Kotak Securities Complaints & Reviews

Please pay attention, I have got something important to say. If you don't pay attention now, you'll get it all wrong later.

Kotak Securities might be suspended client’s account without any prior intimation, especially if the client has appeal at SEBI, NSE, BSE, NSDL & CDSL to help.

First of all, if you've account with Kotak Securities then you must check your contract notes and ledger regularly. Be keep remember that your account could be suspended without any prior intimation, if you have found any unfairly charged penalty in ledger and requested to refund.

To sum up, there are two characteristics of the company which you must be cooperated. Only thereafter it may be a tremendous pleasure for the company to work with you: (As I’ve experienced)

• You should never request to refund the interest or penalty which has charged on BTST trade.
• You should never request to refund the interest or penalty which has charged for late payment, even if you've already paid on the same day of delivery trade. (Don't forget, all long or short positions stands on margin could be squared up automatically in case of market crash, there may be a huge LOSS.)

Kotak Securities will never solve the fault of system because the fault is fruitful for the company.

Moreover, once the unfair penalty has debited from ledger and you ask for the correction through email, then you will never get response from the persons who are the representative of Kotak Securities, unless you will not be annoyed and will have asked at investor’s grievance cell of SEBI or NSE/BSE to help regarding refund the unfairly charged penalty by the Kotak. Thereafter unfairly charged amount, you may get refund. But your account will be suspended without any prior intimation, instead of finding right solution of such critical fault of the system. (As well as happened with me)

Anyways, you are a best of the best investor or speculator who neither check ledger nor request to refund unfairly charged penalty.

Worst Online service from kotak securities. Getting below error while opening a portfolio tracker. This is second day we are consistently having this problem. Kotak securities customer is not bothered about the complaints.

Error System Unavailable
Explanation PORTFOLIO EOD Running. Estimated time left is 100 minutes

Kotak securities -

This is third time we are facing this issue with portfolio tracker page, Getting Error "System Unavailable"
"PORTFOLIO EOD Running. Estimated time left is 127 minutes", We have to wait for long time to view our portfolio.

if i am not able to view my portfolio page when i require ? Such a Worst service have never seen before.
Contact : [protected]

Hariharan

Dear Sir,

This is to inform you that I have a Demat account with Kotak Securities.On month october 10 ,one lady Mrs.Deepa from Kotak securities called me and aked me to change my present plan GC .As per her instruction I changed my plan,after few days I'd receieved a debit letter of Rs.32000 from Kotak securities.I forwaded this issue to customer care.Thaey are saying that it is the cahrge for this sheme.For your kind information ,the lady who misguided me didn't tell about the charges.Presently I am using GC plan and still the debit is there.Can you pls advise.

Thanks and Best Regards
Jeen Xavier

Dear Sir,
I wish to lodge complaint against Kotak Securities Ltd.
I have an Demat account with Kotak Securities, Client ID: JDBG1
On 18th Nov 2010, I ordered for the redemption of all units of Reliance Mutual Fund Growth, so 590.46 units were put on redemption for an NAV of Rs. 118.66/=. This was vide Transaction iD: 618275
Total amount due to me vide the referred Transaction id is Rs. 70063.98/=

Today is 14th Dec and the transaction was done 26 days back, so far I have not received the redemption proceeds.
I request you to please take this matter on an urgent basis, I would appreciate if the redemption amount plus due interest is paid to me at the earliest

Thanks,
Jyoti Chadda
Kotak Securities Client ID: JDBG1

Hi All,
This is Grandhi Murali from Bangalore. SORRY for writing such a lengthy mail but this is a SAD and SEVERE incidence for me. So you should read it when ever you are free. I had a demat account and trading account with Kotak Securities. Recently I lost my security key and mobile also, so Iam unable to do any trading from the past 15 days. I made a call to customer care and explained all my problem clearly, at that time they said if you send a request for new security key it will take 10 days to receive so they suggested first apply for mobile number updation manually at nearest branch and they will update in 4 working days and once your number updated you will apply for new key mean time you will get the TEMPORARY KEY TO YOUR MOBILE and do trading.

Here onwards my DEATH DAYS started, I submitted and waiting for updation, no feedback and nothing from KOTAK side. One day I made a call to them they said your signature mismatched. Once again I submitted the document but still not yet updated. I made a call to Bangalore Manager Smrithi Menon, all the times she is saying end of the day it will be updated and please check tomorrow. Today morning I checked still number not updated then I made a call to her, she said once again your signature mismatched, but second time before sending the document to Mumbai branch she checked and said this time it is ok 100% we should do this. Because of this delay all my SCRIPTS are FALLING DOWN and Iam getting so much losses.

