I am writing to lodge a formal complaint against Motilal Oswal Financial Services regarding unethical practices, unauthorized trading in my account, and refusal to issue a refund for unused services.
Details of the Complaint:
I subscribed to their TGS/EDUMO Plus service by paying ₹50, 000 after being assured by their representative that they would trade on my behalf in the Equity F&O segment and recover the subscription amount within two months through profits.
After subscribing, my equity advisor conducted trades in the Equity F&O segment without properly informing me about the entry and exit points, which I now understand is unauthorized and potentially illegal.
Despite being dissatisfied with the service and requesting cancellation, Motilal Oswal refuses to refund the unused portion of my subscription, citing it as a “non-refundable” service.
Issues Highlighted:
Trades were executed in my account without my explicit consent, violating SEBI guidelines.
The company’s refusal to refund the unused portion of the subscription is against consumer protection laws, as the service was not delivered as promised.
I am being denied a fair resolution despite raising this issue multiple times.
Relief Sought:
I request the following:
Immediate cancellation of the EDUMO Plus/TGS service.
Refund of the unused portion of my subscription, calculated based on the remaining months of the service.
Conclusion:
I trusted Motilal Oswal to act professionally, but their actions have caused financial and emotional distress. I am not asking for the company's money but simply the unused portion of my subscription. If this issue is not resolved promptly, I will escalate the matter further to SEBI, the NSE, and legal authorities.
Thank you for your assistance. I hope ConsumerComplaints.in will help me resolve this issue.
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