id no. 16477301 , Product - Rally
Trading user Id. No. - MK8103,
CRN no. – 1000984549.

On 26-8-2010 Mr. Niranjan Kumar Nishant (R.M.) and Mr. Vivek Kumar Singh (B.M.) and their team, of Gurgaon Branch did certain transactions in my absence without orders to benefit themselves for commission and their company Religare Securities Ltd. for brokerage.

Points by point, facts of the case have been enumerated in the following paragraphs, for your kind consideration and necessary action against the erring persons.

1) That on the first transaction day itself i.e. 26-8-2010 with Religare Securities Ltd. I have been cheated/deceived with an amount of Rs. 4, 12,709 approx. through the Branch Manager Mr. Vivek Kumar Singh, R.M. Mr Niranjan Kumar Nishant and their team.

2)That being a very small investor, I invested my hard earned money of Rs.1 lac with Religare Securities Limited on 25-08-2010, with its Gurgaon Branch with Trading A/C No. MK8103 with my clear instructions to my R.M. Mr. Niranjan and B.M. Mr. Vivek Kumar Singh to only guide me in my dealings in shares and stocks only.

3) That on 27-08-2010, I received a telephonic call on my mobile phone 9818729544 from Mr. Niranjan Kumar Nishant through Religares’ Gurgaon Branch Manager Mr. Vivek Kumar Singh’s mobile no.
9650214455. I have been told by Mr. Niranjan Kumar Nishant that the Religare Team had executed some transactions on 26-08-2010. Due to these transactions STT (Securities Transaction Tax) has been levied on these transactions amounting a total Rs. 412708 approx. which has been debited in your account No.MK8103 for which you are liable to pay.

4) That after this conversation with Mr. Niranjan and B.M. Mr. Vivek Kumar Singh, I and my family suffered mental trauma. I failed to understand as to how these transactions took place without my orders, in my absence? How can there be a huge tax amounting to approx. Rs.4, 12,708 be levied on a capital base of Rs.1 lac?

5) That on checking my account details through email id ; I found that without my orders, in my absence the R.M. Mr. Niranjan Kumar Nishant and his Branch Manager (Mr. Vivek Kumar. Singh) had drawn a huge margin money to the extent of Rs. 1 crore 50 lacs approx. from the company ( Religare Securities Ltd.) which is approximately 150 times more than my capital base of Rs. 1 lac. They used this margin amount without my orders in my absence for unauthorized transactions.

6) That since I have no previous history of working with the company Religare securities Limited, and being the very first transaction day i.e. 26-08-2010 how can the company sanction a limit of 150 times more on a capital base of Rs. 1 lac to any R.M or B.M. without my specific prior orders /approval?

7) That I am shocked to learn that in clients’ absence and without client’s specific orders, Religare Securities ltd. has authorized its R.Ms. and B.Ms to sanction and use such high margin amounts on behalf of the client.

8) That being the client of the company, I want to know whether there exists any system in Religare Securities Limited for conducting business transactions? I further want to know whether the same system of transacting business has been followed in my case also?

9) That as per the statement provided by Religare in my email id , I found that in my absence and without my specific orders the R.M.Mr Niranjan Kumar Nishant and the B.M. Mr. Vivek Kumar Singh, have done a business of approx Rs. 50 crore both debits and credits in a single day in my account, which is approximately 5000 times of my capital base of Rs.1 lac . This is not possible without drawing the huge margin limits from the company i.e. 150 times more than my capital base of Rs. 1 lac which is beyond my credit limit and capacity to deal and repay.

10) That after knowing the Gross Transaction amount/volume and size, I and my family suffered mental trauma, stress and tension, as the drawn margin amount and the transaction values are far beyond my capacity to deal / repay. In case loss would have occurred in my account, then who should have been held responsible for such deception, The R.M., the B.M. or M/S Religare Securities Ltd.?

11) That since , all transactions done by the company officers mentioned above Mr. Niranjan and Mr. Vivek Singh, are in my absence and without my specific orders, therefore these have not been done
for me and on my behalf. These have been done by them (Mr. Niranjan, Mr. Vivek and their religare team) in their personal capacities for which they and their company should be responsible.

12) Is there any security system that exists in the company for protecting and safeguarding client’s interest while transacting business? If so, has that Security System been followed in my case also?

13) That since I am naive and have no knowledge of nifty, future options, calls, puts, I specifically told my R.M. Mr. Niranjan and B.M. Mr. Vivek not to trade in these segments. But still in contravention to my orders, the R.M. and the B.M. Traded in these segments to my surprise.

14) That since these transactions have been performed in my absence without my orders, I want to know who all are involved in performing these transactions using my Name, Client ID, Security Password? Please give me a detailed call summary, of every phone call received by the order booking staff, the names of the callers, their addresses, their phone numbers, the security password used by them at the time of placing the orders and the ID Proofs of the respective callers.

15) Please also provide me the details of the persons who received the calls in question and booked these orders, what all checks and precautions were taken by the Company’s order booking staff to establish the authenticity and Identity of the caller and genuinity of the transaction ?

