HDFC Securities — HDFC Securities NRE Mutual Funds - Costs taken but Account not Activated

Address: Mumbai Head Office but applied in Gujarat Branch

I have received the worst customer service from HDFC Securities, Gujarat in respect of opening a NRE Mutual Funds Demat Account. Lack of communication. poor customer service, lack of professionalism and inappropriate charges taken whilst not activating the NRE Mutual Fund Demat Account.

On 16 May 2024, I met the Regional Manager from the HDFC Securities, Gujarat 395001 Branch. I completed all the forms and handed over the all the necessary documents on that day. He promised me that my NRE Mutual Fund would be opened in 2 weeks from 16 May. That would have been fine as Indian Elections results were on 4 June. So thanks to him I am still waiting for the MF activation 2.5 months on. I have missed out on major Indian share market dips/ buying opportunities thanks to him.

I completed the forms on 16 May, sent several messages to him which were ignored (I have proof). A courtesy message would have been great but no responses whatsoever. So sadly customers are not respected and are treated like second class citizens in HDFC Securities.

To add salt to injury, HDFC Securities took the annual/issuance/plan/and other charges totaling Rs2655 on 6 and 7 July 2024 but no access to the NRE Mutual Funds database. First of all the charges are very excessive and secondly they have taken my money but not complying with their obligation of giving a customer access to the NRE MF database. Where is the fairness in that?

On 14 June, I followed protocol as I wasn't getting anyway with the main Branch and wrote to the HDFC Compliance Officer complaining about my case. To date I have not received a response to my email. So I wrote again to the Compliance Officer and other complaints HDFC Sec email addresses on 24 June and 10 July 2024 but sadly I have been totally ignored. I noticed their simple strategy to meet their monthly targets by getting customers on board, taking the excessive charges, not keeping them informed, not activating the MF and then moving on next target.

I have great faith in this great website (www.consumercomplaints.in) for the ordinary man and humbly request justice.

I am demanding the following due to the stress and bad experience caused by the maladministration of HDFC Securities:

1) Compensation for the loss of money I would have made during the Indian Election results and the buying opportunities I missed out on in May/June and July 2024

2) Annual and other charges were taken out on 6 and 7 July 2024. I should have extra months added for the membership period I have lost out on due to inactivation of the MF Demat account, yet costs were taken out immediately.

3) Start answering emails, complaints and calls. Take customer service seriously otherwise customers in Bharat will move elsewhere to other better Securities companies in Bharat.

I am sure a representative from HDFC Securities will reach out to me as this is such a powerful forum for ordinary people. I ask the HDFC Securities representative to give me their name and phone number so that I can talk to them.

Please don't underestimate the power of the ordinary man, especially when we have the Great Consumer Complaints Forum for fairness and justice behind us.