My investment of Rs.4 lacs starting Dec17, which was to be invested in share market for delivery (cash) stocks was wrongly invested in currency and other speculative (F and O) trading to achieve brokerage targets. This trading was either done without my knowledge or I was informed after the transaction took place in few instances.

Call recordings would indicate my discomfort in wrongful trading happening and my pleadings to provide consolidated MIS showing actual allocation of funds. Last call of 12th Mar18 would indicate that the Relationship Executive has confessed indulging in unwanted trading.
Margin selling is currently happening in the account and no one is looking at it, with just Rs 85000 informed to me as remaining amount.
Matter was highlighted to management soon after receipt of P and L statement on 26th Feb18 which was being demanded since long time as RE could not explain any kind of MIS or reports.
Company is trying to hush up the matter without a thorough investigation into the case.

Pasting below the mail correspondence with the Motilal Oswal company and management:


Last mail dated 23rd Mar’18, sent to Motilal Management
To: neeraj.agarwal@motilaloswal.com, ajay@motilaloswal.com, raamdeo@motilaloswal.com, motilal@motilaloswal.com, md@motilaloswal.com, na@motilaloswal.com, sachin.mishra@motilaloswal.com, mo@motilaloswal.com
Dear Team,
An indifferent response from your grievance cell (mail dated 13th Mar’18 evening) clearly indicates that the company is trying to hush up the matter without a thorough investigation into the case. One of the reasons for my this assertion is that on one hand your branch officials were fixing appointment with me to discuss the issue (& call recordings), while on the other, even before the discussions started, the judgement has been pronounced in company’s favour.
Besides countering the points putting the burden on me, I’d also recap my grievance for better understanding of various officials marked in this mail:
(1) Account was opened by Mr.Vinayak Haralekar, the Sales Manager, who was informed about my investment interest in long term equity market. The motto of investing money in delivery (cash) products was finalized and also recommended by the SM, saying that this is the right strategy of investment.
(2) Rs.2 lacs were invested and transactions started in Dec’17. Rs.2 lacs were further transferred during Jan’18
(3) Ms. Urvi Vira (Relationship Executive) was assigned to manage my account and I kept reminding her to explain me the website functions as well as the MIS being sent by the company. She came to my office on request, however failed to explain the MIS / website reports and told that she’d be sending a consolidated MIS for easier understanding of funds allocation, and suggested to download Motilal APPs. Once again the idea and motto of my investment as a new investor was reiterated and was acknowledged by the RE. On various calls, another strategy to keep 30% amount idle so as to pump it during bearish times, was also shared as I was under impression that no leverage trading was taking place
(4) There were shares purchased for companies like Avenue Supermarts, BF Utilities, Cadila, CDSL, Coal India, Granules, Havells, HUDC, ICICI Pru, Indiabulls, IRB, Rain Industries, PC Jeweller, Man Infra and few others WITHOUT EVEN INFORMING ME, which I got to know after seeing the P&L Statement. Currency trading was done WITHOUT MY PRIOR PERMISSION, and was informed POST BUYING. Even my request to exit currency wasn’t fulfilled. Other speculative tradings were done keeping me in dark, for example, I was asked to immediately transfer Rs.2 lac for a great opportunity in SUN PHARMA and TATA MOTORS Stock. To my disbelief, I later got to know that more than Rs.12 lacs worth of shares were purchased with the said amount i.e. margin trading was done without even explaining me the consequences??
(5) My phone call recordings with the RE would clearly indicate that I wasn’t comfortable on the futures / speculative (call&put) / currency segment, but only delivery (cash). The fund allocation was also not explained, instead on sending reminder mails and putting some pressure, a P&L statement was sent which was in bad shape. RMS mails started coming and I spoke to the RE who said that it would be one off event and it wouldn’t come again, but to my surprise, such mails surged. On asking the value of investment remaining, I was told 1.45 lacs on 26th of Feb’18 when I lost my cool and escalated the matter.
(6) Informed Mr.Vinayak Haralekar about this mess and he came back with his response saying that there are mismanagement complaints against the said RE (Ms Urvi) from other customers as well and that he’d recommend the account to be handled by a senior authority. Mr.Rohit Rawlani (supervisor of the FE) was astonished to see why such erratic & unbalanced transactions were done by the executive. Now whether he was serious or was just trying to pacify me, he knows better.
(7) Few of my contentions & answers to your letter which tries to mute my matter:
- Were these transactions done only to make commission / brokerage for the company?
- Even if these were done for investor’s good, was any kind of Stop Loss trigger applied?
- Why were the details not being shared? 1st time the ledger was shared after escalation to management.
- Why are the Trade Book details not available in your website? If alternate reports are available, why aren’t your representatives able to explain those?
- MIS being received are too old, and cumbersome
- Why were the sms not triggered for all transactions happening in my account?
- Why were the charges (including brokerage and other than that) never explained to me?
- Isn't 2-3 months a decent period to highlight the mismanagement? How fast could I've blown the whistle if this seems delayed by your grievance cell?
- Did you ever try to hear the call I had with your RE on 12th Mar’18 post escalation of this matter when she called me promising to get the account back to normalcy?


