Kotak Securities Complaints & Reviews

Dear Sir/Madam, My name is S.L.D.PACKIAM, my client code 4UGX6, my user id PACKI_1979, i have my account is logged please release the my account because my sharing not sell and buy ok then please help please conduct my number [protected] ok

was new to trading. Planned to start a demat and trading account, while browsing found that kotak has a 3 in 1 trading account after which I applied online and got a call and executive visited to my place and explained that if I deposit 1 lakh rupee to open the account then my charge will be intraday .03 and future as .30 and a small amount in case of delivery charges. They even told that as I am new to this they will initially come n install the software and help to do trading. It was my biggest mistake to open an account with kotak as I have already lost thousands due to wrong promises and the brokerages are charged as they wish, even after my account has a balance of 1 lakh I got a mail stating that I have to pay 10, 000 n odd immediately. When called the person who opened this account stating about the mail he asked me to ignore it and he is loud enough n telling that he explained the same to me n now I am lying. If immediate action is not taken I will close my account and go legally.

Dear Team Kotak Securities,
Your service team is sleeping and breaching the time limit of 48 hours (only on paper) It is been 3 days since I raised the issue but I have not seen any action from your end. I can understand why Kotak Securities is making money with ease since you have 'cheap' and non-certified agents to deal with customers! You better pay my money back which I lost due to your agent's mistake. I gave call to sell tata Elxsi only hitting the limit of Rs.615- or 650 definitely not at market price!!! On what basis your agent did that. Why are you not hearing the conversation!!!? Are you dumb or
cunning?

ALL PEOPLE DON'T GO WITH KOTAK SECURITIES AT ALL. THEY
ARE FRAUD COMPANY HAVING NON-CERTIFIED PEOPLE SITTING AS AGENTS WHO ACT
SMARTLY, OF COURSE, WITH THE SUPPORT OF DUMB and CUNNING MANAGEMENT.

TOoday I gave instruction to one of Kotak securities staff to make a sell 1000 Tata Elxsi share ONLY if it reaches 615 (lower limit) and 650 (higher limit) from my existing holdings. Even I made sure that she understands but she sold off immediately at the market rate of 628 prevailing at that time and made a net trade loss for the day of Rs. 8100.Immediately I called up and she said she will forward this to her manager to deal and when I spoke to the manager she said she will get back to me in next 30-45min and when I didn't get call even after 2 hours I called up the contact center to hear that she is busy. However, I got a call from her after my call. She assigned me by Name Ashish who did other transactions. But again while transacting he was pushing me to buy more Tata Elxsi so that I average out the losses I was made to have by his colleague. But I didn't bulge. Again at 14:51 I had a call from service agent who started saying that Koran cannot pay back and he started to indirectly threaten me saying Kotak will not make the payment for the loss of Rs.8100 which I objected and told him to behave properly and follow SEBI and RBI guidelines than threatening me and also requested him to given me a statement on the letter head that Kotak cannot make Rs.8100 payment which is a fault from your agent. Apart from this I also asked whether the lady agent who did that wrong transaction is Certified or not for which I did not get any answer! I

With ref. To subject line. The undersigned is customer of yours and doing online trading.
The support from your customer support department in general and perticular is very disturibing. The details are;;
There has been repeated visits to home branch at sector 51 noida and meeting ms. Himanshu for change of support executive sitting and cordinating from ambadeep building with name mr. Ankit. Only thing the response was i have written to boses.
Further, while speaking over phone to senior of mr. Ankit the response was you might get even worse executive for support so continiue.
Then very rudely mr. Ankit called and asked why you complained.(On the background it seemed his superior was listining: quite patatic.)
Further, the intraday charges are too high and in this rgeard i talked to mr. Ankit (Presently. .04 paise) to make it in line with compitition. The answer was put more 3 to 4 lac and then i will think and do something... Looking at compitition sherkhan and icici are offereing on submition of one lac cheque the intraday @.03 paise and even at 1.25 lacs sherkhan is giving .02 intraday... So having my association with kotak i am writing to you...Consider my last request and do needful to change the support executive and do someting with brokarage..
.(Please note if again the rude phone call is made i will record it and do needful as it sounds very low to receive such calls)

Hope to receive a reaponse from yourside.

