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[Resolved]  Motilal Oswal — Square off Problem

Hi all,

Below Issue Im facing .

Please let me knowWhere I can get justice?

[protected] Forwarded message[protected]
From: Rajesh Jindal <[protected]@gmail.com>
Date: Oct 25, 2009a 10:09 PM
Subject: Regarding Query ID - XXXXXXXXXX
To: support <[protected]@motilaloswal.com>, [protected]@motilaloswal.com
Hi,


This is Rajesh Jindal , Client code: S10227 , I did short sell trade of INDIABULLS REAL ESTATE as on date 21/10/2009, as on time 09:57:44 and order no [protected] and trade no 33353850.
I tried the buy orders during the trading hours and its not been placed because of technical Issues.(At the end of the day 'buy orders executed for 5000 INDIABULLS REAL ESTATE shares and it's took me for a huge loss (Almost Rs 95000 / - This buy orders not generated from my terminal, So I strongly feel I' am not responsible for the same)So I request you to Cancel the entire 'Buy' 'Sell' orders for the same day for the script INDIABULLS REAL ESTATE and revert all the money back into my account ASAP. Also Motilal Oswal should be in a position to give explanation about inconvenience I' m facing these days.
Hope to hear form you soon.



Thanks
Rajesh Jindal

From: Sandhya Rai
Sent: Friday, October 24, 2009 6:10 PM
To:Harit Oberoi
Subject: RE: NSE techincal problem_S10227

Yes, auto square off didn’t take place for some clients… loss reimbursement will be done within 2-3 days.

Regards,


Sandhya Rai - (E-broking)
Motilal Oswal Securities Limited
Palm Spring Centre, 2nd Floor,
Next to D-Mart Supermarket, Link Road,
Malad West, Mumbai 400 064.
Tel :[protected]

From: Khammer Sultana [mailto:khammer.[protected]@motilaloswal.com]
Sent: Friday, October 24, 2009 6:02 PM
To: Query; Obj Escalation
Cc:Manish A Patke; Sandhya Rai; Upendra Sharma; B Subash; Harit Oberoi; Srinivas Vippagunta
Subject: NSE techincal problem_S10227

Dear All,

This regards client Mr Rajesh Jindal , Client code: S10227 , as on online account with us. The client did short sell trade of INDIABULLS REAL EST L as on date 21/10/2009, as on time 09:57:44 and order no XXXXXXXXXXX and trade no XXXXXXXXXXX.

How were during the square off time the system brought 2500 share of INDIABULLS REAL EST L for interday at time of 3:28pm and also addional of 2500 share of INDIABULLS REAL EST L on same period for delivery .

These occureded due to the NSE techincal problem.

The client could not placed the order due to NSE techincal error .These was also confrimed by cse.
The client has recieved a loss of around RS 40,000/-.Kindly do the need full at the eailest.

Please find the attachment of the contact note.



Thanks & Regards,

Khammer Sultana | Back Office Executive | E-Broking


On Fri, Nov 7, 2009 at 2:40 PM, support <[protected]@motilaloswal.com> wrote:
Dear Customer,

With reference to the above mentioned subject, we would like to inform you that we have credited your account with Rs.32443.10/- on 06/11/2009. Please find below the calculation:

Scrip Name: Indiabulls Real Estate.
Date: 21/10/2009
Total amount of shares excess purchased on 21/10/2009 = 353745.25/-
Total amount of shares sold on 22/10/2009 for settlement = 321302.15/-
Total Loss (Including brokerage and other charges) = 32443.10/-
For further clarification we request you to write back to us.

Assuring you for the best of services always.

Warm Regards

Customer Service Team
Motilal Oswal Securities Ltd.


-----Original Message-----
From: Rajesh Jindal ([protected]@gmail.com)
Date: Friday, November 07, 2009 03:44 PM
To: support ([protected]@motilaloswal.com)
Subject: Re: Fwd: Regarding Query ID - 899836

Hi,

This is settled only the excess purchse.I put the buy order on Indiabulls Real Estate around 2:04 PM.But that order didnt executed. How you are going to settle that ?


