[Resolved]  Motilal Oswal — Closure of account

Address:Chennai, Tamil Nadu

I have closed my account with Motilal Oswal in January but they are yet to settle the balance amount I had in my DEMAT account. I called the customer care people and was asked to contact the local franchise. When I called the local franchise they redirected me to the customer care again. It has been more than 4 months since I closed my account and there seems to be responsibility from them to settle the account.

I am posting it here to let others know that Motilal Oswal has bad customer relationship when it comes to stock market.
Was this information helpful?
No (0)
Yes (7)
Aug 13, 2020
Complaint marked as Resolved 
Complaint comments 

Comments

Dear Sir,

We request you to kindly provide us with your client code, so that we can resolve this issue at the earliest.

Regards,

Motilal Oswal Team
rdraja's reply, Aug 18, 2016
I enrolled with motilal oswal in july 2016 worst mistake of my life ever their executive at the time of opening account assured me that there aren't any hidden or minimum charges and only the brokerage would be charged which would be half paise (0.00005) for intraday & FNO(futures & options) he gave me an example saying that if i do a transaction of 1 crore then i have to pay only 500/- as brokerage + taxes (15%service tax +stt+stamp duty, etc) and for that i have start with 1 lakh as initial payment i agreed and started with the same. he also committed that i would be assigned an adviser who would provide me with trade calls and other important details all in all a decent service would be provided including software training.

After my i first trade on 5 aug 2016 i got the contract note wherein I was charged 40 paise brokerage per share + taxes for cash Segment i called up the executive and after looking at the contract note he said that alongwith brokerage and minimum charge of 12/- has been levied on the account as i have failed to buy required no. of shares.

On 11 aug 2016 i got another contract note wherein I was charged 3 & 5 paise brokerage per share + taxes for FNO segement i again called up the executive and after looking at the contract note he gave the same reply as of 5 aug 2016 and asked me to trade more shares.

At that time got into a heated argument with him saying that he had committed me half paise as brokerage and had assured me that there won't be any minimum or hidden charges plus an adviser would call me to give details and software training of which nothing of that has happened till now after which he asked for some time to get everything resolved. 3 days later he says that he has updated/revised my brokerage plan to half paise and when i see the mail its not half paise but one paise that to on both/single side.

I also have a initial call recording of the executive proposing the brokerage plan.

recently Mr.Motilal Oswal won a Award For market excellence but his firm is worst than Mr.Mallya who atleast confirms that he is cheating the people but, this guys give baseless reasons to avoid confrontation.
Yeah. I too had the same experience in the past. Please stay away from these guys.Very Very bad customer service.
Dear Sir, (@ jaihindsd )

At the outset apologies for any inconvenience caused. Further, we request you to provide your client code, so that we can look into the issue account closure.

Regards,

Motilal Oswal Team
Please provide your email ID. I will email the account details.
I had demat and trading account, but wish to close the account.
I have paid all the dues and Motilal Oswal has to pay me the credit back, which was paid thru cheque bearing 4 digit bank account no. (older no.)

Despite many requests and sending following things back to Motilal Oswal's end
1) Requisition form for modification of Bank account detail and DP details,
2) your cheque and
3) my cancelled cheque bearing 13-digit A/C no.(of my saving bank account)

the credit amount cheque has not been issued.

I have received back my request sent by post twice saying 'name mismatch', without properly explaining where do the requisition form have name mismatch.
Apologies for the inconvenience caused to you. Kindly let us know your contact details or client code and our representative will get in touch with you to resolve your issue. - MOSL Team.
name : Pravin kumar chordia
Interaction Id: 3293552
SUB BROKER CLIENT ID PROSP35

sub: non closer of my trading cum demat account and pending last 3 years

I Have submitted my account closer form on 2010 to sub broker where my account at sivakasi
tamil nadu. during account opening it was informed as free AMC account and inspite of so many remainder
and calls the sub broker do not respond.

and now MOSL is sending AMC debit charges bills. so amny times i have mailed to MOSL cus care mails about
the issue but regret to inform that MOSL till date not responded any of my query. only just send confirmation mail


so worst poor service of cus care at MOSL

name : Pravin kumar chordia
Interaction Id: 3293552
SUB BROKER CLIENT ID PROSP35

I Have submitted my account closer form on 2010 to sub broker where my account at sivakasi
tamil nadu. during account opening it was informed as free AMC account and inspite of so many remainder
and calls the sub broker do not respond.