Regards,
Indubala
Code; 3yx58.
Ph.[protected]
[protected]
[protected]@rediffmail.Com

I have a serious complaint against the top management of Kotak Securities which is shielding its branch manager, who caused me a total loss of Rs 16 lakhs in a span of four months during 2013.

I am Ramesh Ramanan, current demat online trading account holder with Kotak Securities Ltd., for past 9 years, investing only in the stocks in cash segment on NSE and BSE. I resigned my job in Mumbai |& settled down in Chennai to take care of aged my parents. In June 2013, I was introduced to Mr. D. Rajan, branch manager of Kotak Securities Ltd., Tiruvanmiyur Branch, Chennai, Tamil Nadu, by a staff member of same branch. Initially, Mr. Rajan pretended to be very friendly with me, assuring that he would take care of my investments. I had told him that I did not know anything about futures & options trading, that my investments in stocks were my only lifetime savings & that I could not take losses. I had also told him very clearly that I would not be getting any pensions from my last job. He used to repeatedly assure me: “Do not worry. I will guide you every step of the way. There will not be any losses. I will ensure that your investments will grow well and I will take very good care of your investments.” He sent an office boy to collect my signature on the futures trading documents.

Though he made profitable transactions intially, very often, he would get my login access code and id and then, he himself would log into my account using his laptop or his office computer after asking me to log out of my account & place buy & sell orders. He totally messed up all my investments, causing me huge financial losses amounting to Rs 16 lakhs, even after considering all the marginal gains tht he had made for my account, by placing highly deflated sell orders at lower levels |& buying them back, only at much higher prices, not allowing me to cover shorts at lower levels. He often cancelled many orders I had placed, substituting them with his own orders. He used to keep pestering me to confirm that I had placed orders as per his directions. Because of all this, I have suffered severe mental agony & mental depressions.

He made unauthorized transactions in my online trading account and misused trust, pestered and made me sell 5390 shares of Suprajit Engineering Ltd., and 35 shares of Aditya Birla Nuvo, which I had in my existing portfolio with Kotak Securities Ltd., saying they would fall to much lower levels and we could buy back at that level. I trusted this person and gave him my login id access code, which he misused and shorted heavily on F & O trading, causing me heavy losses, wiping out almost completely savings of my hard-earned lifetime. Unfortunately, I do not have documentary evidence against him. The top management of Kotak Securities Ltd., seems to be shielding him against me, as he may have strong political clout. My repeated complaints to [protected]@kotak.com (Mr. Uday Vice-Chairman of Kotak Securities Ltd., two Joint MDs (Mr. C. Jayaram (jmd.[protected]@kotak.com and Mr. Deepak Gupta-jmd.[protected]@kotak.com) and customer service emails) have not got any positive results over a two-month period from 15th october 2013 till now.

Major Stocks which Mr. Rajan shorted misusing my account in August 2013: Financial Technologies and Ranbaxy. He bought them back at much higher prices on his office computer/laptop.

During September 2013: Mr. Rajan made me short 500 Axis Bank Futures at 946, 500 ICICI BANK Futures at 976 and 1000 Tata Motors futures @ 319. He did not allow me to buy these back at lower levels, when the opportunity arose, laughing at me, saying they will fall to much lower levels and we will cover it then. He silently bought back 250 Axis Bank [protected]@1160 on his office computer/laptop, using my access code, which I had given him in good faith, without informing me before. He also made me buyback 500 ICICI Bank futures at 976, 250 Axis Bank Futures at 1038 and 1000 Tata Motors @ 338. He also made me buy 1000 Ranbaxy [protected]@29, 9200 Bank [protected]@average of Rs 53 & 2900 [protected]@average price of Rs 25. All of these were left unsold, as Mr. Rajan did not allow me to sell them till the end of the expiry.

After I sent an email to [protected]@kotak.com (Mr. Uday Kotak-Vice-chairman), jmd.[protected]@kotak.com (Mr. C. Jayaram) and jmd.[protected]@kotak.com (Mr. Deepak Gupta), stating that I will be taking up the matter further with the SEBI, NSE and BSE on 3rd December 2013, Mr. Sundar, a representative of the T.Nagar branch of Kotak Securities Ltd., called me on my land line phone on 4th December 2013 and he and another representative of Kotak Securities Ltd., T. Nagar, Branch, Chennai, visited me at my residence on Friday 6th December 2013 to take my statement and file a report to the head office. They pretentiously assured me that "we belong to a good group and you will definitely get justice." They said that it would take two weeks for the head office to act upon the report filed by them on the basis of my statement to them.

