Motilal Oswal Complaints & Reviews

My name is bhanu pratap pandey and my client code is eaope9259 in motilal oswal. I have joined the motilal oswal in november 2017 and till now i am in loss and not recoverd my principal amount also. The more worst situation occurred in the month january when i received so much call from my advisor in motilal relating with trade guide signal training (Tgs) and due to some misunderstanding with the assurance of profit, they deducted around rs. 29000/- from my trading account.
I have never attend any training program me in tgs nor placed any order by following tgs as it is also evident from my trade statement. I requested the persons there and told about the above but they denied to refund my deducted amount.
Pl do the needful and refund my amount deducted in the name of traded guide signal training (Tgs) as i am 62 year old and retired from service and this amount of rs 29000/ means a lot to me and i felt being cheated by assurance made till date and rude behavior showing towards my request.
I left with no other option but to proceed further in the matter however i request with senior authorities in motilal to intervene and refund my deducted amount.

My client code is eaope16702 i m the customer of motilal oswaland i have activated trade guide signal in the month of nov-18and i have not used singal call from them and they have not given me a proper training and i m not satisfied with them and i asked them to kindly deactivate and revert back my money now they are directly saying me that we are unable to revert

I am sushil jain and existing customer of motilal oswal.
If anyone is thinking to open account in mosl so please read below details first.
As i am existing customer so i observed below point. Please keep in my mind. Its my complain as well
- false commitment
- fake calls
- low quality research team
- improper management
- irresponsible about investor

1) false commitment - before opening of account in mosl, one of the mosl's employee were telling to me that if i open account with minimum 1 lakh rs so my annual charges will be 100 rs per year and transaction charges will be 1 paisa but after opening account they were charging on transaction 3 paisa and annual maintenance charge is 700. I called to their customer care and explain about their employee that he has committed to me about minimum transaction and 100 rs per year annual maintenance charge so they have reduced my transaction charge upto 2 paisa (But not 1 paisa) but didn't reduced annual charges.

2) fake calls - most of the time they provide buying call on such company who are about to going down because of getting brokerage rate only.

3) low quality of research and analysis - one of the day and one of the my adviser has called me to trade in currency. Some of the time i denied but after a week when he insist me that they have great research on that so i will get low risk and high profit. I felt my self greedy and started to trade in currency after believing motilal's analysis. And after his guidance and internal analysis i got loss in starting after recovering that loss again traded and again got loss. Every time adviser of mosl give explanation bla bla bla.
Whenever they used to tell me to sell or buy so market goes opposite of their advice.
Some time my mosl's adviser tells to buy and when he place trade so intentionally or unintentionally he placed sell instead of buy. Again i got loss because of irresponsibility

In my last currency call mosl's adviser told to sell me usd and this point was lowest point o[censored]sd after that usd price had got hike and he told to me to shift in intraday (Keep till expiry date) and price was reaching on high of high. I called to adviser but he avoided me. Everytime when i called so behalf of him other person pick call and tells that he is busy in another call and will call you back but he was not dare i think. Due to motilal's lake of research i lossed 3 lakh rs.

(I know at last i have to take decision that i want to trade in currency or not.)

- improper management and irresponsibility - like i have mentioned in my above point that when mosl's research is being failed so no one takes responsibility and instead of informing client they didn't discussed. When investor is calling so i think they need to discuss but instead of discussion other person pick call and gives reply every time that he is not present or busy in another call.
Also some time by advisor's mistake i bared losses. Because he suggested to buy and he placed sell. Why people can do this only for money (Brokerage).

Choice is yours. Please choose wisely.

One agent call and inform if you open a/c of amount 50, 000 you can withdrawal or deposit the amount at any time he open my a/c in motilal oswal after that i inform him i want to withdraw some amount he inform he will do after that i call customer care they inform it is non transferable amount i send email to i want to withdraw amount 30, 000 on 29/12/2018 still i haven't receive amount my amount if it is not deposited cancel my account and refund complete amount of rs 50, 000 pathetic service provide form motilal oswal

My user id ksanket751

Unauthorized amount has been deducted from my account on november month and also mosl provide me contract note for that but i didn't understand who give them authority for amount deduction from my account. All are cheats and no one employee tell you about terms and condition when amount get deduct and you call them then they inform you like "sir aisa policy hai". When i said nobody informed me then they like "sorry sir hamare advisor bhul gaye shyad". This is strategy rolled down from top management no one tell all terms and conditions. Motilal oswal is a cheat fellow i guess he must be looking to be for next "nirav modi and maliya".. Guys please beware from such firm please don't burn your hands in such culprits organization.

