motilal oswal

3 Reviews

Pradip Kumar Patra on Jul 1, 2011

Sustained loss due to system failure

Respected Sir,
1) I trade online with Motilal Oswal Securities Ltd with A/c No. ESBI 159773. On 31.05.2011 I purchased 500 unit of NCC Eq. intraday and square off before 3.15pm (before square off suspension time). But because of their system failure as the net position and trade book did not reflected the actual position I sold 100 unit more and it should have been automatically square off by the system. Further, system did not allow for any intraday transaction during square off suspension period. Hence I had no scope to regularise the position. For this they purchased 100 nos. of share @ Rs.91.46 and charged me .5% i.e. Rs.45.73 as penalty. For this I sustained a loss of 886.73.
On 3.6.11 I was intimated by mail and in reply I requested them not to leavy any penalty. But they replied like
"With reference to the above mentioned subject, we would like to inform you that due to technical issue, your intraday position was not squared off on 31/05/2011.
We regret for the inconvenience caused to you.
Further, as per disclaimer updated on trading platform any loss due to technical issue can not be reimbursed." I may kindly be given justice.
Regards,
PKPatra, Mail-pkpatra.sbi@gmail.com

2 Comments

Comments

Jul 5, 2011 by

motilaloswalsecuritie

Dear Pradip,

We apologise for the inconvenience caused to you. We are looking into this matter. Our representative will get in touch with you shortly.

Regards,

Motilal Oswal team

Dec 24, 2011 by

Khosa

Dear sir

I have Dmat and trading account with the Sub Broker of Motilal Oswal securities namely Mithra Broking at Jammu Gandhi Nagar. They have done unauthorized trading in my account and in my wifes account from 03-04-2010 to till date which has resulted in huge financial losses roughly 10 lacs and they have sold the stocks from my holding without my knowledge and without informing me about daily debit balances.

When i visited personally to the Office and asked for Statement i was stuned to see destruction done in my account by disposing of our main valuable stocks, as per practice in past they are supposed to inform us about daily transanctions which they did't.

On my contact on 15-12-2011 with a letter from my wife they refused to acknowledge the letter and Mr Vijay Padha incharge of the Jammu Office Talked to his Boss Mr. Milan Dhar on telecon and refuse to issue the receipt, then i dispatched the same through ONDOT courier POD No 620453451 dated 19-12-2011 still there is no reply from their end.

When i asked them about future things they thretened us that all your stocks shall be disposed off if you are not going to clear the debit balances under tremendious mental torture, we issued cheques last week to them so that balance left our stocks are secure without any further fiediling by them.

Please look into the matter as soon as possible and revert us back so that we are rescued from the clutches of Black Mailers sub brokers like MITHRAS at jammu and no silent/ dedicated client gets suffered like us.

Regards

Tej Krishen Khosa

(1201090003230825)

Veena Khosa

(1201090003231571)

9906201114

0191-2438560