Two weeks later, Mr. Sundar called me to his office and when I met him at his office in T. Nagar, he told me that the head office was willing to compensate me only to the extent of Rs 20, 000, even though I had clearly told both of them and the top management through many emails that the total loss caused by Mr. Rajan's misdeeds amounted to more than Rs 16 lakhs.

This is totally unbecoming and unethical on the part of a company of the stature of Kotak Securities Ltd., which is shielding a crooked branch manager and not forcing him to pay up for his misdeeds, which has wiped off more than 90% of my hard-earned savings of a life-time. I really regret the day I opened an online trading account with them. I still use their trading platform, as some of my investments are stuck with them.

I learn that they have transferred him to another branch. I had also complained about Kotak Securities Ltd., to SEBI online and received the only response that they seem to be capable of, that is I should contact the stock broker, that is, Kotak Securities Ltd., in whose integrity I have no faith at all whatsoever. I trusted Kotak Securities Ltd., to be a high class stock broking company and opened an online trading account with it. I regret the day I did that, because the company is full of scheming and manipulating people, who will go all out to shield their branch manager, just because they do not want me to be compensated. Hence, I request your urgent personal intervention in the matter to resolve the issue satisfactorily. Thanking you in advance, Ramesh Ramanan.

I have sold 15 tata steel shares on 31.12.13 in NSE vide kotak securities account. Kotak charge 30 paisa brokerage with min brokerage of Rs 21/ trade. As calculated brokerage worked out less than Rs 21, I sold 2 additional Tata Steel shares in same session on NSE. They charged minimum brokerage of Rs 21 each for both transactions i.e. Rs 42 Universally, for brokerage calculation brokers the quantities of same scrip+ same session+ same exchange is added and brokerage is chaarged on total sale amount i.e. 17 shares of Tata Steel which work out slighly above Rs 21. Otherwise how do one calculate brokerage for intraday trade. Yogesh Rastogi

Old Complaint Hi, My Broker Kotak Securities has fooled me suffer a very huge loss due to the untrained staff that they have in their office on the 29th-30th September 2008, I was trading on ICICI script at NSE and BSE and before the end of day on the 29th, i called up my broker on his contact no.30305757 and requested one of the customer trading officers to square my position on ICICI script at NSE and BSE. At NSE I had to sell 40 shares and BSE 35 to square my position for that days trade. But the customer care officer did some disastrous calculations and made me buy another 50 shares ( ORDER NO:[protected]) at NSE which meant i had 90 more shares and I was not squared off for the intra day and at BSE I had to sell 35 shares to square myself off for the intra day but the customer care officer sold 125 shares (ORDER No:[protected]) which meant 90 more shares were sold because of the error of the customer care executive. Even on the 30th i wanted to square off my position both at NSE and BSE on ICICI script but the same mistake was committed by them. At NSE 40 Shares should have been sold more over here to square off and at BSE 70 shares should have been sold to square off my position for that dat. This error from my broker has costed me tremendously and made me suffer huge losses and they are not co-operating with me for the same and I would like serious action to be taken aganist them and even one of their agents Mohammed who was negotiating a deal with me to recover the losses was very harsh to me and serious investigation should be carried by SEBI and other bodies directly and indirectly associated to the Stock market and also a proper explanation should be received from the Broker regarding the training of the trading care executives. I am waiting since more than 15 days with my complain and even when I call my broker regarding the issue they are just trying to delay it and I had to waste a whole week trying to understand that what wrong calculations I made as in spite of squaring my self on both the days, there was auction held on some of my shares which I am unaware of. The contract nos are listed below and would like very serious investigation in it. Only ICICI script Digitally Signed Contract Note 47547153 BSE 29 September Digitally Signed Contract Note 47567123 NSE 29 September Digitally Signed Contract Note 47605413 NSE 30 September Digitally Signed Contract Note 47586823 BSE 30 September. Please provide me justice as I am being harrased by my broker. Thanks and Regards, MANMEET BHAMRA (contact no [protected]) NEW COMPLAINT Besides the tremendous losses and mental harrasment now if I am to close my trading account which I have tried to do so since the losses they made me suffer, they ask me for money to close my account and are not giving me the minimum amount which I had kept in my account to keep it active and started placing the requests since 2008.