Thanks
Rajesh


On Mon, Nov 3, 2009 at 8:53 AM, Rajesh Jindal <[protected]@gmail.com> wrote:
Hi,
My query is not rectified so far.I am waiting last 12 days to get resolve this Issue and seems noting happening from your end. I feel that I am not getting a proper customer care from Motilal oswal.Now I would like to close this account.( I already paid Rs 25000/- to open this account.).Please revert back all my amounts lossed on 21st technical issue and Reimberse the deposite of Rs 25000/- as well
Please do the needful ASAP.
Thanks
Rajesh



Dear Rajesh,

The CSE team has given the correct response. We have done the very best to fulfill your requirements. There is no provision to compensate for the notional losses. I hope to have a cordial relationship with you as a client.



Regards

Harit Oberoi | VP | E-Broking
Motilal Oswal Securities Ltd
PJohnson Dye Works Compound, Plot : 6& 7,
Ramchandra Lane Extn., Kanchpada, Malad (West), Mumbai – 400 064
Mobile: +91-[protected] | DID: +[protected] | Board: +[protected] |
E Mail: [protected]@motilaloswal.com |
URL: www.motilaloswal.com
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Complaint marked as Resolved Aug 14, 2020
Complaint comments  5 CommentsShareTweet

Comments

Dear Rajesh,

We request you to send us the confirmed client code and provide the PAN along with contact details (Address and contact number) to [protected]@motilaloswal.com so that we can look into the issue and provide a solution for the same.

Regards
MOFSL Customer Care
My Client code Is E1303812. Today I have received SMS from you that my
account is opened & my WELCOME KIT is despatched on 23/08/2010 by courier
DTDC AWBM 50176169.

But I have to state that till todate I have not received the courier .
This is for your information.
Thanking you,

(P.K.Tarawade)
My client code is ESBI 207667. I AM OPEING A/C ON 2009 WITH RS10000 SCEME OF SIX MONTH VALIDITY.AFTER SIX MONTH RS10000 RETURN DEPOSITED MY A/C .SAY ME YOUR AGENT AISHWARYA MISHRA.SO I WANT MY MONEY .SO THAT PROVIDE SOLUTION AS EARLY AS POSSIABIE. THANKING YOU
my client code is ESBI 203430.I am facing problem in trading becauce demat a/c is not mapped by you and e broking registration is also not available.plz.solve problem so that i can start trading.
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I DO NOT WISH TO MEET ANY OF YORU SENIORS. PLEASE LET ME KNOW WHEN WILL MY MONEY BE REFUNDED.


Regards,

Tarun Sanghvi
Lagos, Nigeria +[protected]
Mumbai +[protected]

EACH ONE, TEACH ONE !!










[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 19
Date: Thu, 2 Dec 2010 12:36:21 +0530




[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 18
Date: Thu, 2 Dec 2010 12:35:29 +0530




[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 17
Date: Thu, 2 Dec 2010 12:34:50 +0530




[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 16
Date: Thu, 2 Dec 2010 12:34:03 +0530




[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 15
Date: Thu, 2 Dec 2010 12:33:22 +0530




[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 14
Date: Thu, 2 Dec 2010 12:32:30 +0530





[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 13
Date: Thu, 2 Dec 2010 12:31:41 +0530




[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 11
Date: Wed, 1 Dec 2010 15:34:35 +0530

Dear Mr. Santosh / Vikas,

Not unsurprisingly, there is no news at all from your side for the last one week. How can i make sure that i being redunded the money.
Who do you recommend that i take my case to ? Seems you are too busy to attend to such minor issues.



Regards,

Tarun Sanghvi
Lagos, Nigeria +[protected]
Mumbai +[protected]

EACH ONE, TEACH ONE !!







