Is there a RBI Banking Ombudsman equivalent for demat account related issues?

[xfactcc]

Dear members,

I am putting this here, as I thought most appropriate. Back in April I saw a banner pop up on my HDFC mobile banking app, under ‘pre-approved’ section mentioning lifetime demat AMC free account. Screenshot attached.

I maintain a savings max account with HDFC. I tapped it and followed instructions to open the demat account, nowhere during the account opening process any charges were mentioned.

Now later on when I contacted them, they sent me standard tariff sheet where my account as per it would be charged Rs. 750/pa from 2nd year onwards, it’s free for Imperia etc. Screenshot attached.

This is deceptive and cheating, I am following their grievance redressal matrix Investor Grievance Escalation Matrix (hdfcsec.com), so far I am at Head of Customer Care level 2, and they haven’t responded, hence I am concerned whether they will concede. In that case is there a third-party RBI BO like structure where I can go to seek resolution? I am aware of SEBI’s SCORES, but not sure if it is similar in function.

Please advise!

 

[sxchzy]

SEBI SCORES AND COMPLAINT WITH EXCHANGE IE NSE is what you can proceed with

 

[xfactcc]

Update:

- HDFC maintained their position, so I complained on NSDL and SEBI SCORES, as a result HDFC significantly gave written admission that the preapproved offer was due to a 'technical glitch'.
- They waived this year's AMC as a gesture and plans to charge me as usual from next year, or they are asking me to upgrade to Imperia or close account since no trade (didn't have courage to trade with them with charges dispute)
- NSDL and SEBI both have closed complaint with SEBI asking me to go to SmartODR if I am not satisfied, where I am headed right now

I guess the equivalent for RBI BO is SmartODR, I will find out by experience. I did not expect HDFC to be so stubborn, they are giving written admission of deficiency of service, yet I am supposed to excuse that, and regulators are also closing complaints.

 

[its_karan]

Dear members,

I am putting this here, as I thought most appropriate. Back in April I saw a banner pop up on my HDFC mobile banking app, under ‘pre-approved’ section mentioning lifetime demat AMC free account. Screenshot attached.

I maintain a savings max account with HDFC. I tapped it and followed instructions to open the demat account, nowhere during the account opening process any charges were mentioned.

Now later on when I contacted them, they sent me standard tariff sheet where my account as per it would be charged Rs. 750/pa from 2nd year onwards, it’s free for Imperia etc. Screenshot attached.

This is deceptive and cheating, I am following their grievance redressal matrix Investor Grievance Escalation Matrix (hdfcsec.com), so far I am at Head of Customer Care level 2, and they haven’t responded, hence I am concerned whether they will concede. In that case is there a third-party RBI BO like structure where I can go to seek resolution? I am aware of SEBI’s SCORES, but not sure if it is similar in function.

Please advise!

This is nothing.

HDFC has the most convulded approach to this Imperia and Preferred free Demat account.

With Imperia snd Preferred:

• The Demat is by HDFC Bank
• While Trading is by HDFC Securities

I can understand your plight.

Plus the Branch never agrees to any plans.

I tried to open my demat account and then closed it as they post 2 months, as the Bank didn't open trading account after opening a free Demat account even after 2 months.

Then they tried to levy charges for that Demat.

Ultimately closed the Demat account, made a complaint and reversed the charges

 

[xfactcc]

This is nothing.

HDFC has the most convulded approach to this Imperia and Preferred free Demat account.

With Imperia snd Preferred:

• The Demat is by HDFC Bank
• While Trading is by HDFC Securities

I can understand your plight.

Plus the Branch never agrees to any plans.

I tried to open my demat account and then closed it as they post 2 months, as the Bank didn't open trading account after opening a free Demat account even after 2 months.

Then they tried to levy charges for that Demat.

Ultimately closed the Demat account, made a complaint and reversed the charges

It is time someone takes them to an arbitrator and makes them pay for these.

 

[RAMESH BABU N]

A majority of those chaps are novices n know next to nothing in securities.

Any day, pure securitues business ventures like 5Paisa or Zarodha or MotilalOswal are thousand times better than these HDFC Jokers.

ICICI Securities is by far the best amongst the private lot. Their 3-in-1 is better.

 

[CXO]

ICICI Securities is by far the best amongst the private lot. Their 3-in-1 is better.

That may change with the merger rumor. Nevertheless, I prefer a broker focused on broking rather than one that tries to be everything to everyone.

 

[moneyMaker]

ICICI Securities is by far the best amongst the private lot. Their 3-in-1 is better.

Kotak neo is nice.

 

[CXO]

Kotak neo is nice.

Heard some traders complain about Neo.

 

[moneyMaker]

Heard some traders complain about Neo

I use shoonya anyways, best is nse prop.