U SQUARED OFF CLIENTS POSITION ON UR OWH, CAUSE LOSS TO A CLIENT, INSTEAD U TAKE INTEREST RATHER THAN SQUARING THINGS OFF, N GIVING PERMISSION TO REBUY, GIVES U BROKARAGEAGAIN.
CALCULATE BROKARAGE ON REBUYING N CHARGE IT INSTEAD.
UR MARGIN FUNDING IS A BAD JOKE, MISLEADING.
WILL LAUNCH COMPALAIN IN FORUM O[censored]R USERS FOR DISCUSSION, OR I WILL HV TO LEAVE UR SERVICES, ...AN OLD CLIENT, DR.JIRE.

Dear Sir,

I am xxxx (i dont want to disclose) 27 years young, I was working as associate in Pondicherry branch .I have resigned my job September 30th 2013.From the day of my resigning that I am contacting the HR department . I am unable to contact them. No one is picked the calls .No one is respond to my mails and calls. I was asking about the final exit formalities from 30th September to until 28th October .After that I have got response and the HR department asked me to send the clearance form and final exit interview form.
I have sent the forms attached with PF form. I am asking for the relieving from the HR department but they are not responding to me clearly . Here I would like to explain my painful life at kotak securities ltd.

Point 1: I have joined in kotak securities ltd on 16th April 2012 as trainee associate .Everything is based on the performance .As I am an IT person I am unable to perform well in broking industry .Management gave me two suggestions, one is resigning the job at pondicherry else should come to chennai to work at T nagar office . After that I went for an interview in the reputed software company and got a programmer job then I resigned .

Point 2: I have resigned my job on 31st May 2013 .Even though there are many vacancies in Pondicherry branch .This is my first resignation with kotak securities ltd.My manager clearly sent the resignation mail to the reporting head .kindly find the attachment of the first resignation .I was getting the balance confirmation from the clients and I got offer letter from the software company .The situation is very bad.

Point 3:I was thinking that the management will relieve me ASAP. But they are not responding and they are not relieved and accepted .They are asked me to go by hierarchy .No response. I was thinking that I am working in the notice period. In the June month one dealer has resigned the job and got acceptance and went out from the company and settled well .what happened to my career and life ????? .I lost the job offer of 3 lakhs per annum package and the Management had spoiled my total career and life.
Till my second resignation of 30th of September .the management has not respond to me and there is no rejoining formalities .I have all the evidence of my resignation to balance confirmation. The management kept silent and spoiled my life.

Point 4: From the july month I was working like notice period in kotak secuties ltd .kindly find the attachment of the treat me as human being.

Point 5:My mail system has been blocked on 26th September without the knowledge of the HR department .there is no proper reason and response from the management .The next day the management came to pondicherry branch with a dealer in hand .Untill the day I am only one dealer in the pondicerry branch. After the 2 hours meeting and threatening words from the management on 27 th September 2013, I asked for two days of time . On 30th September I resigned my job in the second time.

Point 6:I have sent the resignation mail form the back office mail id of Pondicherry branch on 30th September to HR and manager and reporting head(I have all the proof in hand ). There after I got a mail from my report head to get the balance confirmation from 12 clients .Already I got balance confirmation from more than top 30 clients in the month of September itself .Again many clients from the top client list.7 clients from the top clients list and 5 clients from low level.
In 5 clients 4 is minimum brokerage clients, 1 is inactive from the month of April .here I am mentioning that my mail system has been blocked on 26th September itself. Even though I got balnce confirmation from the 12 clients and sent scan copy from the back office mail system to Mrs.Freeda for sign matching with our documents .Then the reporting head said that 11th October is the last working day . the same day the back office mail system password is change in front of me, even my working time is up to 5.30 pm. Password changed by noon itself. They are not treating me as a human being . I am not an animal.

Point 7:After 11th October I was trying to contact the Chennai HR . there is no response to my calls and mails .Even the same 11th October I sent the PF form to HR . They have been lost that and said we are not received .second time I sent the PF form and exit formalities on 28th October .

