I tried to setup an account with Motilal oswal to start mutual fund trading. at first they were helpful, assigned an advisor to me by the name of disha varia.
I wanted to set up an SIP in 2 schemes for 3000 each. they sent me the paperwork, I signed and sent them back. easy right? NO.
The SIP that was set up, was for 15, 000 instead of 6, 000. On asking my agent what caused this, her reply was the authorisation letter was signed one too many times, so that's why. I never really understood the logic, but anyways she assured me it was nothing and will be resolved shortly.
THIS WAS over 4 months ago. I have been following up with them almost every other day.
After about a month of talking. I tried to sell my holding because I was so fed up with Motilal. I tell my agent this, and she did not make the sale for a MONTH.
At first, she kept assuring me it will be done soon. Then she stopped taking my calls. Then one day after almost a month of calling with no response, another agent picked up and told me to email their mutual fund department.
I MEAN IF I HAVE TO DO THAT, WHY DO I GET AN AGENT? WHAT THE ACTUAL HELL IS HER JOB?
anyways I proceed to sell my holdings. BUT oh, theres more.
the SIPs need to be cancelled separately. which I did not know since I am an amateur trader. they never told me this, for this month, I have paid 3000 into a MF I do not want, and I have been charged 1200 by my bank for not maintaining minimum balance for the rest of the 4 SIPs WHICH AGAIN, I DID NOT WANT.
I don't know how this company has any customers.
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