Dear Sir,

We have raised our issue with Reliance Securities Ltd. with SEBI, NSE and
BSE, and non of the agency/institution are taking up the matter by saying
that this does not belong to us, since the broker does not register us as a
"authorised person"

"The matter cannot be taken for arbitration by exchanges" since the
"standard agreement for authorised person does not have a arbitration
clause".

Whereas, the Reliance Securities themselves accepting the mistake and
offered us to settle the same (though verbally) by paying us lump sump money
as marketing expense which we did not accept.

There is valid agreement signed and there is a small payout and all proofs
of their various communications are available with us and can be downloaded
for your review.

Link for all the relevant docs and agreement.
http://hotfile.com/dl/110433167/1195457/Rel_docs.rar.html
http://hotfile.com/dl/110425462/9d3ffb7/agreements.zip.html

In brief our issue:

1) We applied for franchisee on 25 Oct '10 with Reliance Securities Ltd and
submitted all the necessary papers asked by them as well as signed the
authorized person agreement.

2) On 9th Nov, we receive a partner code "134320001" from them and
accordingly we started the business activities such as accounts opening,
moving some of our accounts to our code and generated brokerage/commission
from this day.

3) On 21st Dec we receive a mail asking additional document form 32 from us,
on asking why this is required, "their reply was our application has been
with SEBI and NSE and this document got missed out in processing by them"

4) As per above we started the process of getting the same, meanwhile we
asked them for payout since almost 2 months passed by and we generated
almost Rs. 1 lac brokerage through various accounts.

5) On 8th Feb, they made a first payout of Rs. 936/- through ECS in our
bank, on asking them why the payout was such a low amount, they replied that
we are paid 10% commission / brokerage on limit cards, and our understanding
was of 50% sharing. We understand that nobody in the world will work for 10%
commission in this industry.

6) As per above, we escalated this issue to their senior management,
unfortunately no response, we also asked them to share the copy of
agreement, which we rec'd from them, however they removed the schedule 3 of
supplementary agreement which details the brokerage/ commission sharing.

7) In approximately four months period, we generated approx. 1.5 lac of
brokerage and to do this we have spent Rs. 75,000 in business development
and Rs. 2 lac in salary & infra and commission rec'd by us Rs. 936/- and our
deposit is still with them.

Sir, our question is what is our fault ?????? they are registered broker and
signed an agreement, made a payout and still nobody want to take up our
case.

Thanking you,

Sincerely

Manoj K Agrawal

For Pioneer Financial & Management Services Ltd.