I opened a trading account with motilal oswal and just after opening, i received calls from their agents at least 5-6 times a day asking to deposit money. After i deposited 1.5 lakhs less than a week back, i did not receive any confirmation papers on account details or how to trade instructions or any calls but just yesterday, they called me telling me that the money in my account has been wiped out and that i need to deposit more money into...

I being a client o[censored]rself in Kolkata. I want to transfer some of my shares from u to my another DP ac. I went to ur Constancia office today but they refused to do so and ask me to send the duly filled DIS to ur Mumbai office. Why will i send it to Mumbai everytime. My Code is XKF014, Lalit Kumar Agarwal. I went to ur office with all required documents.

I m going to SEBI/NSE on friday (19/10/18) against u as there is holiday in west bengal.

Pls look into the matter otherwise i will take proper action

Ph. No. [protected]

I, ravindra masurekar is a client of motilal oswal through franchise raja investment kurla east. My client code is rjam116. My wife shailaja masurekar is a client of motilal oswal through franchise kishore kene at ambernath tel no l/l[protected] mob. [protected] /[protected]. We have decided to tranfer my wife's (Shailaja masurekar) all shares to my a/c rjam116. I sent delivery instruction slips with proper signatures to kishore kenefor his necessary action. I received sms from motilal oswal saying our signatureis not matching. I visiited motilal oswal malad office to find out what is wrong with our signatures. Before sending delivery instruction slips i kept one copy of the same with me. I met your representative mr. Prany jadhav (Malad office) on 28 sep 18. I requested him to look into the signaure mismatch matter. I was surprised to see that kishore kene has purposely put underline below our signature. It is a serious matter. He is not supposed to spoil our signature. I am sending you a scanned copy of the same. He should be held responsible for such a serious matter. Mrs purnima m. Shirishkar was looking after shailaja masurekar's account. I do not know how shailaja masurekar's a/c got tranferred to kishore kene. We never met him before. I called him from malad office and briefed him about the situation. He asked me to send fresh slips again on his office address of ambernath. I couriered him again on friday 28 sept 18. I tried to contact him on 01oct 18 monday and again on 03 oct 18 but he did not respond. I called him on all his three numbers 3/4 times. I sent him sms but he did not reply. I went to motilal oswal office again on 05 oct 18 to find out whether he has sent the delivery slips after taking action. Malad office has not received any slips from him. Your malad office customer care representative mr. Pranoy jadhav tried to call him but he did not respond. Please look into the matter and take necessary action against him for spoiling clients signature. I invested my money as motilal oswal is trustworthy house. But such franchise are liability for you. I am sending few scanned copies for your reference. Please reply.

Hi all,
On 10, 01, i have received the below message regarding the redemption

"dear investor, your redemption transaction submitted in motilal oswal multicap 35 fund - direct growth under folio no [protected] has been successfully processed. Motilal oswal mf"

As i haven't instructed any redemption so i immediately call to the customer care center where he guided my to drop the mail to [protected]@motilaloswal.com,...

Your staff jitendra opened my wife rajani singh account at u. And dipped of my 67000 rs there in daily trading for sake of brokrage. When i asked to remit back my balance amount and close the account immediately. He remitted the some amount and did not close the account. Now i received msg of balance in minus 1550. Thar also i deposted in motilal account. But demat account is still not closed. I highly disappointed with ur staff jitendra in kanpur branch. Kindly revert back with solutions

K subramanian : my demat account [protected] srne 17 at palayamkottai tirunelvelidist tamilnad
Sir i ihave opened trading account at the above branch during april 2018
With great concern i have to state that, in spite of my repeated requests the branch
Head has not given any transactions statemets and relevent reports, so as to unable me to monitor my trading account. Due to his not giving any transactions statements and other reports, misguidance and service deficiency
I have lost rs50000 in my trading account. Hence i request to look into the subject and repay the above loss amount to my account

K subramanian

Mosl people are terrible when you want to make any reduction in the amount of sip's althought they are instant and immediate action taken whenever you want to add or start any new investment.

It's been more than 1 month since when i am trying to regularize my sip portfolio by cancelling extra sip's that i ordered in order to place extra money that i got but it's been a pain in doing so.

These people are fraud and provide false confirmation of cancellation of sip's but hesitate to mention the same on email.

Now i am tired up with these guys and planning to take them in court where i will put financial charges for such a cheap and fruadulence business practice.

Mr. Ramdeo sir are so nice on tv shows but internally runs such a cheater company with cheap policies.

I urge all new investors to step away from this big amc with false policy and go with some better option that are available with much less charges.