[protected][protected][protected][protected]
From: [protected]@hotmail.com
To: [protected]@motilaloswal.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 10
Date: Wed, 24 Nov 2010 13:09:04 +0530

Dear Mr. Dogra / Mr. Vikas,

I regret that cannot accept your offer for a meeting.
It took several reminders and over 72 hours to get a reply from you / your staff.
Obviously your department is too busy. I insist on severing the relationship.



Regards,

Tarun Sanghvi
Lagos, Nigeria +[protected]
Mumbai +[protected]

EACH ONE, TEACH ONE !!







[protected][protected][protected][protected]
From: [protected]@motilaloswal.com
To: [protected]@hotmail.com
CC: sanjay.[protected]@motilaloswal.com; [protected]@motilaloswal.com
Date: Wed, 24 Nov 2010 13:07:03 +0530
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 10


Dear Sir,


We apologise for any services issue, would certainly seek your meeting, if possible, when you come back in india, before closure of account.





Your concern is raised to my advisory desk, My Advisory desk Head – LAD, also wants to meet you and speak to you too.


Mr Vikas Vardhan – [protected]





I would request you provide us the opportunity to resolve any issue or provide you better sevices.










With regards,



********************************************************************************...

Santosh Kumar Dogra

Associate Vice-President

Cluster Head - Direct Sales

Motilal Oswal Securities Ltd

Queens Mansion, 2nd Floor, 44, A. K. Naik Marg, Fort, Mumbai - 400 001, Maharashtra. India

Board: +[protected] I Mobile: +[protected] |

DID: +[protected] | Cell : +91 [protected] | Fax : +[protected]

E Mail: [protected]@motilaloswal.com | URL: www.motilaloswal.com

********************************************************************************...




[protected][protected][protected][protected]

From: Tarun Sanghvi [mailto:[protected]@hotmail.com]
Sent: Wednesday, November 24, 2010 12:18 PM
To: Santosh Dogra
Cc: Sanjay Chotelal Jaiswal; [protected]@sebi.gov.in
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 10






Dear Mr. Dogra

About 3-4 months back, I had opened a trading account with MOSL, after consistent follow up by Mr. Sanjay Jaiswal. We had agreed to open the account with Rs.210, 000/- initially and thereafter to increase it to Rs.10 lakhs, if all goes well.

I was assigned an account officer with whom i met once. We had agreed on all formalities. It was also agreed, that since i travel abroad on a regular basis, they will phone my wife for trading confirmations. All paperwrok was done to this effect.

Initialy for a couple of weeks, i received a few notifications from the trading dept of MOSL regarding the trading they were doing on my account. But such notifications stopped suddenly after 2-3weeks. I sent 3-4 emails to Mr. Sanjay asking for some clarification / information, but none of my emails were replied to.

On my return to India on 3rd November 2010, i called Mr. Sanjay to know the status of my account. After following up on my calls for the next 2-3 days, I was categorically informed me that my account has been dormant / non-active for the last 6-8 weeks because the MOSL staff assigned to my account had resigned and that MOSL was yet to allocate my account to some other officer. I was informed that appx Rs63, 000 was lying unused for over 6-8 weeks and that no transaction had taken place in my trading account during the said period.

On further insisting how can such an situation arise, i was informed that my account was too small for continuous monitoring etc etc..

Expressing my strong disappointment, i instructed Sanjay to sell whatever script was still in my trading account and refund the balance amount to me. I was and am prepared to suffer whatever loss arises to severe the relationship with MOSL. I beleive i would end up loosing appx 20-25% of the amount invested to MOSL, at a time when the sensex increased by over 10-15%.

But that was not to be end of my ordeal. At the time of giving instructions to liquidate my holdings and closing my account, i was again, very categorically, informed that as soon as the stocks were liquidated, the balance amount would be transferred to my banking account. I was informed that there would be no problem in transferring the amount and that i can travel out without bothering about the transfer.

