Follow us
Log in        Register
     
 

Motilal Oswal - Illegal trading without consent

 
3 Reviews
User
  maniy0 on Mar 16, 2012
Sir,
I, Manisha Singh, am writing this complaint letter on behalf of my father Brajnandan Prasad Singh.He opened a trading account with Motilal Oswal Securities Limited (MOSL), Ranchi Branch bearing DMAT account no 1201092600346925 (client code XRMR76) through their account opener & verifier, Mr Narayan Khandelwal. My father handed over a HDFC cheque no - 439050 dt 06/03/11 of amounting to Rs 1,51,000/- to Mr Narayan Khandelwal and amount got credited to his account XRMR76 . From the next day the person started illegal trading from my father's account without his consent. It resulted in losses worth more than a lac. When the broker started illegal practice my father gave him multiple warnings through mails and phone calls but he continued to trade without his consent.
My father and I wrote to "MOSL" multiple times - to Motilal-Oswal’s grievance department and also to the support/query/info but nobody came back with any answer. On giving multiple warnings "Narayan Khandelwal" agreed to pay 80k to partially compensate for the losses and we got a written agreement by him . But soon after he went absconding from the company (as reported by his manager Rajesh Kumar), with his phone being switched off.
Below are the details of the person and his manager.
Broker - Narayan Khandelwal
9661512274(M) 0651-3245752(O)
n.khandelwal01@rediffmail.com
narayan_rnc@narnolia.com
His Manager - Rajesh kumar Mob-9334384253 & 7488368443
We contacted customer care senior official Santosh (022-30801386) in Mumbai and he made us talk to Rajiv(Risk management head, phone number 09334700334) in Ranchi branch. He assigned this job to Ramesh singh (phone no – 07488368460) but he tried to give some lame excuses and get away with the issue.
We tried all the possible method of reaching Motilal Oswal Security Limited through their customer care but in vain and hence seeking your help in this regard.
Through this complain we are seeking help in terms of:
Refund of the money 1,51,000 for which trading was done without my father's consent.
The interest amount for the period from the date money got credited to the account till date.
Compensation for mental harassment, my father has gone and the inconvenience caused to him in following up the matter.
Also attaching some of the evidence that my father contacted the Motilal-Oswal for resolution of the matter and asking to stop trading without his consent.
Manisha Singh,
Complaint comments 2 Comments     Updated:
Resolve this Complaint  

Comments

A Aug 2, 2012 by
User
kimnipu  
 
Completely agree with you MAnisha. MOSL is robbing money from people. Even if you complain to them with proofs they will not take actions. Worst part is that Motilal will not support you though they are at the wrong side. You should simply file a case aginst that person and prove him worng in the court of law, thats the only way out.

I have also suffered because of them. MOSL cannot or will not protect its clients.They are living on fraudulent dealings.
N Dec 4, 2012 by
User
Swetha Vasu  
 
Hi Manisha,
I'm facing similar issues with motilal oswal. Was your grievance redressed? I'm not getting any response from customer service. If you were able to overcome the issue, please guide me on how to proceed.
I have blogged on the issue facing me:

http://www.apeironinfinity.blogspot.in/2012/12/motila-oswal-why-not-to-choose-it.html#more


Thanks

Post your Comment

    I want to submit Complaint Positive Review Neutral Comment
    Your Rating (1 star is bad, 5 stars is good) No Rating
    code
    Motilal Oswal - Illegal trading without consent