Oct 21, 2012 03:33 PM
14364 Views
(Updated Oct 21, 2012 03:32 PM)
Motilal Oswal Bangalore lost approx. Rs. 1 lakh of my capital on unauthorized option trades. I am a very conservative investor and repeatedly has briefed the MOST trader that I am not in any hurry to make money .
Initially he traded according to my brief, booking small profits as well as small losses.
Suddenly, when I was traveling for no known reasons he took risk option positions in Bank Nifty and wiped out 90% of my capital, I have entrusted to MOST in good faith. Neither he nor his Branch Head had the guts or decency to call me about his losses. Till date I dont have a clue to why the trader did what did or thought process behind risky trades on my behalf.
I wrote to to their Directors at Mumbai, and Bangalore branch head met me with lots of soothing
promises. Of course, MOST has taken refuge under the omnibus contract, that every body has to sign with them. There is nothing legally I can do to reclaim loss.
However, I can say that they Motilal Oswal, like most of other brokers are inept, incompetent, hopeless bunglers; whether they are also fraudsters, cheats, scamsters, swindlers I cant say.
Just dont trust Motilal Oswal with your hard earned money, unless you want to say goodbye to it.