Point 8: Till today they are not responding to my relieving letter.I attend many interviews and the first question is we need your relieving letter to join with us. Because you have resigned one month back .till today I have not got any job and my family is suffering because of kotak securities ltd. We are 4 members In the family. My parent depend on me .but I lost the job and lost the career and lost the life.Even I lost the great opportunity in june to join in the IT sector .The management has stopped me and spoiled my career .
I want the life and career to run the future life . I want justice from your side for a human being (udhaya moorthi ). You know very well without money we cant fulfill the daily needs of the family. but i have no money in hand and suffering a lot because of the management .if it continues that I am going to commit suicide because no other option in my life, already I lost my career and life .

Point9: I have done many exam in the NSE( number is 919588) including compliance officer broker module .Depository participant, Risk Management exam. Even the Pondicherry branch depository was registered in the name of mine (Udhaya Moorthi A )from the month of May 2012 till now .what is the reason behind my life and the painfull working nature at kotak securities ltd. If you enquire about this issue that you will come to know the issue.

Point 10: In the month of august end I was suffering by fever and cold and suffering a lot because of ear pain. The day I was asking for the permission from the reporting head .They are not treating me as a human being and they are not responsible for me. Kindly fine the Attachment of the audio file.
I am having the all proof and evidence .if you want to see them I can make a scan copy of everything and send you.
Here I am requesting for justice to my spoiled career and life. As well as relieving letter and final settlement.


still spoiling the life .

Dear Sir, I am xxxxx (i dont want to mention my name ), 27 years young, I was working as associate in Pondicherry branch .I have resigned my job September 30th 2013.From the day of my resigning that I am contacting the HR department . I am unable to contact them. No one is picked the calls .No one is respond to my mails and calls. I was asking about the final exit formalities from 30th September to until 28th October .After that I have got response and the HR department asked me to send the clearance form and final exit interview form. I have sent the forms attached with PF form. I am asking for the relieving from the HR department but they are not responding to me clearly . Here I would like to explain my painful life at kotak securities ltd. Point 1: I have joined in kotak securities ltd on 16th April 2012 as trainee associate .Everything is based on the performance .As I am an IT person I am unable to perform well in broking industry .Management gave me two suggestions, one is resigning the job at pondicherry else should come to chennai to work at T nagar office . After that I went for an interview in the reputed software company and got a programmer job then I resigned . Point 2: I have resigned my job on 31st May 2013 .Even though there are many vacancies in Pondicherry branch .This is my first resignation with kotak securities ltd.My manager clearly sent the resignation mail to the reporting head .kindly find the attachment of the first resignation .I was getting the balance confirmation from the clients and I got offer letter from the software company .The situation is very bad. Point 3:I was thinking that the management will relieve me ASAP. But they are not responding and they are not relieved and accepted .They are asked me to go by hierarchy .No response. I was thinking that I am working in the notice period. In the June month one dealer has resigned the job and got acceptance and went out from the company and settled well .what happened to my career and life ????? .I lost the job offer of 3 lakhs per annum package and the Management had spoiled my total career and life. Till my second resignation of 30th of September .the management has not respond to me and there is no rejoining formalities .I have all the evidence of my resignation to balance confirmation. The management kept silent and spoiled my life. Point 4: From the july month I was working like notice period in kotak secuties ltd .kindly find the attachment of the treat me as human being. Point 5:My mail system has been blocked on 26th September without the knowledge of the HR department .there is no proper reason and response from the management .The next day the management came to pondicherry branch with a dealer in hand .Untill the day I am only one dealer in the pondicerry branch. After the 2 hours meeting and threatening words from the management on 27 th September 2013, I asked for two days of time . On 30th September I resigned my job in the second time. Point 6:I have sent the resignation mail form the back office mail id of Pondicherry branch on 30th September to HR and manager and reporting head(I have all the proof in hand ). There after I got a mail from my report head to get the balance confirmation from 12 clients .Already I got balance confirmation from more than top 30 clients in the month of September itself .Again many clients from the top client list.7 clients from the top clients list and 5 clients from low level. In 5 clients 4 is minimum brokerage clients, 1 is inactive from the month of April .here I am mentioning that my mail system has been blocked on 26th September itself. Even though I got balnce confirmation from the 12 clients and sent scan copy from the back office mail system to Mrs.Freeda for sign matching with our documents .Then the reporting head said that 11th October is the last working day . the same day the back office mail system password is change in front of me, even my working time is up to 5.30 pm. Password changed by noon itself. They are not treating me as a human being . I am not an animal. Point 7:After 11th October I was trying to contact the Chennai HR . there is no response to my calls and mails .Even the same 11th October I sent the PF form to HR . They have been lost that and said we are not received .second time I sent the PF form and exit formalities on 28th October . Point 8: Till today they are not responding to my relieving letter.I attend many interviews and the first question is we need your relieving letter to join with us. Because you have resigned one month back .till today I have not got any job and my family is suffering because of kotak securities ltd. We are 4 members In the family. My parent depend on me .but I lost the job and lost the career and lost the life.Even I lost the great opportunity in june to join in the IT sector .The management has stopped me and spoiled my career . I want the life and career to run the future life . I want justice from your side for a human being (udhaya moorthi ). You know very well without money we cant fulfill the daily needs of the family. but i have no money in hand and suffering a lot because of the management .if it continues that I am going to commit suicide because no other option in my life, already I lost my career and life . Point9: I have done many exam in the NSE( number is 919588) including compliance officer broker module .Depository participant, Risk Management exam. Even the Pondicherry branch depository was registered in the name of mine (Udhaya Moorthi A )from the month of May 2012 till now .what is the reason behind my life and the painfull working nature at kotak securities ltd. If you enquire about this issue that you will come to know the issue. Point 10: In the month of august end I was suffering by fever and cold and suffering a lot because of ear pain. The day I was asking for the permission from the reporting head .They are not treating me as a human being and they are not responsible for me. Kindly fine the Attachment of the audio file. I am having the all proof and evidence .if you want to see them I can make a scan copy of everything and send you. Here I am requesting for justice to my spoiled career and life. As well as relieving letter and final settlement. still kotak securities is cheating so many persons .

