Kotak Securities Complaints & Reviews

I have applied for the opening of Kotak securities online trading account. Very instance i got a link on my personal email ID date 07.02.2017, but at the time of filling the personal details my phone no was not getting populate automatically whereas all the other details was getting populate automatically. I call upon the customer care and told them the issue. The relation ship manager assign to me is not even taking efforts to know the issue. Again i call upon the customer care an told them the issue my complaint was forwarded to concern authority. I even got the call and was promised to send the executive at my residence on 18.02.2017 but they fail to do so. I am afraid for the new customer Kotak Securities is providing service like this the condition will be more worst once the customer opens and account.Very shameless services from Kotak securities. Thanks for such great service.

My self Vaishali Negi like to know status of my PF .
i left kotak securities on 2 Dec 2016 and on 10 Dec 2016 given
PF form to my HR for withdrawal of amount, i like to know when amount of PF will get credited to my bank a/c
My pf no. is MH/41586/6686
Pl reply urgently .

pl update me on my mpbile no.[protected] or mail to me on vaishali.negi.[protected]@gmail .com

my employee code is KS5473
Joining date 09.04.2007 and last date is 02.12.2016
pl confirm when i wil get the benefit of PF in my account.

Dear sir,

It is with great regret I am writing this mail.

Previous month I wanted to start investing my money. So accordingly I had approached Kotak Securities and others brokers for it. Due to Kotak being a good platform I selected it over other brokers such as Sharekhan, etc even though their brokerage was lesser. In the beginning Mr. Suresh was handling the entire process. As a new comer into this market, I had told them I will start slow and will be needing a good relationship manager who's basic is pretty strong and he promised the same. Also he had suggested me to open 3 in 1 account for easy facilitation. So as per his suggestion I opened 3 in 1 account (Bank Account, Trading and Demat Account) even though I had an account in Citibank. In our earlier discussion I told them that I will be needing a brokerage of 0.2% wherein I was informed that it will done once the account is opened. But the moment my account was opened, Mr. Suresh said initially my brokerage will be .26% and will be changed later on. But after 1 week or so when i tried Mr. Suresh, he never responded neither my call was returned. So I was coordinating with Mr. Arumugan who was assisting Mr. Suresh earlier. But looks like people just take things for granted.

I feel really sad to say that till now my overall experience with the trading team has been awful. The relationship manager - Ms. Laksmi is not at all strong in the subject. If any queries is asked to her, she usually says that she will get back but never gets back. It looks like either she is not bothered of the customers or she doesn't know about it. Also, I had informed her that I was told that the brokerage will become .26% but she was not aware of it and she cannot do anything about it. I felt very absurd about it.

Then subsequently I got in touch with Mr. Vivek. I told him about the problems I have been facing with my relationship manager and about the brokerage. Initially he told that he will consider it and get back to me. But after few weeks when I got no response I again contacted him asking about the status but did not get any positive response. In the momentum since the minimum brokerage was also high, I asked them to close my demat account. But worst followed after, my relationship manager did not call me or update me with anything for next couple of weeks (entire month of Jan and mid of December). When i called her, her response was that you only said you wanted to close the account so I did not bother. Even this was informed to Mr. Vivek later, I was surprised to here his response. He said, sorry sir since your transaction is not so high I cannot ask the relationship manager to give you the priority. In the beginning itself I had informed to Mr. Suresh that I will be needing help now and then and he said don't worry sir our customers are divided based on the portfolio and equal importance will be given to all. So now tell me, if I am giving Re.1 business or Rs. 1Crore how can you discriminate your customers.

So this kind of behavior was totally unexpected from Kotak Securities and disappointed to say that I am planning to switch from kotak Securities and Kotak bank on account of following:
1. Unethical behaviour
2. Lack of Knowledge - Relationship Manager
3. Worst CRM
4. High Brokerage %
5. Minimum Brokerage - Rs. 21 is also very high for both Intraday and Deliveries. You people give 0.026% for intraday and still keep minimum as Rs.21 (Effectively Rs.42 per Intraday Transaction) . According to it, my total intraday transaction should be atleast for Rs. 1.62 lakhs (Rs. 42/0.026%) in order to break-even which doesnt make sense.

