I applied for opening a Demat Account with SBi and registered through online. Before i didn’t know that they have tie-up with Motilal Oswal. I didnt received proper communication from SBI and lastly i received a call and the lady asked me whether i need a account. I was totaly disappointed with tone and tenure of the lady and i said i didnt received proper communication from you. She asked “so you dont need to open account with us?” and ended her connection. I thought “Thank God! before opening and investing i came to know about customer skills.”
recently i read an INSEAD graduate’s comment on Motilal Oswal group! Its for your view…Think thrice before investing…
Motilal Oswal marketing executive contacted me last year and introduced themselves that they were very good with stocks and all that. I work for an IT firm in Bangalore and had some money to put
into investment. Going by their reputation, I trusted them.
I invested 50k into commodities, 1 lakh in 2 mutual funds and 1 lakh into equities. Their website never worked with the password till date and they have never rectified it for me inspite of going behind and calling them a hundred times. They only give you sweet smiles and treat you well when you go to their office so that you dont shout at them when they have other newbie clients sitting around. Once you are out of sight you are out of their mind too.
At the end of the year, they had missed three monthly statements and I had no clue what was happening to the money. I went there couple of saturdays but they once said that their operations in my account was shifted to another branch, another time their manager had gone out for lunch – who never returned after 2 hours of waiting. Finally I found out, they had made a loss of 75 k rupees in a bullish market and more so didnt want to inform me about it. The mutual funds that I bought were the only safe ones. The commodities were totally wiped out by them and so were the equities. They said that they wanted me to put in some more money so that they could recover the losses.
This is the time when I was very upset and happen to speak out with my collegues. Two of the guys had already had very bad experience with them. One of them lost 1.5 lakh in 3 months due to their lack of expertise in handling day trading (out of 2 lakh that he had given them), another lost 50k and he said bye to them.
I am not making this up. You can call me up or even walk into their office and ask about the story of my account and probably many others like me. I think they only make money by finding bakras like me who dont have the time to trade and dream of making some quick bucks in the stock market thinking that they are the experts. If you have money to trade, never give it to them, rather give that money to charity – God will bless you for that.