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Before know anything about right issue don't buy RE shares,if ur existing share share holder rughts share credited in ur account simply sell it like ordinary shares before the X date company anounced.
This is not consider as fraud, you should have been recieved alert email to apply before X date, sebi should fo have do little bit easier...
Right apply through net banking or you can download form through same company website, or RTA agent for right issue, fill the form submit to ur nearest bank were your account holding. Very simple don't waste your hard earn money