You are requested to either solve this matter or let me know the closure procedure so that I can switch my account to someone else who has a better client-customer relationship.

Thanking you,

--
Regards,
Summit Agarwal

Hi,
This is our second complaint for non credit of funds available after selling shares from kotak securities.
first complaint launched on
Client Posted Date : Nov 3 2016 11:55AM
no satisfactory response
My trading account snhh0 has credit of Rs. 89569.90 as on 31/12/2016 which is not transfered to my bank account.

with regards

Sushma Jaiswal
kotak sec trading code snhh0

I had opened the demat account in the kotak securities for the purpose of investing in the mutual fund. My ID is PUN92_10
My client code is PX7K0
KS_CRN is 10539767
I am unable to make investment through my account due to which i have to pay higher amount of tax and they are not even providing me any kind of remedy. Also my dead line is passed and also they had wasted a hell lot of time.
I had even mailed them and called them even but i am not getting any kind of response.
I want them to be punished for this, Non- disclosure of the complete information before the opening of account in the kotak securities.

I am very old customer of Kotak Securities right from the day when it opened branch in our city. Since I was making investment in small lots. I found their account suitable and I was being charged with flat brokerage. Now I am being humiliated by the company by suddenly changing brokerage as minimum brokerage per trade at Rs 21/- irrespective of quantum. I was made to invest in small lots and my 90% of holdings are small lots only. Now after 12 years they have suddenly started charging minimum brokerage and not even given sufficient time to liquidate small holdings. This is nothing but cheating and unfair trade practice. They are also not furnishing details sought by me

My client code is a4lq0.

I wanted to close my dp & trading account with kotak securities.
I went to kotak securities branch to close my demat and trading account.
And submitted signed forms to close both trading and demat account
At kotak securities (labbipet) vijayawada branch on 13th october 2016. they told it would be closed in a day or 2 maximum, but it is not closed till now.

Kotak Securties has given in writing in year 2008 to Mr Ashok P Shah that they will not charge any annual maintenance charges and brokerage .20 paisa on cash delivery etc. KOTAK charged us annual maintaience charges and brokerage .49 paisa and wrongly collected several thousand rupees from our trade surplus .we complaint several times but no action and continue to charges. It is really dishonest practice of kotak by not abiding written commitment and it is cheating by deducting excess charged from trade surplus and also keeping further toward unbil amount and future charges.it is something inexperience terror from kotak . If kotak does not refund all excess charges and maintenance charges for all our demate account then we have to approach to all appropriate authorities and to close all our accounts with KOTAK Security and kotak Bank.we have demate account with Borivali west branch Mumbai.we till hope that KOTAK will act with honesty and refund amount immediate otherwise we have to discontinue and to take all appropriate action.

Dear kotak team, & mr, uday,

I have contacted number of times to your customer care and logged a complaint stating that please unscubribe my details from all the demat account/kotak securities.

However, i get the response stating that it will get deactivated within 3 hours 3 working days, but not happening anything.
Seriously can’t understand how down your services are and the customer services.
If this carry forward a head, i will go head till the media and lodge a complaint as well if needed.

Every month you all are deducting the amount from my account, i don’t know the hook and crook of the share market/trading account.

Humble request, or else i know my next steps what exactly has to be done.
We customers are not fool to call you back to back again and again such a poor services mr - uday
Requesting you all to cancel the same and give me a call for the same.

