[Resolved] Kotak Securities — False Commitments / Charges | |||
I had a Share Trading account with Kotak Securities at Green House. At the time of opening of the Account i was told of Brokerage and monthly charges only. I asked them many times but they said only these charges are applicable. But when i went for closing the account, they added interest on the trading amount @21% and DP charges etc. etc. such that they do not have to pay anything to the client, are we fools to open an account at this interest amount and charges. All these people are fraud, they say something while opening the account and while closing they are different. Beware of these fraud people. Deepak Jindal (Account No. HRFAO) Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 6 Comments | |||
Comments
Dear Mr. Jindal,
The monthly charges include DP charges. This is also present in the account opening form as a separate page and requires your signature. Regarding the interest charged, we have reviewed your account and found a debit balance that existed.
For example: If you have purchased stocks worth Rs. 50000 using the exposure given to you, but only have Rs 20000, in your account. this Rs.30000 is treated as debit if you do not square off your position. Due to this debit balance the interest has been charged.
We hope this explanation clarifies your queries, else you can call Ms. Reshma B on[protected] /[protected].
Regards,
Kotak Securities Ltd.
The monthly charges include DP charges. This is also present in the account opening form as a separate page and requires your signature. Regarding the interest charged, we have reviewed your account and found a debit balance that existed.
For example: If you have purchased stocks worth Rs. 50000 using the exposure given to you, but only have Rs 20000, in your account. this Rs.30000 is treated as debit if you do not square off your position. Due to this debit balance the interest has been charged.
We hope this explanation clarifies your queries, else you can call Ms. Reshma B on[protected] /[protected].
Regards,
Kotak Securities Ltd.
The same fraud happened with me. I was also told the only charge is the Rs. 750 account opening charge + brokerage of 0.4% or 0.04% for delivery /intraday trading. That's all. I paid up Rs. 10lakhs + Rs. 750. After 2 months I wanted my trading acct closed and money en-cashed. It was then they sent me a statement which was 20, 000 lower than my estimate. They said the deductions was on account of was interest, DP charges, sales tax etc. etc. Unless consumers wake up these so called financial institutions will keep looting us.
I want to file an FIR. Should we all team up?
I want to file an FIR. Should we all team up?
I have read the reply of Kotak above. My question is who asked Kotak to purchase stocks on debt? Before purchasing I was never told that there will be an interest charged? I am sure you will cover yoursel[censored]p with all the fine prints that you get the consumer to sign. It is practically impossible for consumers to go through the fine print before signing...I know that and you know that very well. I want my refund.
Horrible and big cheaters.I lost huge amount trusting their relation ship managers tip. To achive their daily fee target they call us and make customer panic to buy stocks and later they never bothered to even put Stop loss order. Kindly do not their relationship managers tips. Money making business.. Ranjit Shetty
Thats 100% correct, I am also victim of their trick for making brokage by providing us falls tips... This is really a fraud company, i also lost about 30000 ruppes within one month...
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This response is from Kotak Securities.
We are extremely sorry about the issue. Someone from the Customer care desk will call you shortly.
Regards,
Kotak Securities Ltd.