Kotak Securities Complaints & Reviews

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.

This is to inform you that, my dad was having credit card of Barclays Bank which was settled in 2009 and now i am getting calls from Kotak Mahindra Bank. I am unable to understand how can they call me & on what ground.
Even after making payment i have all the documents. i.e- settlement letter, payment slip, and account statement. However they are calling to my office landline and threatening me & my parents.
Below are the details of the Person calling - Amit Shinde & Santosh Giri ([protected]),[protected]-[protected]
email- rardcards.[protected]@kotak.com

It is most unethical group, keep giving false information and later on trapped in the debit. My advice to anybody is not to deal with this group.

Kodak securities sent me an bill of 8000+ with exorbitant interest wherein I have not utilized their services over the years I am shocked to see that bill. If there was an non payment of maintenance fee Kotak should have sent registered post once atleast but receiving a statement once with hopping bill amount it is very disappointing no more interested in your services. My account details trading code : BAEH5, reference no: 06172018
Going to complaint to respective authorities if the fee and interest is not reversed.

This has reference to my complaint in this forum vide dated September, 27, 2015. The problem is yet to be resolved. Now I am describing the fact in detail:-

i have requested online to open a 3-in1 account with kotak securities. one sales executive came and i have handed over necessary documents to open an 3in 1 account. later she cane and informed me that now an offline account is being opened which will be converted into online account very soon. my account was opened on 30.07.2015. user ID given as VI_SA_1996. I have made complain in this forum on 27th September, 2015. That person again came and asked for some more papers. Even a savings account was opened with Kotak Bank so that the ONLINE Trading account can be easily activated. Till last week, the p[roblem was not resolved. then I contacted your customer care who after consulting the concerned person told that it will take five more working days to resolve my problem. That five working day expired on 20/02/2016. it now it is not resolved. therefore, I am left with no alternative than to complain in this forum. Hope you wii look into it and solve this problem immediately.

Sir, I hold a demat account SMXF 9 Cust. ID no.10920046 with KSL since 2004. In august 2014 I had requested the firm to close my account with them and transfer my shares to VFFL, New Delhi. The firm has not done so and raising unnecessary and unreasonable issues to avoid their ommission/mistake and harassing a senior citizen aged 70+ years.
This account has been dormant/ nonoperational since sept.2008.

You are requested to please help me in my getting shares trnsfer. Thanks,
Yours faithfully,
Shyam sunder,
130 B DDA LIG Flats,
Rajouri Garden,
New delhi 110027
M [protected]
Dt.17.12.2015

Dear sir, i have called mr. Samir for a loan on securities and handed over all the documents required on 01.10.2015. Since documents handed over several times called him and every time he asked to wait a week. I have already informed him that i am badly needed to hospital expenses for my younger son mr. Devendra bajaj who met an accident on 19.08.2015. He told me that you will get loan amount within a 10 days. But unfortunate he has not done anything. Therefore i requested him to return all the documents which i handed him. Fortnight passed till date he has not returned the documents even i reminded several times. Today i have made a complaint no. 11400745 towards this kind of negligence on service of your high office. They have also not given any satisfy reply. Therefore i request your high officer action on this matter under the information to me at an earliest.

Hi, I opend Dmat account with kotak securities one month ago. While opening the account, the executive from executive named Mr. Ankit told me that all charges for account maintenance have been waived off. Account opening & maintenance is free for us. I received the welcome kit and I dint get the onine account as I was promised . I tried to speak to Ankit & he dint respond my calls . Even he cheated me with the Brokage value and false information about the account. Now I tried to get some help from there colleagues and from customer service as well and I am not getting any help . Even I am not able to do trading and paying lots of amount to them . Please take strong action against kotak, Bank should be penalised. Thanks, Praveen Punia [protected]