As agreed I was to be charged 0.25% & 0.025% for delivery & intraday transaction, but for the past some time they started charging 10 times more for intraday & that also without my consent. Earlier complaints regarding charging without consent are also pending till date alongwith the matter of interest. Hence I request you to take stern action to ensure that the public is not fooled. Also SEBI & Govt should ensure that no customer is charged with revised charges than that mentioned in the agreement without written consent.

I am holding a trading account account with kotak securities since 2010.

1. At the time of opening the account I was informed that the brokerage charges will be .01% of the transaction but they kept on charging .06%. When I noticed & complained than only they revised the charges & that also to .025%. On complaining they told that based on my profile they have revised the charges & regarding the promise at the time of opening they simply told to contact the person with whom you have opened the account. It seems that the company is not responsible for the deed of their employee.

2. I was told about the payment terms, but they didn't mentioned about the Interest charges involved. Against my securities they have given me some limit. But are charging interest @ 23% pa, which is very high against secured advance. I came to know this only when I received the statement last week & casually calculated the charges. It seems that they play as kabuli khans who charge such interest against insecured loan.

3. Yesterday I was having an outstanding of Rs. 126,000/- approx, out of which they liquidated Rs. 76000/- approx. through selling my securities without informing me. When they are charging me interest for the overdue payment than how can they liquidate my securities without my permission. After that I have transfered Rs. 40000/- on a/c towards my balance outstanding. After that I have tried to transfer some of my securities valuing Rs. 23600/- to my wife's account which they refused to do on account of my outstanding with them. But the securities to be transfered were clear from any kind of outstanding (which was cleared by stock liquidation, and also Rs. 40000/-was transfered in cash).

Every time when I complain they refuse to act simply by saying that it is the company policy. What is the company policy. Does it mention to go against consumer,m look after your interest & not the consumer. If their company policy mentions to do murder will they do so.

In regard to above I just request you to kindly look into matter & do the needful to get the unnecessary interest & cahrges debited to me against the secured advances.

This is Harish Arora. Contact number[protected], having a DP account with Kotak securities. Email Id- [protected]@gmail.com Content There was a margin shortfall of Rs. 11865 in my account till 4 Sep 2013. On 4 Sep 2013 morning 8 am I received a message to deposit the funds by 11 am (just 3 hrs. time) otherwise my shares would be sold off to raise the funds. 16 shares of L & T are sold at Rs. 711 per shares from my account to recover the shortfall and THAT TOO WITHOUT EVEN INFROMING ME THROUGH A PHONE CALL ATLEAST. Giving just 3 hrs notice to deposit the funds is in no way justified. I was about to deposit the funds on 4 Sep only. I have incurred a loss of Rs. 4229 on this sale of shares by Kotak securities (which were sold off by kotak without giving a proper information to me)- Sending a SMS is not good enough information what if someone missed reading the SMS. I request kotak to make good this loss to me otherwise I will lodge a complaint against it.

