[Resolved]  Kotak Securities — Incurred loss due to incorrect advice by Kotak

Address:

Bangalore, Karnataka

My customer ID is WDRD5.

This was regarding a concern of a short sell that I had done on 30th May post which I had contacted your contact center at 1:11PM to 1:16PM to clarify a point. I was very clear on the call to explain what I have done and how long a time do I have to place a buy order for the short sell that I had done. The representative mentioned and advised that I can place a buy order any time before 10:30AM Wed. I rephrased this statement on the call to make it clear what I heard is right. And she said yes, you can place that order before the time she mentioned.

However this morning to my surprise, I couldn’t see any position for me to place a square off order this morning which is when I called your customer care again to get surprised that I had to square it off on the very same day else it will go for an auction. The first lady also mentioned about this auction and told me that before this auction provided I don’t square off before Wed.

The representative this morning told me that I would get a call back post market hours today which I did not. Considering that my concern is time bound; I would have appreciated if someone had to prioritize and give me a call back to explain to me what the next steps are.

Had the first rep advised me correctly; I would have placed a buy order the very same day even if I was under loss. But now I’m left with no hope. I had been on leave for whole of last week and came back with couple of people more to open a demat account with you. However looking at the kind of service I’m going through; I will have to think over.

Now it;s more than 3 weeks that i couldn't trade due to the loss of my margin available and now they say that the losses I have incurred due to their incorrect advice given to me cannot be reversed.