Sharing my hilarious experience with Motilal Oswal:
I am a fan of Ramdeo Agarwal and so decided to open a Demat Account in Motilal Oswal.
The account got opened in a couple of days and I got a welcome message in my email. My name was spelled “PANRAJ” instead of “PANKAJ” but I thought it to be typing error and overlooked it.
Then I brought a few shares from that account.
2 days later I noticed that the name was actually “PANRAJ” in each email communication and attachment and also on their website.
I went to their office to get it rectified. They asked me to submit a “Change of Name” form along with PAN Card and Aadhar Card copy. I tried to reason that it was their mistake and not really a change of name. But they said since this is the data with the depositories, I will have to submit this form. So I got convinced and submitted a change of name form. They said they will process the changes today itself and the updated data will be reflected by tomorrow.
As I was looking at the screen of the person checking my data, I saw the Gender was marked as “Female”. I asked to see the entire information and noticed another error in Address. They had invented a new Wing “O” which does not exist in my society and abbreviated 4 more words. They said everything will be corrected today and reflected by tomorrow.
But, 6 days later, there was no change in name. So I sold the shares, withdrew my money and decided to close the account by filling up this closure form from their website:
When I submitted the form, they said this is not correct form and gave me another one.
They said, I will get acknowledgement by email.
A day later, I got a call from them saying the name in the closing form does not match the name in their records. I tell them the name in their records is wrong because of which I had submitted a “Change of Name” form a week back to correct it. The person says they do not have records of such a form from me. He tells me - Let us submit the closure form with the correct name “PANKAJ”. However, if it gets rejected, we will need to resubmit with the wrong name “PANRAJ”.