I applied for an Demat and Trading a/c with Motilal Oswal Securities through one of their franchisee’s in Aundh(Pune) for my wife.We were told that the a/c would open in 8 days but the a/c opened only after 40 days.I kept myself busy calling the franchisee many times, emailing complaints to Motilal Oswal, calling-up the Motilal office in Pune etc. None of them reverted back to me.In the mean time I stopped payment of the cheque I had issued for a/c opening because if this is the service I get before opening an a/c then I don’t want to fall prey after investing a lot of my hard earned money.
After the a/c was opened I again applied for the de-activation of the a/c. The franchisee people said that I have to pay some amount for de-activation and I did so to avoid more harrassment. I was told that the a/c would get de-activated in 3 days.It’s been almost a month and the a/c is still active and the cheque I issued for de-activation is cleared from my bank a/c. I am shouting at deaf ears everyday.I have tried yelling at Motilal’s head office in Mumbai to their office in Pune and also to the franchisee in Aundh(Pune). **I have lost money without gaining a penny.
*Their website is only for prospective customers and there is no access to top management for customer complaints.I have an a/c in Kotak as well which is by far the best customer friendly broker with complete access to top management.The best part is that, Kotak people do reply.
NEVER OPEN YOUR A/C’s WITH MOTILAL OSWAL SECURITIES