On 19th November, I instructed Motilal Oswal to close my accounts with them and refund my money. This was because I lost appx Rs.30, 000 due to no-action from their side. I have not yet received my money nor i have any info from them. What is the next action that i should take. Will it help if i register an FIR with the Kandivali Police station?
My trading member code no. is 10412. My CMBP ID: IN558336 DPID: IN301862 . The account is in my name i.e Tarun Sanghvi.
Below is the transcript of my over 25 emails with them.
I DO NOT WISH TO MEET ANY OF YORU SENIORS. PLEASE LET ME KNOW WHEN WILL MY MONEY BE REFUNDED.
Regards,
Tarun Sanghvi
Lagos, Nigeria 234 803 666 7777
Mumbai 91 9004 084 666
EACH ONE, TEACH ONE!!
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 19
Date: Thu, 2 Dec 12:36:21 0530
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 18
Date: Thu, 2 Dec 12:35:29 0530
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 17
Date: Thu, 2 Dec 12:34:50 0530
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 16
Date: Thu, 2 Dec 12:34:03 0530
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 15
Date: Thu, 2 Dec 12:33:22 0530
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 14
Date: Thu, 2 Dec 12:32:30 0530
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 13
Date: Thu, 2 Dec 12:31:41 0530
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 11
Date: Wed, 1 Dec 15:34:35 0530
Dear Mr. Santosh / Vikas,
Not unsurprisingly, there is no news at all from your side for the last one week. How can i make sure that i being redunded the money.
Who do you recommend that i take my case to? Seems you are too busy to attend to such minor issues.
Regards,
Tarun Sanghvi
Lagos, Nigeria 234 803 666 7777
Mumbai 91 9004 084 666
EACH ONE, TEACH ONE!!
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 10
Date: Wed, 24 Nov 13:09:04 0530
Dear Mr. Dogra / Mr. Vikas,
I regret that cannot accept your offer for a meeting.
It took several reminders and over 72 hours to get a reply from you / your staff.
Obviously your department is too busy. I insist on severing the relationship.
Regards,
Tarun Sanghvi
Lagos, Nigeria 234 803 666 7777
Mumbai 91 9004 084 666
EACH ONE, TEACH ONE!!
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From: [email protected]
To: [email protected]
CC: [email protected]; [email protected]
Date: Wed, 24 Nov 13:07:03 0530
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 10
Dear Sir,
We apologise for any services issue, would certainly seek your meeting, if possible, when you come back in india, before closure of account.
Your concern is raised to my advisory desk, My Advisory desk Head – LAD, also wants to meet you and speak to you too.
Mr Vikas Vardhan – 9324901844
I would request you provide us the opportunity to resolve any issue or provide you better sevices.
With regards,
********************************************************************************************
Santosh Kumar Dogra
Associate Vice-President
Cluster Head - Direct Sales
Motilal Oswal Securities Ltd
Queens Mansion, 2nd Floor, 44, A.K. Naik Marg, Fort, Mumbai - 400 001, Maharashtra. India
Board: 91 22 - 30278000 I Mobile: 91 98200 20623 |
DID: 91 22 3027 8074 | Cell : 91 9022922071 | Fax : 91 22 3027 8061
E Mail: [email protected] | URL: www.motilaloswal.com
********************************************************************************************
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From: Tarun Sanghvi [mailto: [email protected]]
Sent: Wednesday, November 24 12:18 PM
To: Santosh Dogra
Cc: Sanjay Chotelal Jaiswal; [email protected]
Subject: RE: CLOSURE OF ACCOUNT- UNPLEASANT EXPERIENCE WITH MOTILAL OSWAL DUE TO INEFFICIENT ACCOUNT OFFICERS. - REMINDER 10
Dear Mr. Dogra
About 3-4 months back, I had opened a trading account with MOSL, after consistent follow up by Mr. Sanjay Jaiswal. We had agreed to open the account with Rs.210, 000/- initially and thereafter to increase it to Rs.10 lakhs, if all goes well.
I was assigned an account officer with whom i met once. We had agreed on all formalities. It was also agreed, that since i travel abroad on a regular basis, they will phone my wife for trading confirmations. All paperwrok was done to this effect.
Initialy for a couple of weeks, i received a few notifications from the trading dept of MOSL regarding the trading they were doing on my account. But such notifications stopped suddenly after 2-3weeks. I sent 3-4 emails to Mr. Sanjay asking for some clarification / information, but none of my emails were replied to.