I have guts to say that I would not have had an iota of problem if I myself had asked you to do margin or speculative trading and had even lost money, but I'm distressed because I’ve been cheated as I gave you my money as a long term investor and not as a speculator or as a stock trader/broker.
I was induced to invest additional amount of Rs.2 lacs making false representations with an intention to cheat and defraud, and simultaneously make wrongful gains to the company by earning brokerage and other charges through leveraged volumes and high churning of account. It therefore becomes necessary that my complaint needs to be thoroughly investigated by the company / regulatory authorities and investigative agencies.
I’m currently copying few officials of regulatory body & exchange/s, however, will make a direct communication with them, and separately with all redressal channels including social media channels available to me, if I do not get justice for this blatant act of cheating and committing criminal breach of trust.
Final attempt to look forward to a fair hearing.
Thank You
Amit Dua
ID – AD1977
Mob - ********72


Last Revert from Motilal Grievance Cell
Tue, Mar 13, 2018 at 4:35 PM
To: Amit Dua
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Dear Customer,
With reference to your mail, we would like to inform you that we have verified your account details and it has been noted that all the trades executed in your account was under your complete knowledge and also you were aware about trades executed in your accounts.
In this regards we wish to states that we send the digital contract notes on daily basis and ledger statement on monthly basis to your registered email id with us i.e. AMITDUAMAIL@GMAIL.COM. In addition, we also send the trade confirmation on your registered Mobile number with us i.e ********72 as and when the trades executed in your accounts.
Further, Exchanges are also sending the trade confirmation via SMS and email to your registered email id and mobile number with us.
Further, we have also noted that in order to clear the debit balance you have credited the fund in your account in hence, we understand the you were very well known about your Ledger balance and trade transaction of your account.
Further, we also wish to states that our branch dealer was continues in touch with you regarding trades executed in your account.
You can also view ledger statement/ DP Holding Statement /Contract note/Trade details and summary/Mutual Fund details/Margins details from your online portal.
We further wish to state that dealing in stock market is subject to market risk and no one can give assured returns from the dealing in shares / securities. We can only advise or guide on the basis of past performance of the strategy or our research reports. Stock market is associated with risk which is clearly mentioned in Risk Disclosure Document provided to you after understanding the same at the time of opening of an account.
In view of above, we would like to inform you that there were no unauthorized trades executed in your account and you were well aware about trades executed in account.
Further, our branch representative have interacted with you and given your clarification on the concerns raised by you. However, you are requested to visit the branch for further clarification on the issues.
For further assistance/clarification please get in touch with our branch representative Mr. Rohit Rawlani on 0********34.
We hope the above clarifies the matter.
Warm Regards,


Tue, Mar 6, 2018 at 9:50 PM
To: MOSL Customer Care

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This seems to be absolute exploitation of the account. Investments of 90k, 60k and more in just a single day?

I had given