Regards
Simon lloyd
[protected]

Dear Team, At the time of account opening i have been told that my intraday trading charges will be 0.03% or 21 rupees which ever is higher however when i m checking daily transaction report i am surprise to see i m getting charged more than 1.00 rupee per share, person who opened the account assured me that he will help me rectifying wrong charges however he stopped responding my calls, many promises been made by Kotak but all fake, need help to rectify charges and getting my money back. My Client ID DE8W0.

Regards,
Dhananjay
(+91-[protected])

My account is currently closed. A/c dp id:in300214, client id: 17325823,
Client code: 6m6n3. The problem is, the account not operated authoritatively and i didn't advised or known good features of security and stock related but harm my money and i want stop that practice, that practice leaking information for personal gain and harm consumer. That account was situated at shyamnagar, west bengal, pin 743133.

Dear Sir
I have a salary account with Kotak Mahindra Bank.
I applied demate account through Kotak Mahindra bank branch Rudrapur in th month of July.
The process was too slow about the opening account. After some time date 08.09.2016 i got a message regarding deduction of amount of 10750 Rupees . Than further investigation i found that the amount is transferred to kotak securities demate account without purchasing any equity..I am shocked i have neither receive any massage regarding opening of my account nor the welcome kit of the account how the balance was deducted through my account. Than i call kotak securities help line representative he said your welcome kit send to the address and return back to the office. Further investigating i found that the contact number gmail id which was entered by the account opener was wrong. The mobile number and gmail id are using by some one other .
My question is that why you are having such incompetent person for the job. He is playing with the faith of the customers.and worst service by your bank.
After a weak ago my account is not been activated . Waiting for activation of my account than i want to close as soon as possible because i don want to be apart of incompetent organization.
If my query is not solved i go to the higher authorities.
So hope fully you will support and solve the problem as soon as possible .

Regards
Satyendra Singh
Client code BZ6F0
Mob-[protected]

I have account in securities since 2012 but to my surprise i came to know that my account is suspended since 25th july 2016 without even intimation to me.

This is shocking and im unable to operate securities account.

I am being following up for the same since past 3 weeks to customer care however they are unable to resolve my complain and i am left with only followups.

I have also gone to kotak bank on 4 occasions but they are also unable to resolve the issue.

I feel so that i had done mistake in opening an account with you.

I have given recruitment to Kotak Mahindra Life Insurance & they told me my work will be to take interview & I have to work in back office. For this I have to take training & I have to pay Rs.1000 I have given to them. When the Training Process has started I came to know what I have to do they recruit me as an agent & I don't have any fixed salary but they told me I will get Rs.15000 per month. When I ask for refunding they misbehave with me.

My name is Atanu Choudhury. I am having a saving account in Kotak mahindra Bank having account number [protected] which is having a correct address.
I have recently opened a Demat account in Kotak securities having a client id 19618466.
The have made a wrong entry in the address and changed my KYC details in the KRA.

As a result all my mutual fund investments are showing the wrong address. Request to do the necessary correction as nothing is being done.

Hi,
my name is Sambid Dhali & this grievance is against Kotak Insuarance. Last year during the first week of June 2015 I went to their office for a job as they asked me to attend an interview for a back office non sales non target job. They repeateadly confirmed with me before attending the interview that it is a non sales non target back office job & hence I attended their interview. However on attending their interview I was told that I have to pay Rs 2000 for a training in order to get the job & that I my job will be to sell insurance policy which is totally based on sales & target & not at all back office. So I did not take the job as they lied to me from the very beginning about the job profile. Now its been over an year & they keep on calling me regarding the same job role & I have repeateadly asked them to remove my phone number & details from their database & not to call me regarding the scamming job but it is of no use as they refuse to remove my details from their database. Every week after 3-4 days they keep on calling me regarding the same job role. I have requested them, explained the situation to them, argued with them, & even quarrelled with them asking them to remove my phone number from their database & not to call me again but it is of no use as they keep on calling me & refuse to delete my phone number & details from their database. The name & number that I want them to remove from their database is Sambid Dhali, [protected]. They simply refuse to remove the details from their database & keep on calling me every week regarding the same job profile even after explaining it to them. Kindly help me in removing my name & number from their fraudaulent database. (Kindly help me in removing my name & number - Sambid Dhali, [protected] from their database) Looking forward to your co operation.

