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[Resolved]  Kotak Securities Limited — Failure of systems leading to losses

I am going though an ordel right now , trying to fight Kotak Securities Limited. I have , finally after failing to get them to reset my trading password or change the mailing address in my account for the past 2 months, filed a complaint against their service to the Bombay Stock Exchange.

Below is the letter I have written to the exchange :

***********************************************
Sir

Attached is a complaint against Kotak securities limited, whose reputation for poor service to its customers is becoming legendary.

I hold an account with them, Client ID X5*** Demat account number 1259**** through which I trade in shares and apply for IPO’s. For the past 2 months, I have not been able to operate my account as my password is not functional, during the 2 months, they have not been able to provide a password or change the mailing address of my account – despite email reminders, submission of forms, personal visits to their branches and speaking to their customer service people in their Mumbai Office. I have the following complaints against them :

1. Bad attitude of the employees
a. They don’t care. The have no idea of what customer service means, and the volume of work they have can’t be handled by them
b. They are uneducated and not trained. They don’t know how to respond / behave properly or how to resolve the customers complaints. They make false commitments.
c. If you want to see for yourself the conditions in which they work, please visit their office at KG Marg, New Delhi and try to get some information from them
d. They are fed up of the company they are working for because they know they cannot provide service and customers harass them.

2. Complete failure of systems
a. None of the phone numbers of Kotak securities are accessible by customers. Please try calling their helpline number 30305757 from Delhi and see for yourself
b. The website mentions the head of customer service as Lakshmi Sundaram – if you speak to their Mumbai office they say she’s not the head – and no one knows who the head is.
c. Despite having recd customer complaints , a simple task of change of address hasn’t been done by 6 employees I have spoken to. Below is a mail from them, dated 19th Jan 2008 and 29th Jan 2008 confirming that all documents were recd – but no action was taken.
d. If you somehow manage to speak to the customer service people, they don’t know what to do. Further, as explained to me by one of these customer service people, they have no team leaders, no seniors to whom they can transfer cases that they can’t handle

3. Failure at Head office level itself
a. If the head office of a company can’t resolve issues, how do expect others in the company to do so ? I have personally spoken to their customer service people – Nikita @[protected] , another responsible person at Ext 191 and the companies board lines at [protected]. No one in the company knows what is happening or how to handle complaints.
b. The people at the head office agree that they are aware of all these problems – which shows their attitude. Despite being aware, they cannot do anything.


In the past 2 months that I have not been able to operate my account, I have lost significant amount of financial benefit that I might have gained, besides, the trauma of going through such harassment needs to be compensated.

A quick search on the Google shows that many, many customers all over India are being harassed by this company’s service, here are some for your referral

http://www.mouthshut.com/review/Kotak_Securities[protected].html
http://www.mouthshut.com/review/Kotak_Securities[protected].html
http://www.mouthshut.com/review/Kotak_Securities[protected].html
http://www.mouthshut.com/review/Kotak_Securities[protected].html
http://www.mywoes.com/complaintdetail.asp?complaintid=3921
http://www.consumercomplaints.in/complaints/online-trading-account-c27697.html
http://www.traderji.com/investors-grieviences/9077-kotak-securities-cheating-cus...


I request you to take immediate and stringent action against this company – to set an example and to let customers know that BSE stands by them. I would be happy to prove my claims if need be.

********************************************************

Please be aware - in case you want to open a demat account or online trading account, Kotak Securities is what you should stay away from
Complaint marked as Resolved Aug 13, 2020
Complaint comments  13 CommentsShareTweet

Comments

I had opened a share trading account online It is more than four months the account is not operational.An ammount of rs 25000/ is lying inthe account of Kotak securities.I have lost more than4000/ rupees by way fo interest and other problems .The concerned persons have done nothing despite several calls.I have no option to go to the consumer foroum and claim the damages and losses.tel no [protected]&[protected]
Dear All,

I am another vitim of this useless so called 'customer service'.

Can anybody suggest what can I do?

See my correspondence with them.

Dear, Is this some kind of a joke?Do U want me to keep on sending mails?I requested for a simple thing and you guys can't do that since last 2 months? I can't transfer money to to my demat account and vice versa.Are U aware that, due to same reason, some of my shares were short sold by U, because there was no money in the account.. And why there was no money in the account? Because I can't transfer and that's beacuse U don't want to link the account.See the attachemnt and previous mails. (The last one can be seen below)Pathetic.I will wait for another week and if nothing happens, good bye!!