16) That I received my Welcome Kit on 27.08.2010 evening sent by Religare Securities ltd, through courier. I fail to understand, how the transactions in question, have been done in my absence and without my specific orders in my account MK8103 by R.M. and B.M. of the company without confirming my Security Password and other required precautions? If it is so what is the significance of this security password issued by the company to the client? Is this the kind of security Relegate provides to its clients? I apprehend, the Whole Gurgaon Branch is involved in these transactions.

17) That on 27.08.2010 late evening, The Branch Manager Mr. Vivek Kr Singh along with his team of five members (Mr. Niranjan Kumar Nishant R.M., Mr. Gyanendra Singh R.M., Mr. Sandeep Kumar R.M., and Mr. Narender Yadav R.M.)Of Gurgaon Branch, visited my residence- House No.118 Paschim Vihar Extension, New Delhi-110063 to collect the debit amount standing in my account by applying undue pressure. Even after a lot of requests none of them, explained the transactions and their consequential effects. Their only concern was to collect the debit amount.

18) That on nonpayment of the debit amount , they ( The B.M. along with his four team members) threatened me and my family to be ready to face the financial and legal consequences. He stated that Religare has many big and experienced advocates who daily tackle such situations and you (client) will stand to lose. In case you don’t pay the demanded amount you will be penalized with interest and other charges.

19) That during discussions, the B.M. Mr. Vivek Kumar Singh stated that he has many clients in his branch and has no time for very small investors / clients. I am pained to say that, Religare Securities
Ltd. discriminate its clients on the basis of their size and the small investors are left at the mercy of their respective R.Ms.

20) That In order to earn maximum brokerage whether it is the Company’s Policy or is it that the Branch Manager forces his team members to do maximum transactions with very high volumes by using high margin money? In my case also in my absence and without my specific orders , the same high volume business with high value transactions using approx. margin of 150 times more than my capital base of Rs. 1 lac has been done, without regard to my Financial Position and their implications. What was the necessity and justification for these high volume and value transactions?

21) I request the concerned authorities to help provide me the amount of brokerage charged by the company on transactions in question and the commission earned by the various concerned officials / employees from the above stated transactions.

22) Since the transactions in question have been done in my absence without my orders I am not responsible and liable for the transactions performed by Religare’s Gurgaon Branch.

23) As this has been done with me on the very first transaction day i.e. 26.08.2010, I am concerned what all is being done with other clients?

24) Due to transactions done during the day by Gurgaon Branch Manager – Mr. Vivek Kr. Singh and Mr. Niranjan Kr. Nishant (R.M.) along with their team , I and my family suffered financial losses, physical and mental tortures.

25) I pray the concerned Authorities to declare all the above mentioned transactions in question, as illegal and fraudulent. And get me back my hard earned money invested with the company amounting to Rs.1 lac.

26) I also pray the concerned authorities to grant me and my family with sufficient liquidated damages for the financial losses and also the physical and mental tortures suffered due to their wrong and fraudulent doings.

27) I also pray the concerned authorities to take appropriate legal actions against all the erring employees/ persons involved, in committing fraud, cheating and misrepresentation.

Mohinder Kumar Rohilla
118 paschim vihar extn
New delhi- 63
09818729544/ 011-25213173
Email Id- mk.rohilla52@yahoo.in

Dear Mohinder,

We hope that we /our personnel have clarified the matter to your satisfaction and the information given would suffice to meet your concerns. Also feel free to mail us at wecare@religareonline.com or speak with us on the Client Services helpline number - 1860-25-88888 in order to help us serve you in the best possible way

We value your relationship with Religare.

Regards,
Religare Relationship Team

Sir/Mam,

I lodged my complaint with Religare Securities Limited on 28-08-2010 and regret to state that no point by point reply of my complaint has been given till date.

I am pained to say that instead of taking appropriate action, Religare Securities Limited has been sending its officials from various branches to negotiate the matter i.e. last being on 02-09-2010, when Mr. Vivek the Branch Manager of Gurgaon Branch, and Mr. Ashok, the Zonal Manager of Paschim Vihar, New Delhi branch in their official capacities as representatives of Religare Securities Limited visited my residence House No- 118 Paschim Vihar Extension, New Delhi-63 with a proposal that Religare Securities Limited is prepared to bear 25% of the STT amount.

The proposal is not acceptable to me, since the transactions have been done without my specific orders and the company Religare Securities Limited has not been doing fair business and is also not maintaining total transparency in its dealings/ transactions with its clients throughout the business operations.

On the other hand, on 4-09-2010, Mr. Rajeev Sethi (Member of Relationship Team) from Noida Branch vide its email message, has been asking me to clear the dues.
It is surprising again that different inconsistent replies to my complaint are being given by various officials of Religare Securities Limited and my initial complaint has not being answered point by point till date.

As stated by Religare Securities Limited in its recent reply dated 8th Sept 2010,
Quote:
We hope that we / our personnel have clarified the matter to your satisfaction and the information given would suffice to meet your concerns.
Unquote

The above reply by Religare Securities Limited is false, deceptive and misleading. Even after my repeated requests none of the company’s personnel has ever clarified the matter. I am still not aware what clarifications have been given by Religare Securities limited and to whom?