Still you mosl guys i am giving you last chance to solve my issue.

For better insight you can check emails sent to you multiple times from my end and resolve it asap or else be ready to face the big blast.

Pankaj singh
Pankajsingh. [protected]@gmail.com

Pune magarpatta franchisee of motilal oswal has fraudulently traded in my account, have cheated and taken deposit in the name of motilal oswal. Currently the franchisee office is vacant. The front face of franchisee sandeep shukla is on the run along with family and there is no trace of his whereabouts. He is not contactable over phone. To my shock motilal oswal grievence cell themselves are keeping mum and giving vague replies on the query raised. This franchisee has cheated many individuals in pune, delhi and up. We have lost our hard earned money and motilal oswal is absolutely neither acknowledging nor giving response about his whereabouts. Please note that this franchisee has won several awards from motilal oswal and one of the flagship in pune.

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.
Hope they will revert my charges so i can move forward and close this account with motilal

Worst experience with motilal. I never recommend to any people to join the motilal oswal.

No star

I had applied for clposure of my demat account, due to high charges of motilal oswal. This was in the month of september/october 2017.

Yet, till this day, they have not closed my account. The closure process is complicated, in which the customer needs to send a filled handwritten form. While the account opening process is completely paperless.

Now i am corresponding to them on daily basis, still to no avail.

Expect resolution, unhappy with the way a client is being treated.

I have requested mosl to close my demat account, but instead of closure, they are sending me bills for fake transactions.

My account was in a dormant state, as i am not doing any transaction in it. Suddenly i started receiving bills without any explanation.

Mosl is totally wrong in sending me the wrong statement, as they are asking me money for which i never done any transaction.

I request mosl once again to close my demat account immediately.

Thanks.

Mohammad khan

Bugs in app 1. Mutual fund can't be redeemed in full even after clicking redeem all button 2. Mutual fund does not show folio number 3. Mutual fund shows wrong profit/loss summary 4. Watchlist shows old rates. Doesn't guarantee latest rate of any scrip. Rate differs when u go and check net position . 5. Charts rarely loads during trading window. 6. App does not have any in built feedback mechanism or doesn't offer issue reporting/resolution. 7. Many times transaction fails without giving proper error/success message.

Dear sir

My account number is amc180, which checking the kyc status of my pan number at karva/ cams i have found that my account is non kyc complaint due to which i am unable to open mutual fund account online. For this i have talked many times to ur representatives at different level but still the same is unresolved. I have even submitted the aadhaar card twice for the same. Hence you are requested to resolve the issue as soon as possible.

Regards

Trading without consent is something not acceptable, but you guys were proud of doing it and tried convincing me, it was for my betterment... Are you guys nuts?
Tried contacting their email but no response.

Your employee who wasn’t even my advisor traded from my account.
Each and every call you gave was wrong, 100% wrong, you guys are only concerned of your sales. Dont take wolf of wall street seriously guys, i have lost my earning for your bs.

Mr. Representative
I am holder of account dl4440
I want to inform you that without giving prior intimation you are doing rms selling which is illegal and arbitrary.
It causes tremendous loss to me and you are doing the same thing continuously and now i am fed up with your ill managed intention of solely extortion.
Please appreciate and co-operate me and me type clients to leave your platform.

Vishwa ranjan khmer
Dl4440

Moti lal oswal reprsenetative asked to open all the family account and brokerage shall be @.08 % for delivery and @.01% of intraday equity. They put the brokerage different rate and says that we have done as per agreed.

Same thing they do in commodity where they earn brokerage around 5, 000 to 7, 000 per lot of gold rather than market rate @ 1000 per lot. They have only cheating business and making fool. Pl don't do any business with motilal.

My client code # ceb215. Last year i was approached by your agents (His name rajesh) and talked very sweet and told me that i invest money and guaranteed that i will get income everymonth minimum 5%. I am retired person got small money from my retirement benefits and on his words invested 50000. I was assigned with a person named thiru and he told me to invest another 50000. I did that also. But after that he used to call me and everytime i was only telling him this that i need some monthly income from my investment for my medicines etc and to please carefully do transactions in my favor. He nodded his head for all and left your company. He called me personally to invest in his new company. I asked him what happened to my 1 lakh in mosl. He gave me another person name bala and to speak to him. When i spoke to bala i was shocked to hear that i lost 50000 out of my 1 lakh rupees. I asked him why. He kept quiet. I rushed to his office but he said lost is lost cannot do anything. But to cover the loss he will use balance 50%. Same like i told to thiru i told bala also that i don't know this trading so he should help me to cover my loss or otherwise i will withdraw the balance money. He said no need to withdraw keep the money. But from his side also no support same like the previous guy and everytime i check i was losing only. So in a fear i had to close the account and took back only 29000 out of 1 lakh my hard earned money of 20 years. Your people selfishly fool the people and take them on board and once invested they don't care and we lose money. Its really a sort of cheating. I know this much that stock market is risky but joined based on the assurance given by your people. I am really sad for losing 71% of my hard earned money and left it to god; that's my destiny i had to be cheated by mosl people. This is totally unfair. For their benefit they shouldn't grab poor people's money like this.