and now MOSL is sending AMC debit charges bills. so amny times i have mailed to MOSL cus care mails about
the issue but regret to inform that MOSL till date not responded any of my query. only just send confirmation mail


so worst poor service of cus care at MOSL
I wish i could give them - 5 stars for their pathetic services and after fraud done on the accounts. The amount of pressure they put on the relationship managers, they in turn just screw the customers. Blue chips company stocks liquidated and scrap like kirloskar, rpower etc bought by the great mosl scamsters. 40 lakh initial portfolio brought down to 20 lakh. This is a fraud company full of scamsters. Now they making me run around to even close my account and walk away with half of initial investment. Don't invest your hard earned money with this companycompany unless u want to lose it all.
Mosl worst brokers ever. full of Scamsters including their management. they just want to defraud people. They they slam you with things you don't want like mutual funds bought without your consent. blue chip companies stocks sold and scrap stock bought. 40 lac portfolio reduced to 20 lac n they have the audacity to say and I quote "you don't have an appetite for losses" no did slips ever given.

Don't trade with these scamsters as they will only rob you of all your money. Still don't know where the hell to go to close this account.
I was customer of Motilala Oswal since 7 years. I was regularly investing in equity & mutual Funds through them. Recently I wanted to redeem my certain Mutual Fund. But their new software/platform has kept the option of redemption of Mutual fund in such a tab that it was not possible for a normal person to find. After contacting customer care they showed me a tab, but my account was not reflecting the option of redemption. So I wrote to them . After reminder they told me that They will solve the issue. After 2-3 days again I reminded then they told me that they don't have a POA & asked to contact Franchises. Franchises told me that POA is there. That was a big Joke. I am investing with them for so many years. For 4-5 days I was not able to redeem my mutual fund. & in Mutual Fund/ Equity timing is very important.

Customer care was making so much irresponsible statement, that I told him that I am going to close the account.

I told this story to one customer care guy, told him that I will close the account & funny thing is that, he gave me access to the tab where the redemption option was available . He told me that as I am closing the account he has given me the right. If I wanted to continue then he can't. So I withdraw all the money. & closed the account.

They have unnecessary wasted my time & energy. Worst people ever dealt with...

Don't want to give any star.
I enrolled with motilal oswal in july 2016 worst mistake of my life ever their executive at the time of opening account assured me that there aren't any hidden or minimum charges and only the brokerage would be charged which would be half paise (0.00005) for intraday & FNO(futures & options) he gave me an example saying that if i do a transaction of 1 crore then i have to pay only 500/- as brokerage + taxes (15%service tax +stt+stamp duty, etc) and for that i have start with 1 lakh as initial payment i agreed and started with the same. he also committed that i would be assigned an adviser who would provide me with trade calls and other important details all in all a decent service would be provided including software training.

After my i first trade on 5 aug 2016 i got the contract note wherein I was charged 40 paise brokerage per share + taxes for cash Segment i called up the executive and after looking at the contract note he said that alongwith brokerage and minimum charge of 12/- has been levied on the account as i have failed to buy required no. of shares.

On 11 aug 2016 i got another contract note wherein I was charged 3 & 5 paise brokerage per share + taxes for FNO segement i again called up the executive and after looking at the contract note he gave the same reply as of 5 aug 2016 and asked me to trade more shares.

At that time got into a heated argument with him saying that he had committed me half paise as brokerage and had assured me that there won't be any minimum or hidden charges plus an adviser would call me to give details and software training of which nothing of that has happened till now after which he asked for some time to get everything resolved. 3 days later he says that he has updated/revised my brokerage plan to half paise and when i see the mail its not half paise but one paise that to on both/single side.

I also have a initial call recording of the executive proposing the brokerage plan.

recently Mr.Motilal Oswal won a Award For market excellence but his firm is worst than Mr.Mallya who atleast confirms that he is cheating the people but, this guys give baseless reasons to avoid confrontation.
Worst of the worst service
Dear Sir,
I have a trading account.and I want to close this account. Kindly provide me the procedure. kindly suggest me if I open online trading account then what are the charges like opening charge, brokerage, AMC etc.

Thanks & regards,
Krishnendu Poddar
Code XKK002
I have created account under scheme first year free.
While After 3 moths they have applied AMC charges amount of around 1700 INR.
I have Complained to Customer care and they have give me reason that wrong scheme is selected in your account and person who have opened your account has left the company.
So They have given me a new scheme of 5 years and applied another AMC charges. WE have communicated that Old charges should be revert but it not happed.

Worst experience with Motilal. I never recommend to any people to join the Motilal Oswal.

No star
Motilal Oswal should be set as defaulter.

Post your Comment

    I want to submit Complaint Positive Review Neutral Comment
    code
    By clicking Submit you agree to our Terms of Use
    Submit

    Contact Information

    Chennai
    Tamil Nadu
    India
    File a Complaint