Irrespective of whether you have a demat account with a small broker or some reputable broker like Motilal Oswal, you might have faced one or other issue while placing trades, or been misled by the broker’s team, hidden charges, etc.
No wonder such an issue could be less with a reputed broker, but 100% perfection cannot be guaranteed. So, if you have faced or are facing any issue with Motilal Oswal, here’s the guide to complain against Motilal Oswal.
How to File a Complaint Against Motilal Oswal Online?
Before jumping into the complaint process, let’s understand what kind of issues clients typically report:
- Unauthorized trades placed without consent
- Forcing clients to invest in PMS or mutual funds
- High brokerage charges were not disclosed initially
- Account deactivated or suspended without prior notice
- No response to emails or customer service requests
If you’ve faced any of these or similar issues, you’re within your rights to raise a formal complaint. Wondering where to complaint against stock broker.
Here are the details of the complete process & steps.
Step 1: Contact Motilal Oswal Customer Support
Your first step should always be to reach out to the company’s official grievance redressal mechanism.
- To raise your complaint, send an email to a broker.
- You can also contact their customer support.
- Customer Support No.: 022-40548000 / 022-71881000
Make sure you always mention your Client Code, Registered Mobile, Nature of Complaint, and Supporting Documents in the email or while mentioning the issue on the call.
Step 2: Complaint in SEBI
If you do not get a satisfactory resolution within 30 days of raising the complaint with Motilal Oswal, you can escalate the issue to SEBI through its online complaint platform SCORES.
- Visit the SCORES portal.
- Click on “Register Here” if you are a first-time user.
- Enter PAN, email ID, mobile number, and create a login.
- Once logged in, select “New Complaint”, choose “Intermediary”, select “Stock Broker” Motilal Oswal Financial Services Ltd
- Describe your issue in detail and upload documents such as screenshots, account statements, and email communication.
Once submitted, SEBI forwards it to Motilal Oswal. The broker must respond within 30 days.
Step 3: Escalate to Exchange (NSE/BSE)
If you’re not satisfied with the broker’s response or SEBI’s intervention, the next step is to file a complaint with the relevant stock exchange.
- Visit the NSE or BSE website.
- Raise your concern in SMART ODR.
- Make sure you have a reference number from SEBI (SCORES) before approaching the exchange.
Step 4: Arbitration in the Stock Market
If your issue involves a monetary dispute (like losses due to unauthorized trades or hidden charges) and it remains unresolved, you can file for arbitration.
- Arbitration is a legal process to settle disputes between investors and brokers.
- Usually resolved within 3-6 months.
- You may need legal assistance or a representative.
You can apply via the respective stock exchange websites (NSE/BSE) under the investor grievance section.
Need help to file a case or to represent your case in arbitration? Register with us now. Our team will provide end-to-end assistance and guide you in drafting and properly documenting your case.
Conclusion
Brokers like Motilal Oswal have a responsibility to act in their clients’ best interests.
If you feel that your rights as an investor were violated, don’t hesitate to take action. Start by following internal escalation, and if needed, use SEBI’s redressal system and the exchange grievance mechanism.
You’re not alone. Many investors have successfully recovered their money and stood up against unethical practices.
