Kotak Securities Complaints & Reviews

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

zarina i read to pain regarding cheating by kotak secur. yes u r right today marketing is not satisfied to customer but just hit and run because this man who hunt u will join nest companey and old copmaney will say to u we dont know what commitnent was with u by fist person who left company there is lot of hidden in these company they always try to cheat u with defferent manner my freind Dr, irshad also have a bad expernce with same I m sorry to say there is no hope in yr case u cant beat big cheater.kotak securities will not help u in any way they have extracted all yr joice now u r a waste 4 them .
keep my word it is my experince
best of luck .these day god also make us pray for these beast

zeba munib

SIR
I zarina have a Dmate a/c in kotak securities and deposited 120000/ and 50000/ Rs. as margin money .till date I never use my a/c nor given authorty to anyone on my behalf to use it. But someone used my a/c illegelly without my permission and convert my 170000/Rs to 35000/.I HAVE contact to lot of person .email my complaint but till date no satisfactary answer

pl help me to recover my amount and arrest real culperet

yours

ZARINA

[protected]

This complaint is regarding incorrect & erroneous liquidation of my securities after receipt of false debit mailers to me & also after receiving repeated confirmations from customer service executive over recorded phone lines informing me that my securities are safe & will not be liquidated. (Evidence for reference-Kindly refer to the taped telephonic conversation between me & the executive on 01/10/2009 between 10.00-11.30am).This is mainly due to non-reflection of funds transfer amount in the ledger balance which supplements inaccurate calculation by the risk management systems leading to false debit mailers, incorrect margin computation & false debit positions on my account, resulting into liquidation of my securities on 01/10/2009 in error.
I am completely disappointed & hurt with the approach of my broker in resolution towards this query of mine.
To resolve this problem I require my broker to return my securities that are incorrectly being liquidated. Further, I would like to suggest that they should make their risk management systems more efficient so that customers like me are not victimized for such mistakes at their end & that the information that is being provided to the customers from their executive should be truthful & accurate !
Thank You
Hrishikesh Sonawane

I have a trading a/c in Kotak Securities (NPZ -18, Client ID 11193996, Old Name Nitu Walia, Dp ID IN 300214) and after my marriage my name has been changed from Nitu Walia to Tanya Sarin due to religious facts. I have submitted photocopy of Pan card and Bank Statement of Axis Bank with my new Name. (Bank ref no KS8452).
But till dated the name in my account has not change. you are requested to do the needful.

I have not used my Kotak Securities account since[protected] and prior to that also i scarcely used it, have called just 2wice on the help line of Kotak Securities i.e. [protected] before this problem came in my knowledge.

Problem is,

on[protected] i wanted to withdraw all the amount in my trading account but the executive asked me and system also didnt permit me to withdraw 1000 rs that was minimum margin money. so i left 1000 rs in that account now after 1yr and 5 months when i activated my account password to my surprise it was -ve 300 rs . when i checked the ledger there was a deduction of 100 rs /month as 'BG SMS CHGS FOR (month) 2007 and so on. and i lost almost 1900 rs without using the service.

i never subscribed for any such service and when i called the customer care i didnt get any help instead they just talked to me, put the line on hold then disconnected the call then i called the nearest office in netaji subhash place the guy who picked up the phone gave me two helpline no's 66313130, 23314086 when i called, a lady named Megha picked the phone and then she said call after half an hour and so on i have not earned even 1500 rs from the account but have lost 1900rs starting from august 2007 onwards.

kindly help in getting my money back

Regards
sudhir khatri

Hi this is Anirudha A. Deshapnde here.
I want to file a complain against kotak securities for not providing any proper treatment to their customer.

I have a Demat account with kotak securities.
The DPID : IN300214
Client Code : XLPJ9

Its almost 4 moths have been passed for a simple change in email address updation.

I have submitted them the documents and written application twice for the change in my registered email address.
Also i have done follow up with them by calling at customer care 25-30 times in last 4 months.
But these guys are not doing anything.
Also recently they have sent me one depository bill cum transaction statement in which they are showing the updated emailID.
But for me to log in to my account they have not updated the email address.
Also none of the senior person form kotak is addressing to this problem.
Because of this i am having huge problem for trading purpose.
Please look into this.
Thanks,
Anirudha Deshpande
[protected]

Sir,

I have opened an account with you recently. Being the strikes in the banks I could not deposit the margin money for the stocks purchased. But yesterday I have purchased the 100 shares of syndicate bank. Today i.e. on 07.08.2009 I have sold the shares and ask to put a bid of the lower amount . But the dealing person has denied to do that. When asked the manager Sh Kapil Tondon, he spokes also not satisfactorly. I donot wish to write here the hard words for him but the behaviour of your company is not cooperative.Your attitude is that customer should bear the loss and your company get the profit only.