At the time of overcoming from the above problem I got a lot of WRONG INFORMATION and PAINFUL WORDS from your executives. Iam mentioning some of the points here

1. First time when I made a call to customer care they said you should submit the documents at nearest KOTAK BANK, so I submitted at bank and they updated in my savings account within 3days. But my issue is related to KOTAK SECURITIES, so how they told me to submit at KOTAK BANK. If you want the proof you can listen the discussion from the customer care voice recorder.

2. At the time of I sumbitted the document at branch why the branch executives didn't check the signature and sent to Mumbai branch. Clearly over the phone manager told me without veryfication I sent to mumbai branch, means your team not working properly.

3. At the time of document submission your branch executives said, without mobile no and security key also you can do the trading. For that they given some suggestions also, once I came back to my house and tried but that process is not working. Means your executives are not properly trained or they are trying to delay.

4. Because of this issueI I told to the branch manager, I will close my account and transfer my shares to other account. Immediately she told me WHAT EVER YOU WANT YOU CAN DO my thing is just processing only. That means your executives don’t maintain the proper CUSTOMER RELATIONSHIP and SUPPORT. Their job is only forward the documents they don't want to bother customer’s problems even he is in SEVERE position also.

Because of the above problems I lost a lot of money and mentally disturbed also, If Iam still continue in writing above the problems it will become a BIG STORY.

Dear Sir,

I have submitted my all the required documents for opening an trading account to kotak representative(Mr. Yuvraj) 2 months back against which i have not been provided any services and when i asked to return my documents, they are not even returing my documents. i have doubt that my documents are being misutilised.

I have already lodged complaint at customer care+branch level but no satisfactory feedback is provided to me. the reply is same every time that we will get back to you after checking details.

I was informed intially that account will be opened with in 7 working days but no development till date, its already around 60 past when i submitted my documents.Now when i tried to contact the concerened person(Mr. Yuvraj),he is not picking up my phone.

My request is that please look in to the issue becoz no account opening process take 60 days, there must be something wrong is going on

My details are as follows-

NAME: ANKIT JAIN
Client Ref: 692361
DOB:27-May-1985
Branch of KOtak: T-Nagar (chennai)

I Had submitted all the necessary documents to open DMAT account with Kotak securities. The agent some Govind, himself checked all the documents ant took all of them along with a 1000 rupees cheque. Later, after about 5 days, he told account cannot be opened because of some reason. If I asked "do you need any other documents?" He told no, we cant open the account for you. Since then(about 3 months), my 1000 rupees are lying with them. It has got diducted from my account too. The agent is showing disinterest if I enquire about that amount.
While they are taking money from us, they come to our place and take. But when it comes to giving the money back, they are so careless.

iam holding an account with kotak 4 months ago i have requested to change the bank details and in the last 4 month despite several reminder the company has not changed the same and now after 4 month the company has suddenly checked my signature and says mismatch, I have lost 2000 with the present bank as bank charges not able to close the link account .pls advice

Earlier this year (April 2010) I was approached by a Kotak securities salesman by name Kiran (kiran.[protected]@kotak.com). I was also told the only charge I have to pay is the Rs. 750 at the account opening charge + brokerage of 0.4% or 0.04% for delivery /intraday trading respectively. That's all. I invested Rs. 10 lakhs + Rs. 750 as upfront charges. After 2 months I wanted my trading acct to be closed and money en-cashed. It was shocked to find that Kotak had dedcucted around Rs. 20,000 from my balance as other charges. They said the deductions was on account of was interest, DP charges, sales tax, stamp duty etc. etc. What should I do?

I hold a trading a/c with Kotak Securities for approx 3 months. Ever since I got the security token to log in I used to have trouble. I had to call up customer care sync up the token and log in every time. (My mistake for bearing with this). One fine day, the customer service person told it cannot be synchronized up and will have to be replaced and I have to bring the service token to the bank and 600 Rs. will be deducted from my a/c and will be given back to me after updating the back end. It was so irritating for me on hearing this since for no fault of mine I had to pay something and run behind them for repaying that. The representative had no answer for me when I told I didn't ask for a new token and because of their messed up application/system that I am made to pay this. But they were not ready to listen to me that this was their fault. I have initiated the a/c closure. I was thinking that Kotak Mahindra bank was providing very good services and this thing came up and I am totally irritated and am convinced that this is just another bank looking forward to bill some money when a customer falls into the traps. Reminds me the days when the representative was running behind me to get the applications done and for proof. Now when I have a problem I have to run behind them and pay them (For their fault) .. But after all this is just another bank....