As i did not receive the amount for over a week, i checked again with Sanjay and to my dismay, i was told that i need to sign some forms and return to MOSL. Since i am abroad, i suggested that let me email the form as courier charges are way to high ( Usd150/-) and I do not want to add to my losses. Besides, it would take 8-10 days for the entire process to be complete.

I am constrained to beleive that the entire episode reflects the corporate culture at MOSL. I insist immediate action based on the attached scanned copy of the closure form.

Regards,

Tarun Sanghvi
Lagos, Nigeria +[protected]
Mumbai +[protected]

EACH ONE, TEACH ONE !!





[protected][protected][protected][protected]

From: sanjay.[protected]@motilaloswal.com
To: [protected]@hotmail.com
Date: Mon, 22 Nov 2010 15:35:05 +0530
Subject: FW: CLOSURE OF ACCOUNT- REMINDER

Dear Sir



this is my senior whom you have already done 1st meeting in fort branch.



[protected]@motilaloswal.com




[protected][protected][protected][protected]

From: Tarun Sanghvi [mailto:[protected]@hotmail.com]
Sent: Monday, November 22, 2010 3:27 PM
To: Sanjay Chotelal Jaiswal
Subject: RE: CLOSURE OF ACCOUNT- REMINDER




[protected][protected][protected][protected]

From: [protected]@hotmail.com
To: sanjay.[protected]@motilaloswal.com
Subject: RE: CLOSURE OF ACCOUNT
Date: Fri, 19 Nov 2010 18:52:01 +0530

pls let me have the email id of someone senior in your company.

Regards,

Tarun Sanghvi
Lagos, Nigeria +[protected]
Mumbai +[protected]

EACH ONE, TEACH ONE !!








[protected][protected][protected][protected]

From: sanjay.[protected]@motilaloswal.com
To: [protected]@hotmail.com
Date: Fri, 19 Nov 2010 18:14:51 +0530
Subject: RE: CLOSURE OF ACCOUNT

Dear sir



for closer Scan will not work we need hard copy to close the a/c.




[protected][protected][protected][protected]

From: Tarun Sanghvi [mailto:[protected]@hotmail.com]
Sent: Friday, November 19, 2010 5:42 PM
To: Sanjay Chotelal Jaiswal
Subject: RE: CLOSURE OF ACCOUNT

i am out of india. So i will scan it to you or to Nikita ( send her email id).

Regards,

Tarun Sanghvi
Lagos, Nigeria +[protected]
Mumbai +[protected]

EACH ONE, TEACH ONE !!








[protected][protected][protected][protected]

From: sanjay.[protected]@motilaloswal.com
To: [protected]@hotmail.com
Date: Fri, 19 Nov 2010 17:32:07 +0530
Subject: RE: CLOSURE OF ACCOUNT

Dear Sir



kinldy sign the attech document and couriour back to the below given address to compleate the closer process

and call on [protected]-[protected] (Nikita Parekh) to make payout of your balance amount on monday.





With Regards,

*********************************************************

Sanjay Jaiswal

Assistant Manager ! HNI Sales

Motilal Oswal Securities Ltd Queens Mansion, 2nd Floor,

44, A. K. Naik Marg, Fort, Mumbai - 400 001

Mobile: +91-[protected] Board: +[protected] DID:[protected] Fax: +[protected]

Email: sanjay.[protected]@motilaloswal.com URL:www.motilaloswal.com

*********************************************************








[protected][protected][protected][protected]

From: Tarun Sanghvi [mailto:[protected]@hotmail.com]
Sent: Friday, November 19, 2010 5:26 PM
To: Sanjay Chotelal Jaiswal
Subject: CLOSURE OF ACCOUNT

Dear Mr. Sanjay,

Pls ensure that my account with Motilal Oswal is closed with immediate effect. Pls ensure to pay me the balance of amount in my account .



Regards,

Tarun Sanghvi
Lagos, Nigeria +[protected]
Mumbai +[protected]

EACH ONE, TEACH ONE !!

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