A couple of months back I was looking out for opening an online trading account for the purpose of investments. I spoke to a number of people before deciding on whom to open an account with. This list of people included some of my collegues who have are subject matter experts in this field. I shortlisted ICICI direct, Kotak Securities, HDFC easy trade and Motilal Oswal securities. Few suggested that ICICI is way too slow as it takes a long time to serve its huge customer base and also some complained about their high transaction charges. HDFC is not that famous in the market and not many were in favor of it as nobody had a fair idea on how their recommendations were.
Now I was left with the remaining two players. Kotak securities and Motilal Oswal had equal opportunity. I called up representatives from both the organizations to explain me about the process, charges, service etc., After gathering all the info, I got sold to Motilal Oswal. This is primarily because of two reasons, first one being their brokerage charges. However the most important one is their advices and recommendations. I had a good feedback wrt Motilal Oswals online trading software and fair brokerages compared to other players. Hence I chose Motilal Oswal to open an online trading/DMat account. Account opening was hassle free as the agent had come over to my place at my convenience to get all that documentation work to be done. At the same time he gave a couple of brochers and booklet on Motilal Oswal Securities Limited [MOSL]. Within 10 days from that date, my account was activated I was sent login credentials info soon after that.
Brokerage is the only issue that I can complain about. Initially I was told a different brokerage while opening the account, but later on once that was done I found that I was associated with a slightly higher brokerage than initially agreed upon rates. I had to call up the customer care to complain about and a couple of email to follow up with that. Still it is not resolved and the agent is in touch with me to get it resolved. Apart from that I have started getting email recommendations off late and I find them very informative. Apart from this I have been very happy with MOSL and hope to continue a prolonged association with them for years to come!