Hi Folks at Zerodha,
I know this is a non zerodha issue, but I am facing issues from Motilal Oswal while closing my Demat account. My closing ledger balance is -490 Rs as per my ledger statement ,but MO claims there is an error in their system and -1490 is the settlement amount to be paid. Also they have provided a online link through which we can close the account online ,but I am unable to access it using the Demat account credentials which they asked me to use .Their customer team is no mood to resolve my issues as they are just beating around the bush. I know we can complain in SCORES portal, but do they consider these kind of issues?
Posting in tradingqna as I believe many people here hold multiple Demat accounts and might have faced similar issue for MO. Kindly provide your inputs.
YOU CAN CLOSE YOUR TRADING AND DEMAT ACCOUNT ONLY VIA OFFLINE MODE WHERE YOU HAVE TO FILL THE CLOSURE FORM AND REASONS FOR CLOSURE MUST BE STATED IN THE FORM AND THEN COURIER IT TO MOTILAL OSWAL MAIN HEAD OFFICE. IT WILL GENERALLY TAKE 7 TO 10 DAYS TO CLOSE YOUR ACCOUNT AND MAKE SURE YOU HAVE NO DUES IN THEIR LEDGER. ALSO IF YOU HAVE HOLDINGS WITH THEM THEN TRANSFER IT TO ANOTHER DEMAT ACCOUNT OR IN CLOSURE FORM FILL THE DETAILS OF YOUR TARGET BOID AND YOU HAVE TO GIVE THEM CMR COPY WITH CLOSURE FORM SO THAT THEY CAN TRANFER YOUR SHARE WHILE CLOSING ACCOUNT WITH THEM. I HAD AN ACCOUNT WITH SWASTIKA AND I GAVE THEM ALL THE FORM AND CMR COPY BUT THEY TOOK 2 MONTHS FOR THAT. YOU HAVE TO CALL THEM ALL DAY SO THAT THEY WILL CLOSE YOUR ACCOUNT ASAP. I AM GIVING YOU THE LINK OF CLOSURE FORM FOR MOTILAL OSWAL HERE-
ALSO ASK THEM WHY THEY ARE CHARGING ADDITIONAL 1000 RS. AS YOUR LEDGER IS SHOWING ONLY 490 RS. IS DUE. IF YOU ARE SWITCHING TO ZERODHA THEN HERE IS THE LINK TO OPEN ONLINE ACCOUNT WITH ZERODHA.