Today i received a mail from Fyers informing me that i need to pay Rs. 1000/- to ILFS towards AMC dues, for transfer of my ILFS Demat holdings to Fyers. On speaking to Nagaraj of the Fyers team i was informed that  my holding will not be transferred unless i pay this unjustified amount.  Earlier ILFS has debited my bank account for Rs. 398.24, towards margin charges. I accepted the debit as i was informed by the Fyers team to expect the same. Now this current mail informs me that i have to pay Rs 1000/- more to ILFS. Mr Tejas Khoday & team please explain the following to me:

  1. When i joined Fyers, a long time ago there were NO AMC charges.
  2. Fyers had a tie up with ILFS & holdings were in ILFS demat account.
  3. I have been informed that unless i make the unjustified payment, my holdings from ILFS will not be transferred. IS THIS NOT BLACKMAIL???
  4. why should I, a customer of Fyers be forced to pay ILFS for AMC charges, when Fyers had a no AMC charges policy on my joining.
  5. I have been also informed that IL&FS team is not giving a breakup of the AMC charges to Fyers team. What action is Fyers taking to remedy this?
  6. Finally... i want my holdings in my Fyers demat account ASAP.

I request a prompt answer from Tejas Khoday & team on this, as this is a problem being faced by almost all customers & proper corrective action is needed from you to maintain customer goodwill.