Dear Mr. MD, Kotak Securities Ltd.,

Its real shame for your company to have this kind of software for online trading. I lost close 3.5L of money because of your erroneous software. Your Branch people don't have an answer. While writing this mail, my Keat Pro got disconnected. Please get some shame by comparing it with smaller companies. I am withdrawing all my money and will never ever return to Kotak again.

Regards,
Thota Srikanth

Dear Sir/Madam,

I would like to inform you that , I (Shamit Bhowmick) am working as a Brand & Public Relation Manager in a Multinational Company.Presently I am based at Bhubaneswar city of Orissa state.

Last January 2013 one of your employee of Bhubaneswar branch of Kotak Securities –named as Mr Rabindra Samal
Came to meet me .I was very bust that time to informed him that I am not interested to open any new trading account with any company.I also told him that my present trading account was with India Bulls Securities and I have just kept few shares of ITC & Godrej (approx Rs 76,000) as I don’t had any knowledge of stock market so I will not open any more trading account.
But Mr Rabindra Samal continued to call me almost every day for next 10days and use to come to my office almost every alternative day.But I told him NO for any account opening.Every time he used to visit me in my office and used to request me for a new trading account.Finally one day almost in a crying mode he told me that if I don’t open a account with Kotak security then he will loose his job and will be on road with his famly and 1 year old kid.
For the sake of mankind I told him that I will open a trading account with Kotak Security but will not enter in DERIVATIVE transactions as I don’t had any knowledge about Derivative transaction.
Mr Rabindra Samal that time told me that he will help me to transfer my shares of ITC & Godrej from Indiabulls Securities to Kotak securities and will not enter in any Derivative transaction.So as per discussion he informed me that he will bring all transfer documents for share transfer (he also told me that he was an ex Indiabulls securities employee).Meanwhile I signed all formal documents and application forms which Mr Rabindra bought to my office.
Initially I pad him a cheque of Rs 25,750.
After 2-3 days Mr Rabindra called me and informed me hat shared can not be transferred so I must sell those shares and invest the total amount in Kotak security.That time my cheque was encashed and my account was opened along with a savings account in Kotak Mahindra Bank.So I never had any other option than selling my shares which were with Indiabuls security.

On 2nd day Mr Rabindra told me to start derivatives and i told him that i dont have any knoweldge of call , put, derivatives, open interest , futures so I will not go for it.But Mr Rabindra assured me not to worryas he will handle my a/c without making losses as he is an old champion.He told me to deposit more money in my trading account so I transferred 25,000 more amount on 9th Feb 2013.


Initially Mr Rabindra used to call me almost every day and started Derivate trading very professional way but after 15 days he stopped calling me .I used to call him 5-6 times in his mobile (number [protected])
And generally he used to receive my call for 1 or 2 times.Every time there was excuse that he is busy in some family issue.
After 5-6 more days one day he called me and informed me to call back the Kotak security land line and buy Bank Nifty.I told him that during budget session we should not trade any stock/derivative but he told me that It’s a target from Kotak head office so we have to buy bank nifty.Finally he bought Bank Nifty without my concent.The final result was loss of approx Rs 30000.Not only that lot of other time he bought other derivativs without my concent (he had pressurized me to call in landline of Kotak security) like DFL, TATA MOTOR DVR, IDFC,Coal India etc.
When my loss touched Rs 50,000 then I requested him to help me to get back my money from market.Once again he asked for some more money to makeup the loss.Again I transferred approx Rs 50000 in two parts.This time also it went to vain as he did derivative trading on his own.
After a loss of Rs 75000 to 90,000 he is not receiving my calls.Every time giving silly excuses.I have informed the same to Bhubaneswar Branch Manager Mr Arpan Mishra also but it seems that he also too busy to talk to me over phone.