Warm Regards,
Sambid Dhali,
[protected]

Respect sir,
With reference to the query below, i have to inform you that i tried calling consumer care center to find the p. O. D details -[protected] of my password which has been sent through shree anjani couriers on the 3rd aug 2016.

They courier service first claimed that i have shifted from the given address and the delivery failed, later after several calls they say that they have delivered my documents - but i have not received my password yet.
I have not even signed a thing. So i cannot understand how their system is showing that it was delivered.

This whole situation is highly unacceptable. It shows a high level of inefficiency, putting into light that my trading is being hampered.
N. P. Ekka
Norbert. [protected]@gmail.Com

I closed all my account in September 2015... even my debit account now they are saay its silt active...and u have to pay 1244.76 /- outstanding amount...off bank...i clear my all debt amounts now they start again harassing me.. For debt

First they take my policy money 30000/-
Then they forced me to pay my credit card money off 23000/-
they i closed down my all account and they don't return my money in my account and they want me to pay again 1244.76 in my account

To: - (The managers of kotak securities ltd.)

- mr. Praveen koroth at kotak

My name is ligin ravi. I am a client of kotak securities. My client id 16216116​.​
I would like to report to you, the managers of the company, some very strange activities that have occurred to my account that i need your help to clarify and fix.

On 17 of june, i received from mr. Santosh cp a mail note, signed...

Dear Sir,

I am writing this to express my concern and frustration over the service I received from Kotak Securities and has been pending since 2+ years without a solution. Every time I call up the customer care or speak to the branch manager, I get no results. To highlight the issue,

Situation:
I came to the bank to meet Madhursudhan Nair for banking query as I wanted to transfer money from MYR to INR. Since Madhursudhan was not available in Jaksandra branch on that day, I was introduced to Jay and Abhishek who convinced me the below points to purchase a DMAT account with Kotak Securities. I was promised the below,
a) I would get a DMAT kit which would contain all the information required for me to access my DMAT account
b) I would have a person coming to my home to explain the demo of how it works and create my logins in the system.
c) I would get daily/weekly updates over SMS on the shares drop and ups.
d) I will have a dedicated person who would call me weekly to update me the progress and how the market does.

Problem:
In-spite of me telling Jay that I have moved to a new address, he took my old address and told me that he would collect the Kit on by behalf and send it to me. This kit never came to me. I waited for 1 month and than I escalated the same to the Kotak securities and spoke to some folks in Mumbai, but yet no response. I wrote to Ajay Pai who inturn connected me with Dinesh from Kotak Securities and we had a long conversation, which Dinesh took an action to revert. He never came back after that. There were few email exchange between me and Ajay but Dinesh never showed up. There was no contact number of Dinesh for me to reach him out.
Another point I would like to mention, Jay also told me to transfer 1 Lakhs from my Kotak Saving account to my Kotak Securities account so that I can avail a 2 year free membership with Kotak securities. This was later transfered back to my saving account as the securities account was never created.

Open Issues:
1. This account has been opened 2 years ago, and I still don’t have the account number, Logins, balance details nothing.
2. I have been running behind Kotak for solution and none of them have responded back or taken any action. I have all most all the email conversations with me.
3. Rajeswari (Branch Manager) and Ajay took some action to work on it but never materialized. Whereas Ujwal (New Branch Manager) whom I spoke on 30th March, runs away from the problem and tells me that he would not know what the old people have committed.

When I told Ujwal that I will have to file this as an act of fraudulence in the consumer court, he happily says please go ahead and do whatever you want. This shows the poor interest to understand the customer. I have been holding the saving account with this bank for more then 6 years and now I would like to take serious action against this bank.