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Reliance Money Software Glitch Causes Huge Loss

May 28, 2007

Reliance Money, the e-Trading arm of ADAG has too many bugs in their online trading software which has causes huge loss to investors.

A customer, said that he sold 10,000 shares of Reliance Natural Resources (RNRL) at a profit and still his ledger balance was showing a debit 🙁

Other Common Glitches Faced by Investors are as follows,

  • Limit based orders have disappeared.
  • Executed Order confirmation given on next Trading Day [They should be given the next second]
  • Franchisees admit to problems in software
  • Transferring amount from UTI Bank to Reliance Money takes 4 days. JeeZ!!!

It is not uncommon to see Billing and Software errors in Ambani controlled companies. In 2003-04, their were tons of Billing errors in Reliance Infocom which caused the company to suffer more than Rs 100 crore loss. Ambanis are who are traders and oil merchants don’t understand the IT business 🙂

HDFC Bank is another bank which doesn’t understand the Online Banking needs of the User.

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