I request Religare Securities Limited to kindly give all the clarifications in writing only. I am no more interested in verbal conversations with Religare Securities Limited.

I am clearly stating that till I get satisfactory point by point reply to my initial complaint dated 28th August 2010, I am not liable to pay any amount , nor I may be held responsible for the delay.

Till date the matter stands unresolved and unclarified.

Regards
Mohinder Kumar Rohilla
09818729544 / 01125213173
email: mk.rohilla52@yahoo.in
mk.rohilla52@yahoo.in

Sir /Madam, Date:28.09.2010
This is in continuation of my application, I submit as under:

That instead of replying to various queries raised by me in my initial application dated 28.08.2010, Religare Securities Limited, is threatening me and my family of various legal consequences i.e. to initiate criminal proceedings for commission of offence of cheating under section 420 of the Indian Penal Code which is punishable with imprisonment which may extend to seven years as well as fine, through a Legal Notice vide reference No.RSL 070910/03 dated 07.09.2010 sent by their Advocates Mr. Sunil Aggarwal with their office at chamber No.476, Western Wing, Tis Hazari Courts, Delhi-110054, which has been received by me on 28.09.2010.

I am pained to say that my application is pending before the hon’ble Consumer Forum, since 28.08.2010 and instead of replying to the various queries raised in my application; the Religare Securities Limited has sent me a Legal Notice through their Advocates, in total disregard that an application is pending before the hon’ble Consumer Forum.

The contents of the Legal Notice sent by Religare Securities Limited are reproduced below:

QUOTE

UNQUOTE

I repeat that all the transactions in question have been done without my prior orders and consent.

I also reiterate that these transactions have been done by Religare Securities Limited through its officials/ employees for their personal benefit of earning maximum commission on these transactions, and for the benefit of their company i.e. Religare Securities Limited for earning maximum brokerage through these transactions.

Sir, me and my family is already suffering severely due to Religare’s unjustifiable actions and till date we are not able to understand how can a business transactions of approximately more than Rs.200 crores be executed on a capital base of Rs.1 lakh only.

I am pained to say that Religare Securities Limited has done breach of Trust by executing all the transactions in question for their personal benefits (commission and brokerage) in total disregard to the client’s financial position & capacity.

I therefore request the hon’ble Consumer Forum to kindly intervene and issue suitable directions to Religare Securities Limited
1) to give point by point reply of my initial application dated 28.08.2010
2) And communicate me through this channel (Consumer Forum) only which Religare Securities Limited is intentionally avoiding.

Regards,

Mohinder Kumar Rohilla
House No.118,
Paschim Vihar Extension,
New Delhi 110063
09818729544 / 011-25213173
Email id: mk.rohilla52@yahoo.in

Sir /Madam, Date:28.09.2010
This is in continuation of my application, I submit as under:

That instead of replying to various queries raised by me in my initial application dated 28.08.2010, Religare Securities Limited, is threatening me and my family of various legal consequences i.e. to initiate criminal proceedings for commission of offence of cheating under section 420 of the Indian Penal Code which is punishable with imprisonment which may extend to seven years as well as fine, through a Legal Notice vide reference No.RSL 070910/03 dated 07.09.2010 sent by their Advocates Mr. Sunil Aggarwal with their office at chamber No.476, Western Wing, Tis Hazari Courts, Delhi-110054, which has been received by me on 28.09.2010.

I am pained to say that my application is pending before the hon’ble Consumer Forum, since 28.08.2010 and instead of replying to the various queries raised in my application; the Religare Securities Limited has sent me a Legal Notice through their Advocates, in total disregard that an application is pending before the hon’ble Consumer Forum.

The contents of the Legal Notice sent by Religare Securities Limited are reproduced below:

QUOTE

UNQUOTE

I repeat that all the transactions in question have been done without my prior orders and consent.

I also reiterate that these transactions have been done by Religare Securities Limited through its officials/ employees for their personal benefit of earning maximum commission on these transactions, and for the benefit of their company i.e. Religare Securities Limited for earning maximum brokerage through these transactions.

Sir, me and my family is already suffering severely due to Religare’s unjustifiable actions and till date we are not able to understand how can a business transactions of approximately more than Rs.200 crores be executed on a capital base of Rs.1 lakh only.

I am pained to say that Religare Securities Limited has done breach of Trust by executing all the transactions in question for their personal benefits (commission and brokerage) in total disregard to the client’s financial position & capacity.

I therefore request the hon’ble Consumer Forum to kindly intervene and issue suitable directions to Religare Securities Limited
1) to give point by point reply of my initial application dated 28.08.2010
2) And communicate me through this channel (Consumer Forum) only which Religare Securities Limited is intentionally avoiding.

Regards,

Mohinder Kumar Rohilla
House No.118,
Paschim Vihar Extension,
New Delhi 110063
09818729544 / 011-25213173
Email id: mk.rohilla52@yahoo.in