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)

I have online Account with kotak securities Ltd, I had been invested regularly thru onling in various mutual Fund Schemes thru Kotak Securities Ltd, Mumbai, At time of some redemption of mutual funds, I have received the payments after 30 days and the DD all are payable at Mumbai but have account in Trichy.

meantime I have enquired with the mutual Management they told that my address & account details provided by Kotak Securities ltd is not correct with Original Address. Due this reason I have not received my redemptions in correct time and I have been debited from my account - commission charges/courier charges for collection of DD.

This is irresponsible of kotak Securities Ltd, they have not done their job perpectly. Due to their mistake I have to Rs. 5000/- interest against my loans.

Dear sir,

i have send pf withdrawals foam ondate 08/01/2010 please forwarded the pension amt on my a/c my PF NO KN/35224/113174 my employee no 131681 please forwarded the pension amt my name is nitin kanuchand ramandwal

regards
Nitin K. Ramandwal
Mo No [protected]

I have a trading a/c in kotak securities AGGRAWAL franchise surya nagar ghaziabad and my a/c ZMMQO was never operated by me once i dont know how to trade I open it olly to keep my saveing money in other a/c as secret a/c not for trading beause a man who open my a/c promise me he will open my a/c in kotak mahendra bank but they use my money which i deposited in my trading a/c in trading in my behalf andconvert 170000 to 30000. Now i have no proff to prove that was not my call becuase they have not any call recording faciliity i m running here and there but no vail Is any one help me or adice me
my adive dont open a a/c in kotak who will loss all your money without any act

zarina
[protected]

I AM AN EXISTING CUSTOMER OF KOTAK SECURITIES, & HAVING A "TRADING ACCOUNT" WITH KOTAK SECURITIES.
I APPLIED FOR NEW DEMAT ACCOUNT WITH KOTAK SECURITIES, RAIPUR (C.G.) ON DATED 26.01.2010 AND SUBMITTED MY APPLICATION ALONG WITH REQUISITE DOCUMENTS TO MR. RAJESH RANJAN[protected] & [protected]). AFTER THAT, I HAVE VISITED 4 TO 5 TIMES FOR THE SAME. EVERY TIME, MR. RANJAN SAID TO ME FOR NEW FORMALITIES AGAIN & AGAIN. NOW TODAY, WHEN I VISITED FOR THE SAME, HE AGAIN GAVE TWO MORE FORMS & ALSO REQUIRED SOME MORE SIGNATURE IN APPLICATION FORM AT THOSE PLACES WHERE NO SIGNATURE IS REQUIRED AS PER THAT FORM.
ITS AROUND 45-50 DAYS HAS BEEN GONE TO OPEN A NEW DEMAT ACCOUNT.
I HAD SUFFERED TIME LOSS & FINANCIAL LOSS INCLUDING METAL TENSION.
PLEASE TAKE ACTION AGAINST MR. RAJESH RANJAN, KOTAK SECURITIES, RAIPUR (CHHATTISGARH)

Dear Sir,
I have opend an On line Share Trading account with M/S Kotak Securities Ltd vide ID no :I5Y80 in the month of Dec 2009.At the opening the account two managers from the Kotak Securities came to my personel office and described me about all the charges and opened an Trinity Account(An Account In Kotak Bank). But on the very next month I found that my account was debited with Rs=397.08.while talking to the manager concerned on 2nd Jan2010,he said that no charges had been deducted or supposed to be deducted.He himself promised me to come to me and checked with all the charges but till date he has not visited me. I send almost 8-9 mails to Kotak Securities,Mumbai regarding the matter but nobody is interested to sortout the problem.I have been asking for CMD or Md's direct telephone numbers that too they are not giving.But in the mean time they have again deducted Rs=50.74 in the month of Feb'2010 and again 50.74 on Mar 2010. I wanted to close the account as it is linked with my savings account,but they say that I can not close the account before 6 months of operation.Even I tried to contact their Mumbai office but instead of giving any faborable reply they keep on transfereing the phone from one to another as such I have no other option but to request you kindly to look into the matter and do the needfull at the earliest.
Thanking You
Sincerely
Chandan Nath

Dear Sir/Madam,




I am Mr Abhishek Agrawal from Raipur and i have an demat account with Kotak Securities Ltd.Mr Rakesh Sinha introduce me to kotak Securities few years back now he is with Kotak Securities Raipur as a Branch Manager,after trading for few days Mr Rakesh changed my registered mobile number & email id so that i will not be able to track my Account.


