Dear Sir,

We have applied for franchise partner with Reliance Securities Ltd on 22nd Oct '10 and subsequently they have given us a partner code 134320001 to start business through them as a franchise partner on 9th Nov '10. and accordingly we started business based on it in capital market.

Now we are facing 2 issues with, 1) we have been told recently that our application been rejected due to non submission of form 32 for one of our director.

2) The commission payout given to us as 10% whereas, the their document says sharing of commission will 50% to franchise partner secondary & F&O market transaction.

Currently we have stopped business with them due to these issue, and request you to tell us what needs to be done in this case.

Manoj K. Agrawal

For Pioneer Financial & Management Services Ltd.