On my return to India on 3rd November i called Mr. Sanjay to know the status of my account. After following up on my calls for the next 2-3 days, I was categorically informed me that my account has been dormant / non-active for the last 6-8 weeks because the MOSL staff assigned to my account had resigned and that MOSL was yet to allocate my account to some other officer. I was informed that appx Rs63, 000 was lying unused for over 6-8 weeks and that no transaction had taken place in my trading account during the said period.
On further insisting how can such an situation arise, i was informed that my account was too small for continuous monitoring etc etc..
Expressing my strong disappointment, i instructed Sanjay to sell whatever script was still in my trading account and refund the balance amount to me. I was and am prepared to suffer whatever loss arises to severe the relationship with MOSL. I beleive i would end up loosing appx 20-25% of the amount invested to MOSL, at a time when the sensex increased by over 10-15%.
But that was not to be end of my ordeal. At the time of giving instructions to liquidate my holdings and closing my account, i was again, very categorically, informed that as soon as the stocks were liquidated, the balance amount would be transferred to my banking account. I was informed that there would be no problem in transferring the amount and that i can travel out without bothering about the transfer.
As i did not receive the amount for over a week, i checked again with Sanjay and to my dismay, i was told that i need to sign some forms and return to MOSL. Since i am abroad, i suggested that let me email the form as courier charges are way to high (Usd150/-) and I do not want to add to my losses. Besides, it would take 8-10 days for the entire process to be complete.
I am constrained to beleive that the entire episode reflects the corporate culture at MOSL. I insist immediate action based on the attached scanned copy of the closure form.
Regards,
Tarun Sanghvi
Lagos, Nigeria 234 803 666 7777
Mumbai 91 9004 084 666
EACH ONE, TEACH ONE!!
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From: [email protected]
To: [email protected]
Date: Mon, 22 Nov 15:35:05 0530
Subject: FW: CLOSURE OF ACCOUNT- REMINDER
Dear Sir
this is my senior whom you have already done 1st meeting in fort branch.
[email protected]
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From: Tarun Sanghvi [mailto: [email protected]]
Sent: Monday, November 22 3:27 PM
To: Sanjay Chotelal Jaiswal
Subject: RE: CLOSURE OF ACCOUNT- REMINDER
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From: [email protected]
To: [email protected]
Subject: RE: CLOSURE OF ACCOUNT
Date: Fri, 19 Nov 18:52:01 0530
pls let me have the email id of someone senior in your company.
Regards,
Tarun Sanghvi
Lagos, Nigeria 234 803 666 7777
Mumbai 91 9004 084 666
EACH ONE, TEACH ONE!!
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From: [email protected]
To: [email protected]
Date: Fri, 19 Nov 18:14:51 0530
Subject: RE: CLOSURE OF ACCOUNT
Dear sir
for closer Scan will not work we need hard copy to close the a/c.
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From: Tarun Sanghvi [mailto: [email protected]]
Sent: Friday, November 19 5:42 PM
To: Sanjay Chotelal Jaiswal
Subject: RE: CLOSURE OF ACCOUNT
i am out of india. So i will scan it to you or to Nikita (send her email id).
Regards,
Tarun Sanghvi
Lagos, Nigeria 234 803 666 7777
Mumbai 91 9004 084 666
EACH ONE, TEACH ONE!!
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From: [email protected]
To: [email protected]
Date: Fri, 19 Nov 17:32:07 0530
Subject: RE: CLOSURE OF ACCOUNT
Dear Sir
kinldy sign the attech document and couriour back to the below given address to compleate the closer process
and call on 02230896000-02267316000 (Nikita Parekh) to make payout of your balance amount on monday.
With Regards,
*********************************************************
Sanjay Jaiswal
Assistant Manager! HNI Sales
Motilal Oswal Securities Ltd Queens Mansion, 2nd Floor,
44, A.K. Naik Marg, Fort, Mumbai - 400 001
Mobile: 91-9930451027 Board: 91 22 - 30278000 DID:022-30278095 Fax: 91 22 - 30278036
Email: [email protected] URL: www.motilaloswal.com
*********************************************************
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From: Tarun Sanghvi [mailto: [email protected]]
Sent: Friday, November 19 5:26 PM
To: Sanjay Chotelal Jaiswal
Subject: CLOSURE OF ACCOUNT
Dear Mr. Sanjay,
Pls ensure that my account with Motilal Oswal is closed with immediate effect. Pls ensure to pay me the balance of amount in my account.
Regards,
Tarun Sanghvi
Lagos, Nigeria 234 803 666 7777
Mumbai 91 9004 084 666
EACH ONE, TEACH ONE!!
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