Hi My name is praveen punia and I just opened an account with kotak securities for trading. I spoke to a representative from kotak securities (Hauz Khas Branch) & got some information related to open an demat account . He came to my place and asked me for 50 k cheque that I gave him to open the account . He opened the account but giving me wrong information about account (Offline -online & how much they will charge the amount as brokage.). After some time he stopped responding my calls . So I personally visited the Branch and tried to get right information. Now again I need a online USER ID AND PASSWORD to login in trading account . Kotak securities dint provide me that password . After one month they couriered me password through BLUE DART, I dint get the courier from them because the address was incomplete. I called kotak securities 4 to 5 times to get my courier from BLUE DART and no one was responding . Please help me out from this issue because I am getting loss in share market because of the ONLINE PASSWORD. I need to login from online to activate my account The representative from kotak security was ANKIT VERMA from Hauz Khas Branch. Please help me and I will be very thankful . Regards Praveen Punia [protected]

Dear sir/mam, i have been trying to know the status of my Account creation information, but no one has reverted me regarding my quire. so please give me the status of my Account . At the moment when i was applied for bank account form in on-line your bank is the one who approached me very soon very effectively, but when i ask for some info no one is responding. so please let me know the status ... Amarnath Reddy J PAN NUM : AKDPJ2095H

i have requested online to open a 3-in1 account with kotak securities. one sales executive came and i have handed over necessary documents to open an 3in 1 account. later she cane and informed me that now an offline account is being opened which will be converted into online account very soon. my account was opened on 30.07.2015. user ID given as VI_SA_1996. now it is requested to look into it and please convert my off line trading account...

I have demat account Kotak securities(.id no AMUW4 ) I have opened it asansol office of kotak securities I tried to locate Kotak securities office since more than six months for closing my account the company has closed there asansol ( burdawan, W.B)office without informing me. Due to this I was unable to close my account now i came to know that for closing the account I will have to visit Durgapur office of kotak securities They have demanded service charges of this period.I want close my account immediately without paying any service charges for the period when actually no sevice was offerdafter selling my remaining share( Unitech)

Kotak mahindra securities pvt ltd i want to bring in your notice that i have not given the request for auto invest service you can ask mr manish kumar he has clicked on the auto invest secruities sir i have opened my demate account in kodat mahindra bank, i have some shares of my late lester gulati and i would like to transmission these shares and i have asked for this transmission to kodak mahindra deputy manager, and he has told me that first i have to open demate account then they will do the process of trnsmission of share. And on behalf of kodak mahindra deputy manager i have given an application and deposit rs 10, 000/- to open an account in kodak but neither shares were transferred even his assistant manager has ordered me to login kotak securities and click on the auto purchase, i had no knowledge about it, i have entered auto purchase and after some times i will receive email from kotad secuiries that my account balance has been zero i request though this portal that please provide me a justice and credited the full amount into my account because i did not purchase any shares i am being misguided by your senior staff members whose detials are given below kotak secruirites manish kumar deputy manager [protected] avinash kumar assistant manager [protected] from kotak securities client id 70n86 senior citizen of india aajad ashok gulati wz 185 old sahib pura tilak nagar new delhi 110018 balance which has been given in advance to open this account rs. 10, 000/-

DO NOT open account with securities and bank for equity. They ay it is a trinity account. Marketing representative would say that it is one account only but you would end up running behind 3 different companies. Where you go with your query they would ask you to go to other. Like if you go to bank they say go to security and vis-a-vis. I tried to close the demat and security account and they are keeping me running all over. When you call them they say yes we can take closure request online and then some one from ahemdabad and will tel you that you made a mistake of opening account now you have to go security office for closure. They say kotak bank and secutiry are same when you onpen account but when closing you 1st have to close security and then demat. why because they are different. even if your balances are clear. FOr opening they would come to your place, for closing your mistake why you opened it. For opening everything can be done online. for closing your mistake. Pathetic service. I would close my bank account as well soon.

This is Vijayaraghavan Sa been cheaten customer;


Very Long story short;


I was with ICICI Direct and did direct trading and made loss close to 18 Lacks and was totally devastated with my life; where Vikram.Chandra came for rescue[pretended!!!] and again pulled me in to trading for recovery...


THEN he was thrown away from ICICI direct and joined KOTAK, after which when contacted me zillion times and convinced of recovering amount slowly and made me to pull out ONE LACK out of icici direct and create KOTAK DMAT for trading... for which he walked down to my house @ chennai quite many times like a dog and promised +Ve degree of movement but NEVER a -Ve degree... bwt, he know all my personal loss and be just utilized to FILL HIS TARGET/BUCKET/ASSIGNED TOTAL or any bull sh*it what ever its called...