I completed all formalities to open a demat account of motilal oswal. i was impressed by their claim that it will be done in 15 minutes. all the formalities were completed on 23/12/18 night. i also transferred rs 5.0 lakh of my hard earned money to open the account.but account was not activated.
i thought is a night time so i will make a call in the morning. next day on 24/2/18 i called the customer care. the fellow told me that one verification is pending and it will be done in next 15 minutes. nothing happened but after calling after 3 times i received a welcome mail, but it was without password.next day was sunday.
on monday i, e 26/2/18 again i called customer care and since then time and days are passing but account has not been activated. it seems that they have cheated.my registered mobile no is [protected].
B. K GUPTA

I got a call from a mo agent the very next day i opened a mo demat account and he told me that they have a software which is over 80% sure to get good returns else i could give him a call over his personal number. I listened to him patiently and suddenly he told me that i would have received a otp and i need to share it with him to attend a training about that software. He also told me that money @ of 7 k would be debited from my account...

I have lost a good amount of money in this company their advisor are all useless and they sold a software by promissing me that they will pay the emis of this software from the profit earned by using this sofware but after buying the software they never called me back. And they are deducting the money of the software from my accunt. Also their employee ms karthika nier working at malad branch is not responding or taking my calls.

I have been writing re my shares to many of your company people
Many times nobody is able to help me out i stay at mulund west
Each and everyone of your employee say that my shares are not reflected in your computer. Details are as under
Name prema viswanathan
Folio no/dp id/client id[protected]
Tata steel 18 shares
Gail india
Bongai
My smart phone says that i have a balance of rs4399

Myself having an account (Sur063) with the co. Since last 3.5 years. Most of the time i had very poor service of personnel of surat branch.

I facing a harassment by few advisors. Many time i tried to contact the r. M./g. M. But he mostly not received my call. He behaved like totally irresponsible person.

Many time the advisers received the phone but intensely they put the receiver aside. And the call is charged to me without any discussion.

With grivience i compelled to complaint that i had to bare a loss just because of a newcomer (Trainy) who is not aware of the termenology.

The advisor at mosl never answers emails or calls...

It's a fraud company. I have been trying to close account but that also they are not letting me and just by one or another reason. My client code is eaop2781. I have applied for the dmat account closure on 17/10/2017 and filled up application was also received by you on the same date. Till date my account is not closed even no body is picking up the telephones also[protected],[protected]. I have got tired after chasing them, neither they are pick up the telephone nos. Provided by them nor their customer care executive told me the actual time or status of my request.

Tomorrow i mailed him and their answer is as follows:

Dear ajay gupta

Request received on : oct 17 2017 11:52 am
Interaction id : 7107268
Expected revert time : 7 working days

Hi,

I was having one mutual fund with motilal oswal (Most focused multicap 35 fund regular growth), which was registered with order id: 211513 and mandate id : bse[protected] on 9th march, 2017.

The mutual fund was allotted to me bearing folio number [protected]. However, on 2nd installment date, it was told to me by you that isip can't be continued due to some technical issues or non-authorization from the exchange. Following which i had withdrawn the whole amount on 16/06/2017.

But to my surprise an amount of rs. 5000 had again been deducted on 8th october 2017 through same mandate (The bank statement has been attached herewith. See the transaction dated 9th october on the name of bse-isip/bse[protected]. I have canceled this mandate now for future safety. I have checked on mo investor app too but the app is not showing the amount i. E. No mutual funds units have been allotted to me so far.

Where are my rs. 5000 now? I want the refund of this amount deducted in an unauthorized way.

Since i am waiting for a reply from last 21 days. Now i am looking forward to a positive reply within 24-48 hours of this mail. Else i will be forced to lodge a complaint to amfi, bse, nse & sebi portal.

Hello,

I have transferred money from axis bank via mo trader app, the money got deducted from axis but it didn't reach mosl. The nodal officer from axis has already confirmed that the amount is claimed by mosl. An email was sent to me confirming the same by nodal officer which i forwarded to motilal customer service but still no one replies from motilal. Its almost 50 days