The person advisor allotted to me they are unable to specify the clear reason also within debit position whatever trading profit i earned mostly disappear does nt shown but loss always . I started losing my money from beginning
As it was intentionally done to cheat the customer and give profit to Kotak Security.The company is acting same as a chit fund now.But my money is very hard earned money and I will go up to last level (SEBI/RBI/Press/Finance Ministry) to get the proper justice.

Awaiting for a quick resolution.

Thanks & Regards

Shamit Bhowmick

DP ID- IN 300214
CLIENT CODE- 4FK17
DP A/C NO[protected]
Kotak Bank A/c No - [protected]

DPID : 302814, DP A/C, 11281155 ,

RESPECTED SIR /MADAM PLZ TAKE

ACTION AGAINST
KOTAK SECURITIES THE BROKER,

I M SHOKED & UPSET TO INFORM U ABOUT
THE FUNCTIONING OF KOTAK SECURITIES
THE BROKER, WHEN I CALLED

CUSTOMER CARE I WAS TOLD TO SELL FROM
BNST SHARES , I HAD 404 SHARES IN HOLDING
& 500 IN BNST , ON THEIR INSTRUCTION I SOLD
200 SHARES OF JET AIRWAYS ON 28 , MARCH,
FROM HOLDING BUT I WAS DEDUCTED FROM
BNST MARK ,
THEN I SOLD REMAING 704 SHARES ON APRIL 1
, 2013, AS PER THE INSTRUCTION OF KOTAK
SECURITIES.

ON 2 APRIL I WAS SENT E MAIL BY KOTAK
SECURITIES ABOUT SHORT ALLOTMENT OF
JET AIRWAYS 100 SHARES.

WHEN I AGAIN CALLED UP CUSTOMER CARE
, I WAS TOLD SHARES WILL BE AUCTIONED I
HAVE TO PAY ONLY THE DIFFERENCE

. TO DAY ON APRIL 5, I HAVE BEEN TOLD
THAT 30,675 /- PENALTY HAS BEEN
CHARGED ON 100 SHARES
( I SOLD FOR 52,500)

I AM NOT IN A POSITION TO
PAY 60% PENALTY BECAUSE
OF KOTAK SECURITIES,

I AM A POOR LOWER MIDDLE
CLASS PERSON

IT IS MY HUMBLE REQUEST TO
U PLZ TAKE ACTION AGAINST
KOTAK SECURITIES & NOT ME.

FOR GOD SAKE I PLEAD U !

PANDIT RAJESH KUMAR

PAN : NO. CKJPK 4649 G,
CLIENT CODE 2ZMC 3
MOB : [protected],[protected]

In 2012, Kotak Securities lured me into taking an advanced brokerage scheme of Rs lakh plus with a false promise of earning back the brokerage with safe calls. Since then my accounts which was worth Rs. 20 lakh is now reduced to Rs. 7 lakh. I am holding all calls given by Kotak in severe losses.
Kotak gives some calls without a stop loss, and I am not aware of market so just believed them blindly,
In March I have incurred a lost of Rs 2.5 lakh as they gave calls but absolutely no tracking & no stop loss put. I have sent several escalation emails to ks.[protected]@kotaksecurities.com, their customer support is useless and on every email to ks.[protected]@kotaksecurities.com, I would get a response starting as 'This is with reference to our telephonic conversation today' when they haven't even called me.
Dear consumer complaint forum, please help me getting my lost money back.

Do not do business with Kotak securities they charge high hidden rates. They do not show your balances properly like ledger balance actual cash balance etc by the customers will be charged for loans and loan interest due to excess withdrawal. After a lot of complains from many customers they have changed it now. Even when you close account they will leavy heavy charges and will give wrong information their customer service is very poor. One of the worst guys around Do not bank with them quite horrible fellows. Very intelligent thiefs.

Hi,

This is a good example of inefficient, useless technical / customer Support team of Kotak Securities.
I have purchased a ELSS mutual fund (L&T Tax Saver) on 14-Dec-'09 and now after 3 yrs while I try to sell it, it is not visible in my portfolio (there is no entry to redeem the mutual fund).

I have called the CS team from UK for almost 7 times giving them 16 business days of time. Every time they respond saying that this is a problem with multiple people, their team is working on it and will resolve it within next 24 hours.

This is a sorry state where my money is held up and cannot redeem the funds.
PATHETIC service, better they go home and take rest as they don't care about the customer....