I had few calls in initial days... and NON lately... when my wife managed to get him on call... he is soooo unresponsive and come to know the my INVESTMENT of Rs. 1, 00, 000 is negative as of NOW in a span of 3 Months

with out any notification to me; inspite of asking for call to confirm on trading which did not quite happen;

THIS IS ULTIMATE BLOOD SUCKING OUT OF CORPES...

I need how and why an agent MAKE TRADING WITH OUT CONFIRMING FROM A CUSTOMER... CALLING ME QUITE DID NOT HAPPENnnnnnn


THIS IS TOTALLY UNACCEPTABLE and I would take this to any level with out a resolution...

AND I NEED MY MONEY AND ANSWER!!!

I never approved/Authorized any of the Buy/Sell Transaction...


Agent Name: Vikram ["vikram.[protected]@kotak.com" ]


He undersigns himself with the below signature


Vikram Chandra.

Asst. Manager(PCG Dealing)

Kotak Securities

T.Nagar, Chennai

+91-[protected]""

Hi Team, I have lost my money just because of Kotak Securities suggestion. I had Ashok Leyland shares (100 Nos) and last week one of Kotak Securities customer care executive called me and asked me to sell all the shares because there will be a depreciation in the NAV and I asked her that it went till 84 Rs in past history so there will be a chance in increasing in the NAV but she forced me to sell else I will loose my money. And as she advised I sold all my shares at Rs. 71.5 but till today the TP is increasing only and today it is at 88.3. without doing proper research these people are playing with customers money. Who is responsible for my loss and who will compensate for the loss? I have records that whatever suggestions they gave everything is fake only, none of the suggestion was right till now. Regards, Manjunath

I am a high volume trader. . . Size 30 lakhs cash and i make 3 - 5 cr turnover daily. . . In order to diversify my account i was looking for another broker. . . These kotak guys committed to a brokerage of 0. 3%. . Including taxes comes to 0. 45%. . . Day 1 sir there has to be minimum 21 rs / trade we charge. . . Ok. . . So low volume is out. . . No small probing trades. . . Day 2. . . Volume 29 lakhs (Buy& sell) . . . Buggers charge 0. 9%. . . Answer by them its the corporate office. . . They also are pretty dumb & callous. . . I have been trading 4 10 years. . . My advice. . . Run away from them. . . Go to sharekhan, angel, rksv. . . But these are organised thieves

Dear Sir/Madam, For past few weeks (months perhaps) I have been requesting your Ahmedabad office to help me transfer some of my DMAT shares from my DP account in BOI, Ahmedabad to my DP account in Kotak, Ahmedabad. I have sent all paper work as requested but until now I have no resolution. Every new day it dawns, I get some different person with different set of promises. Such promises unfortunately are not substantiated with actions or with timely feedback.My DP account number is: 15072257 at your Ahmedabad office.

Dear sir/madam, I have opened Dmat account recently with kotaksecurities. Your sales representative Ms. Rakhi Vishwakarma, Nagpur promised me brokerage charges of 30 paise per 1000Rs transaction for non intra day transaction, but still instead of various reminders nd messages, she is just assuring me and still brokerage is being charged at 49 paisa per 1000 Rs for non intra day transaction. I am feeling cheated nd your sales representative is not even picking my phone nor responding to my messages. Pls look into the matter nd update my brokerage charges else i will be forced to complain to SEBI for mal practices. Regards, Raina Gupta

Dear, i the undersigned opening a bank account and demand account 13.05.2015 but till i have not received nothing but your company advertised within in 24 hrs your everything will open more than 15 daays over I not received nothing. So I request you pl stop your fake advertisement and dont hearse the people and return my money.Your company not give me any receiving document against my account payee cheque. I hope you will take immediate action at your end please. with thanks Dibakar Mondal Flat No. 4b, Narayani Appartment, 12/12b U K DUTTA ROAD, DUM DUM CANT. KOLKATTA-700028