After that from my demat account he transferred 450 share of DLF Ltd to the account of Reenu on 17 December 2008
after that he on 3rd feb he transferred 3000 shares of JSW Steel to account called Kiran Awasthy.
He also took money in the form of Cash & Self Cheque from me to the tune of 6.45 lakhs in the name of funding to the demat account.
(This account is showing that it is suspended now)


This all things being done by your own employee Mr Rakesh Sinha with out my permission & my notice & when i got to know this
i asked for all money & shares from Mr Rakesh Sinha said i am going to quit from Kotak & i don't know anything.




I trusted Kotak Securities as a renowned brand and started dealing in shares through Kotak Securities Ltd.


The entire thing is done without my information & permission, done by Rakesh Sinha, Raipur & from some informal sources i got to know
that there are other employees from kotak securities also involved in this fraud.Mr Rakesh also have money to the tune of 1 crore of shares & money in his wife's account and other his friends and family account.This entire thing brought so much of mental pain to me and my family because we lost our hard earned money.I tried to track both my account through various sources in & out Kotak but it's not bringing any fruitful result in favour of me.






I strongly believe that Kotak Securities as a established Brand in the market will not afford to loose its goodwill in the
market.So i look forward to a quick solution that will bring back my money to me & show that Kotak cares for its valuable customers.


I am sending you this mail and also making copy to this other sources & help desks so that i ll make sure that i will get a solution to this.








Thanks & Regards


Abhishek Agrawal
ID AKKL1
MOB [protected]
EMAIL ID [protected]@YAHOO.CO.IN
Contact Details




For any other information regarding this Contact Mob.[protected]

I have been using online trading tool KeatPro for the last three months and have often found the application taking too long to log in during the early opening hours of the Stock exhange. I would like to bring it to your kind notice that the KeatPro application hangs as a result of which i am unable to trade during the first morning hour. The same happens on the kotaksecurities website. I had to trade my equities on 21.12.09 and found myself helpless, and after speaking to your technical helpdesk (Mr. Tanveer reference no. 4279437) found out that a new version of the software has been launched and that many clients are facing the same problem. He tried helping me but said it would take time for the new version of the software to download. Since this is a technical problem with the Kotaksecurities servers what about the losses incurred during the same time period and finally i was able to login not before the losses had happend.

I am sure you would agree that the clients should not take the bear the losses on account of technical failure which happened today morning.
I had to trade sell equities belonging to a) Petronet LNG Ltd. and b) Jaiprakash Hydro-Power Ltd. Unfortunately the prices dropped just after the technical failure was rectified. By the time the systems went normal the losses had been incurred and i was unable to sell the equities.

I would request KotakSecurities to kindly share the losses on account of the software and the website downtime/slowness/latency and the slow/no response from its managers to resolve the same.

I had received a few calls from one Ms Kavitha regarding the same on 21.01.10 exactly two months from the date i lost money on the shares traded on the above mentioned date and she was supposed to get back with the details but till date no one has come back with the solution to above trade losses.

it is a warning as well as alert message for all investor pl keep a distance from kotak securities it is very unsecure you will lost all your investmente without any move and cant prove it ,beware a kotak securtie franchise employee Mr Ajay singh who is belong to uttarkhand dont trust him he is a big liar he is like snake in your arm he will use your a/c such a way u cant prove it he will make your case like arushi murder case where all investegating agences fail to nabbed real culprit same as your a/c will be murdered no one can nabbed him u will loss all your enargy to prove your self.

keep a long distance from both
keep my word my a/c zmmq0 has been murdered by him.
I m running here and there with depressed and some sence of guilty because every one looking at you with a doubt My mistake was I truste on him and cant think such a big fraude can happen . Dont open offline dmate a/c untile u confirm that there a recording machine for your call installed i[censored] forgete to checked it you are in greate risk.

zarina