We regret for the delay in responding. With reference to your query below, we wish to inform you that the Kotak Mahindra Bank details have been updated in your Trading profile. We request you to kindly check it online, the path is as follows:- www.kotaksecurities.com - Login to Trade - My Account - My Trading Profile. Further, we wish to inform you that we are looking into your query regarding updation of bank details in Demat profile and shall revert on the same at the earliest. We hope this clarifies the concern raised by you. Looking forward to your kind co-operation and patience. Happy Trading!

Dear, I am very unhappy to note that you haven't still linked my bank account with my trading account.All required documents including signed and cancelled cheque was handed over personally to your branch almost a month back.What do U want me to do now?? Find some other investment partner???In the fiirst instance, you should understand that the whole reason for starting an account in Kotank bank was to transfer monies to and fro between the trading account. The linking should have been done by you, the moment the account was created. Then you start introducing the requirement of filling forms and personalised cheque etc. Do U think that all people in India live in metros?? I have to travel 2 hours to reach the nearest baranch. After sparing all the time and effort, I can't believe that you guys are not doing anything!!Can U check all the correspondence between U and me regarding this matter??

Please link my Bank Account with my Demat Account. Details are given below...and the story continues...
Dear sir.
My name is Ashish Kumar Gupta and i openned a joint saving account, in SBI in month of Jan-09, with my wife Pooja Porwal.
Sir, it has been around 3 months and we have not got ATM cards.
The SBI system is so slow that you have to wait for many days for a work of few minutes.
Please help me in the matter and mail me about the statous of my and my wife's ATM card.
My saving account number is [protected] and the account is in NTPC branch dibiyapur district auraiya.
Dear sir.
My name is Pooja Porwal and i openned a saving account, in SBI more than 2 years back.
Sir, it has been more than 2 yearsthat I have not got ATM card, though I applied for it plenty of time.
The SBI system is so slow that you have to wait for many days for a work of few minutes.
Please help me in the matter and mail me about the statous of my ATM card.
My saving account number is [protected] and the account is in Bharthana branch district Etawah-UP.
Dear Sirs,
I was opened an account in Kotak securities for share marketing. I was given a cheque the amount of Rs 25, 750-00 (Twenty five thousand seven hundred and fifty rupees only) to kotaksecurities Ltd, Jalpaiguri, West Bengal. That cheque amount should be reduced from my SBI Hasimara account but the jalpaiguri agency pers are said to me today that amount should not reached to kotak securities. How solve my problem?
Dear all,

This is a serious issue, most of the employees of kotak securities are not qualified persons.
This is true, not even graduate (+2 completed) working as a manager for a long period.(particulary Tamilnadu)
I am surprised how such thing is possible in kotak like reputed concerns.Why HRD of kotak securities not
verifing the relevent document while recruiting ? If kotak securities HR checks relevent documents
of employees properly, lot of persons will lose thier job. And, this make customer money will be handled
by qualified persons only. will kotak securities take necessary action ?
KOTAKSECURITIES should be banned from operating...

I opened 3 accounts for myself, wife and father...the first account became operations with some issues, the second got PARTLY operational after 6 months and its 10 months and the third account is still not operational.

Can we bring a class action suit against them?
I am sick of their rude and impersonal employees and have had them come over to activate when they accused me of not knowing how to use the computer and when their own employees have failed to activate the accounts, they have stopped ALL CORRESPONDENCE WITH ME!

I have suffered HUGE losses as my shares are stuck with them and 1 lac rupees lying stuck in the demat accounts!

Please HELP!!!
Vikas
I 100% agree to poor response of officials, ter tapism & no care for customer. I opted for Gem portfolio but have withdrawn as they are just keeping in dark the investor and playing with the money of customers in own benefit. BE CARE FUL. I dont know how the manage awards?
I agree on very very bad service from Kotak securities. They never get back to early on your queries and question. They take too much of time. They never undersstand what you are asking. simply spend time on ur question by sitting over that. I have never seen such bad service provider.

Kotak Securities Limited — pf status

kindly provide my pf status pf no MH/41586/13193
Dear Sir/Mam,

Kindly provide me the status of my pf claim status.
MH/41586/3488.
I agree on very very bad service from Kotak securities. They never get back to early on your queries and question. They take too much of time. They never undersstand what you are asking. simply spend time on ur question by sitting over that. I have never seen such bad service provider.
i had a very bad experience with the said company.
i want to share and help please send me more details of complaints
president indian quality centre
[protected]@yahoo.co.in

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    Kotak Securities Phone
    +91 6652 9191
    +91 6621 6666
    Kotak Securities Address
    27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051