[Resolved]  Kotak Securities — Breach of commitment

Hi Team,

Kotak Securities executive Anil Bansode and his Manager Prabhu has made 2p - 20p brokerage charges, Nil DP and Nil A/c opening charges commitment before taking the account, but till date didn't fulfill the commitment. I have raised the issue on ks.[protected]@kotak.com and they have resolved the DP and A/c opening charges issue but the brokerage charges issue is still pending.

Please go through the mail trace below for further details.

Kotak Securities Client Id: 2NE02
Name : Aditya Adusumalli

Regards,
Aditya

Aditya <ady.[protected]@gmail.com> Mon, May 14, 2012 at 12:48 PM
To: ks.[protected]@kotak.com
Hi Team,

I awaiting an update on the status.

Regards,
Aditya

On Fri, May 11, 2012 at 12:41 PM, Aditya <ady.[protected]@gmail.com> wrote:
Hi Team,

Please provide update on the status of the pending issue: committed brokerage charges of 2 paisa - 20 paisa.

I request to expedite the process as I am planning to invest huge as market is falling.

If it is not possible even then let me know, so that I can look for other options.

Regards,
Aditya


On Sat, May 5, 2012 at 4:53 PM, Aditya <ady.[protected]@gmail.com> wrote:
Hi Team,

I confirm that I have received Rs 1200/- from Anil.

Anil hasn't levied any such conditions for giving brokerage charges of 2 paisa - 20 paisa.

If he has levied any such condition he would have made such statement in the mail chain below. He wouldn't have just accepted to pay Rs 1200/-, he would have negated my claim. The same applies to Prabhu also. If you think that such conditions were levied why do you think either of Prabhu or Anil haven't responded on the mail? Just because the mail chain doesn't have official communication from Mr. Prabhu or Anil that they have committed 2paisa - 20 paisa doesn't mean that what ever they say is right.

Also Santhosh Tadisetty, with Client ID 2NR35, my friend has taken Kotak Securities account with me.
Even he didn't provide:
1 Lac initial check
10 references.
But he has been given the same commitments like me and brokerage charges of 2 paisa and 20 paisa has been provided by Prabhu and Anil.

When both o[censored]s have taken the account at same time and none o[censored]s meet your requirement how does Prabhu justify this action of his. Actually Santhosh and other friend Raghunath Chaitanya from CSC have taken the accounts because of me.

Please do not take advantage of lack of official communication from your team and consider the facts above to fairly address the issue.

Regards,
Aditya

On Sat, May 5, 2012 at 11:26 AM, <ks.[protected]@kotak.com> wrote:
Dear Mr. Aditya,



This is in reference to your below mail dated 1st May 2012.

At the outset, please accept our sincere gratitude for sharing your concerns with us and giving us an opportunity to assist you.

In case you feel that we have not been able to maintain discipline in client follow-ups or maintaining Customer Service Standards, please accept our sincere apologies and also, be assured that we would not give you an opportunity to complain in the future.



We have looked into the points raised by you and in this connection, we would like to state as under:

Brokerage charges will be 2 paisa - 20 paisa for Intraday and delivery

As per confirmation received from branch Executive Mr. Anil Bansode and Mr. Prabhu B, we understand that brokerage of 2 paisa & 20 paisa was given to on basis of

Initial amount of Rs.1 lakh and 10 close references; however as the same were not met said brokerage was not applicable for your account.



For any further reduction in brokerage, we request you to kindly get in touch with our nearest Kotak Securities branch. The contact details of our branches are available online under the below mentioned path:



www.kotaksecurities.com - Home Page - Contact Us.



The brokerage structure currently applicable for your account is as given below:



For Equity:



Delivery: 0.4%



Intraday: 0.05%



Minimum brokerage: 4 paisa (which ever is higher)



For derivatives



Futures:

Intraday Brokerages: 0.35% both sides

Settlement: 0.35% both sides



Minimum: 4 paisa (which ever is higher)



Options:

2% or minimum Rs.75 per lot whichever is higher.

A/c opening charges of Rs.550/- will not be levied and Monthly DP charges will not be levied

With regards to account opening fee, we would like to inform you that it is an one time mandatory charge levied to all accounts generated in our system and also DP Account Maintenance Charges are levied to all customers who hold Demat account with Kotak Securities on monthly basis in their account and we would unable to reverse the same.



However, as per your conversation with our branch Executive, we understand that sum of Rs.1200/- has been transferred to your bank account and we request you to check and confirm the same.



We hope the aforesaid clarifications have addressed the concerns raised by you appropriately.



We value your business and hope to have an enduring association with you in the future as well



Best Regards,

Shweta Nagekar



Kotak Securities Customer Care



If you have a query or need any clarification you may do any of the following to connect with us:



(1) Call us at[protected]toll free) /[protected]toll free) /[protected]prefix your city STD code))

(2) Write to us at service.[protected]@kotak.com

(3) Post a Q-Form via our website - Login to trade - Customer Service - Solve your queries

(4) Send us a fax on[protected]

(5) Log in to your online account and write to us via your myinvestments email id

(6) Chat with our representative online - www.kotaksecurities.com



Kotak Securities Ltd. Reg office: Bhaktawar, 1st floor, 229, Nariman Point, Mumbai 400021. Correspondence Add: Kotak Infinity, Building No.21,Infinity Park, Off-western express highway, General A K Vaidya Marg, Malad-East,Mumbai-400097. Tel No:[protected] SEBI Registration No's: NSE INB/INF/INE[protected], BSE INB[protected]/ INF[protected], OTC INB[protected],MCX-SX INE[protected], AMFI ARN 0164. The number[protected] /[protected] can be reached from all service providers (landline & mobile). To dial the number 30305757 from your mobile phone, prefix your city STD code. Compliance Officer details: Mr. Sandeep Chordia. Call:[protected], or Email: ks.[protected]@kotak.com.





From: Aditya [mailto:ady.[protected]@gmail.com]
Sent: Tuesday, May 01, 2012 10:27 AM
To: ks escalation / Kotak / Securities
Cc: setty.[protected]@gmail.com; nareshkumar j (Online Sales, KSL); prabhu b (Online Sales, KSL); anil bansode (Online Sales, KSL)
Subject: Re: Breach of commitment



Hi Team,



I write this mail in regard to the commitments made by your sales team and then failed to fulfill them.



The sales representative: Anil Bansode (anil.[protected]@kotak.com) has made the following commitments:

A/c opening charges of Rs.550/- will not be levied.
Monthly DP charges will not be levied.
Brokerage charges will be 2 paisa - 20 paisa for Intraday and delivery respectively with A/c balance of 1 Lac.
I had discussion this with his manager Mr. Prabhu (prabhu.[protected]@kotak.com) who has agreed to provide above brokerage but has been making tentative commitments over phone and is not even responding to the mail. Anil said he would pay me Rs 1200/- in compensation to the A/c opening charges and 1yr DP charges waiver that he committed (please find it in below mail thread).



Please see through the issue and resolve it ASAP as it's been almost 3 months that the account has been opened.



Thanks & Regards,

Aditya

Hi Team,

Would you please let me know the status of the issue as you promised that the issue will be resolved by this week.

Thanks & Regards,
Aditya

Dear Santosh,
Our customer service is looking into this matter on priority. Please be assured that we will solve this matter to your satisfaction.

Regards,
Kotak Securities

Hi,

it has been nearly 2 weeks and it didn't resolve problem yet.can you tell us the status of the complaint.

Thanks,
Santosh.