I am a short term trader in the stock market and have 3 Demat and trading accounts with different brokers. My experience with Motilal Oswal Securities Ltd has been worst so far. The reason behind this is:
The user interface provided by Motilal is very old (8 Years old) and not at all reliable.
They charge brokerage differently all the time you do any trading. For instance, On 7th January when Satyam’s case was disclosed in public, the share market was down 700 points but the user interface of Motilal was showing +43 points. Let me tell you, this is really a very very serious issue and could lead to huge losses of retail investors like us. There is a problem with order placement and order modification module as well.
I have tracked the intraday advices provided by Motilal Oswal and all you guys trust me its not at all reliable. I would request all of you to use your own research and brain rather than using their advice. Its just of no use.
They are not at all professional and hardly send any updates on your mail unlike Sharekhan. Its been almost 2 month I opened account with Motilal and I have not yet received the Welcome Kit.
There are many more reasons but I cant write at once. I recently have filed a complaint against Motilal Oswal in SEBI.