Thread by @varoun3883

Dear @MrMotilalOswal, I write this as an aggrieved customer. My wife opened an account with your esteemed institution in April 2017. @MotilalOswalLtd @MotilalOswalAMC 1/n

We initiated SIP in few Mutual funds beginning June 2017, which continued till March 2018. We had filled SIP instructions for 5 year period while didn't fund the a/c after March 2018. 2/n @MrMotilalOswal @MotilalOswalAMC @MotilalOswalLtd

As with any other brokerage firm, these instructions wouldn't have honoured due to insufficient funds in linked a/c. 3/n
@MrMotilalOswal @MotilalOswalAMC @MotilalOswalLtd

Per ledger statement of my wife's a/c shared with me today, 1 sudden MF purchase(without customer consent) was executed in March 2019 by turning linked a/c bal to NEGATIVE. 4/n @MrMotilalOswal @MotilalOswalAMC @MotilalOswalLtd

Thereafter MOSL kept debiting interest on the negative a/c bal. To square off the said NEGATIVE bal, @MotilalOswalAMC sold equity shares subscribed in an IPO, without our consent again. It DIDN'T end there. @MrMotilalOswal @MotilalOswalLtd 5/n

4 more purchase txns were executed (while a/c bal was still NEGATIVE) between 1-15th Oct 2019, which led a MUCH HIGHER negative bal in a/c. To square off the negative bal, @MotilalOswalAMC executed 4 SALE txn in said a/c on 16th October, 2019. @MotilalOswalLtd @MrMotilalOswal 6/n

It was then that the issue came to my notice and immediately escalated to Relationship Manager. Isssue remains unresolved at time of this tweet. @MrMotilalOswal @MotilalOswalAMC @MotilalOswalLtd 7/n

I thought the a/c was opened with an institution which takes pride in its organisational values & customers value creation more than AUM in such torrid times. Look forward 2 most urgent intervention & resolution in the matter. @MrMotilalOswal @MotilalOswalAMC @MotilalOswalLtd 8/8