We are holding an HDFC Securities for more than 10 years old. This is an active account with KYC done and trades executed till Oct 2023. Then out of the blue on 1st Aug 2024, they blocked the account and marked it as dormant stating the reason, no trade was done for more than 1 year and now we have to do another KYC with full documentation for activating the account.
We write with screenshots and inform them that trades were done till Oct 2023 and hence marking the account inactive for no-trades for more than 1 year is not correct and request them to revert the status back to original status. But they don’t, and instead point us to NSE circular number - NSE/INSP/ 49743. However that circular clearly states ". it is reiterated that while member shall flag the client as inactive in UCC database of the Exchange in case clients have not traded in the last 12 months, fresh documentation, due diligence and IPV should be undertaken only when the client seeks reactivation after a period of 1 year of being flagged as inactive i.e. after 2 years from their last trading date. Further, no communication seeking clients to trade in order to prevent accounts from being flagged inactive should be sent".
We don’t fall under any of the above since we had done trades in less than 12 months in the past. Yet HDFC Securities without applying their mind are harassing their existing customers using a NSE circular. Even after escalating as per HDFC Securities internal matrix no response or action for several weeks. It seems the escalation matrix is just on paper, with no accountability whatsoever. This is how customer service and the escalation matrix works for a HDFC group company.