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!

 

[Deleted member 11974]

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

View attachment 52265

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.

 

[xfactcc]

Update:

- 21 May 2024 approached SmartODR as instructed by SEBI Scores complaint closing remark, seeking honouring commitment and Rs. 25,000 compensation
- 30 May 2024 HDFC finally agreed to make my demat account lifetime AMC free as originally offered, but refused compensation
- 13 June 2024, pre-conciliation on SmartODR concluded, case transferred to Webnyay for conciliation, as I insisted on compensation
- Tomorrow is my hearing at 11 AM, wish me luck! 🙂

 

[its_karan]

Update:

- 21 May 2024 approached SmartODR as instructed by SEBI Scores complaint closing remark, seeking honouring commitment and Rs. 25,000 compensation
- 30 May 2024 HDFC finally agreed to make my demat account lifetime AMC free as originally offered, but refused compensation
- 13 June 2024, pre-conciliation on SmartODR concluded, case transferred to Webnyay for conciliation, as I insisted on compensation
- Tomorrow is my hearing at 11 AM, wish me luck! 🙂

Congrats brother .

 

[Batman]

Update:

- 21 May 2024 approached SmartODR as instructed by SEBI Scores complaint closing remark, seeking honouring commitment and Rs. 25,000 compensation
- 30 May 2024 HDFC finally agreed to make my demat account lifetime AMC free as originally offered, but refused compensation
- 13 June 2024, pre-conciliation on SmartODR concluded, case transferred to Webnyay for conciliation, as I insisted on compensation
- Tomorrow is my hearing at 11 AM, wish me luck! 🙂

Updateeeeeee please ? 😀

 

[xfactcc]

Sorry for the delay.

Here is the update:

Please refer to the attachment.

-censored everything I thought was necessary.
-Regarding point 3, if you have tips, insights, and advice for my negotiation, deeply appreciated!

Couldn't have done these if it weren't for the courage felt after being in this community. Thanks! 🤝

 

[quino]

Sorry for the delay.

Here is the update:

Please refer to the attachment.

-censored everything I thought was necessary.
-Regarding point 3, if you have tips, insights, and advice for my negotiation, deeply appreciated!

Couldn't have done these if it weren't for the courage felt after being in this community. Thanks! 🤝

so, no compensation? only the LTF thingy?

 

[xfactcc]

so, no compensation? only the LTF thingy?

Compensation in the form of waiver. No cash compensation.

 

[its_karan]

Sorry for the delay.

Here is the update:

Please refer to the attachment.

-censored everything I thought was necessary.
-Regarding point 3, if you have tips, insights, and advice for my negotiation, deeply appreciated!

Couldn't have done these if it weren't for the courage felt after being in this community. Thanks! 🤝

Kudos to you Brother

 

[Aniket]

Sorry for the delay.

Here is the update:

Please refer to the attachment.

-censored everything I thought was necessary.
-Regarding point 3, if you have tips, insights, and advice for my negotiation, deeply appreciated!

Couldn't have done these if it weren't for the courage felt after being in this community. Thanks! 🤝

Congratulations 👏 😄

 

[vine]

Awesome!
Can you brief us , for future references, how to access smartODR and webnyay , how to make a complaint in these, how much costs incurred and effort for smartODR and webnyay & overall

 

[xfactcc]

Awesome!
Can you brief us , for future references, how to access smartODR and webnyay , how to make a complaint in these, how much costs incurred and effort for smartODR and webnyay & overall

1. So what I did is first I exhausted hdfc's internal grievance redressel escalation.

2. Then I raised a complaint on nsdl grievance portal as well as sebi scores then from there the complaint was closed and I asked for review. Even that was closed there. They instructed me to lodge a complaint to Smartodr.in if I'm not satisfied with the response as I was not satisfied I did that.

3. So on Smart odr you can lodge a complaint if or you have logged a complaint on scores before and it didn't work out so it begins with a pre conciliation. Where you directly interact with the respondent party for resolution but there HDFC in my case admitted that it was a technical glitch but did not offer me a lifetime free demat account yet. So from there it gives you 20 days I think.

3. I think for preconciliation, even if that doesn't work out after that you have to give consent for conciliation now for conciliation it is free for the complainant in this case me. But I saw that HDFC had to pay ₹5,000+ for the cancellation process, there was a hearing, it was done via Microsoft teams and after the hearing I came to about the conciliation agreement which you can see part of it. So since my demat account falls under NSDL, so it was assigned to webinar who is managed by nsdl and NSE.

In every portal that I mentioned you have to submit a well-drafted complaint later along with evidence which are assessed. Also for reference even if any of the parties are not satisfied with the conciliation then the next step is arbitration. In case of arbitration you have to submit some ₹6000+ including GST depending on your claim amount. So that is the base price, above 10 lakhs or something the price increases. This process is legally binding process like a court. The next step is that the arbitral award can be challenged then there is another process so it's quite elaborate.