Kotak Securities — Incurred loss due to incorrect advice by Kotak

8 Reviews
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.
Complaint comments  7 Comments     Updated: Share0Tweet0


Dear Sagen,

We understand your concern. Please be assured that we will look into the matter and address your issue at the earliest. You can also write to us at ks.escalation@kotak.com

Team Kotak Securities
I guess i have tried that path of escalation and it went no where to satisfy the right.
Dear Sagen,

We understand your concern. We have looked into the matter in detail and our customer service desk has sent you an e-mail addressing all your queries. We hope that you will find the response to your satisfaction. Thank you for sharing your feedback and do write to us at ks.escalation@kotak.com for any other clarifications.

Warm Regards,
Team Kotak Securities
I disagree to what standard comment that you have copied and pasted here. I was given incorrect advice about short sell and today after all the loss that have incurred, you have given me the right advice via mail. What's the point now when its too late in life? Your representatives had given me incorrect advice due to which I lost my money and would advice all NOT to opt for Kotak as your trading broker as they end up cheating people like this. Mind it that my call to you is recorded and kept safe on your servers that i will soon invoke.
Dear Sagen,

Please be assured that at Kotak Securities, we maintain complete transparency in all the services we offer. Yours appears to be a case of misunderstanding. We also observe that you have carried out intra-day transactions in the past also. Servicing our clients is our primary concern as we strive to ensure that no inconvenience is caused. Please do get in touch with our customer service directly for further assistance. We will be happy to resolve this issue to your satisfaction

Team Kotak Securities
i have demat account in kotak securities .i purchase indo count 2000 share 0n 24 Aug @ 8.72 after 2 days when it reach to 9.3 i have tried to sell it but its fail after that i call to kotaksecurities customer care they told me that put the market price 0 and do the sell command than it will sell in current market price. i do the same at that time market price was 9.3 after receiving the sale command my order was execute @ 7.27. when i checked the rate at that time it was around 8.5 to 9 .so i call to customer care and discuss this issue with kotak executive he checked the rate and told me the same rate around 8.5 to 9 than i ask to him how my order was execute in 7.27 .i register the complaint for same matter but after long time nobody get in touch with me and my complaint status is still pending.
Dear Vinay,

We regret the inconvenience caused. We request you to share your client id & contact details with us at ks.escalation@kotak.com so our customer care executive can get in touch with you and address your concern at the earliest.

Team Kotak Securities

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    Kotak Securities - Incurred loss due to incorrect advice by Kotak