I have canvasssed three to four accounts to give you but now it is not possible. If you are not trusting your people we are sorry to trust upon you.

Anju

[protected]

Hello,

Suddenly without warning my Unitech shares has been liquidated, evn though my settlement was tomorrow (client id: sub80_5)

The excuse which the customer care agent Amit (call on 11.00 - 11.15 a.m. on 30/07/2009) is negative margin.

I was about to settle on the settlement date (tomorrow)

Why then the shares are liquidated and sufferring me a huge loss.


I am going to write to the govt. consumer forum as well as mouthshut.com for this.

Also, the kotak customer care operators are modifying my transaction time, so that I cannot transfer money from equity to bank.

There is no security in kotaksecurities and I am going to write to the ET brand equity for this as well as CNN-IBN profit channel.

If my margin was negative, then why Kotak allowed me to buy shares and giving me a loss ?


I want immediate redressal of my loss.

Hi

I joined Kotak Life Insurance Co. in the month of July 2007 in the Direct Marketing Department. The whole department was transferred to Kotak Securities in the month of January 2008. I left the company in November 2008.

As per the Sr. HR Official of Kotak Securities, Mr. Vikas Khambal, at Mumbai Head Office, my PF withdrawal from was submitted to the PF authorities on 10 of April 2009. Since now i.e. 15 July 2009, no transaction has taken place in my saving banks a/c and neither i have received any cheque or draft of my PF.

The Kotak Securities view on this issue is very much unsatisfactory. They are just giving me the dates till i should wait.

Please let me know the Establishment code of Kotak Securities and at which Mumbai EPF Office my PF was submitted.

Also how can i come to know that the PF deducted at time served in Kotak Life Insurance has been merged with the current PF a/c of mine.

Regards
Gaurav Sidhu

Dear Sir

Kotak Securities debited my 200 shares of Suzlon and Ashok Leyland without any intimation.
I spoke with customer care executive, he was saying that they sold them according to their debtor's policy.

Please check

Client code - FBDR9

Dinesh Chand Gupta
[protected], [protected]

Hi,
I Maulik Shah, had open an DMAT + Trading Account with Kotak Securities, Hyderabad Branch. Before opening the account the Kotak Executive had promised lot many things, like free account, good services and good market analysis. Today its almost 6 months now, the kind of service they have offered me is utter waste and upon that they have charge me with account opening charge of Rs 750/-. When I asked for the reason, he told it is general and we will wave it off. Now after 2 months they have still not waived that charges to me and saying me that they are helpless on this.
Now, When I have decided to close all my 7 accounts with them. They are telling to clear all the account dues then only account will be closed. I would like to know, if we as consumers can take some legal action on this, then I would be ready to take what it comes. And set an example for others. So these people will learn a lesson.
Kindly let me know, if you have any idea/anything that we can do on this.


Thanking you in advance.
Maulik Shah

Hi,

I have a Demat account with Kotak securities D Mat A/C No 12968183, Client ID-XNUN7 and saving bank account with Kotak Mahindra Bank, GKII, NewDelhi Branch A/c No.[protected], sole a/c holder.

I have requested to close down my Demat account in June 2008, as per the confirmation mail the same was being closed on 21.07.08. But later on i was informed that my account is not closed, so again i wrote a application for closing of the account and transferring the shares of Powergrid 134 {which I was allotted on Issue} on 26.03.09.I applied for closure with transfer of my holding to my Daughter in law Rachna Sethi's D Mat A/C DP ID No [protected].

As per the information provided to me both the activities will take 1 month time.
Kotak Mahindra Bank, GKII, NewDelhi Branch is telling me today that A/C could not be closed because the Rachna's DP ID No is wrong. I donot know how long the matter will be dragged and how long I have to suffer. I am a retired person and I want the matter to close at the earliest. Instead I am running from pillar to post to sort out the matter. Will you be kind enough to intervene in this matter and make me relieved With Regards, Your Faithfully, Soumyen Mitra, ([protected])
Soumyen Mitra, 357, Narmada Apt, Alaknanda, New Delhi 110019

P. S For Your reference i am attaching the email coomunication with kotak security and a screen short of the demat account in which shares needs to be transferred. so that the demat A/c No. can also be verified.
( I am not able to attach the files, please provide me with a direct email id, so that i will be able mail you the same for your Convenience)

Dear Sir/Madam

This is regarding my PF No. MH/41586/5257and the emp code is T4555 of Kotak Securities Ltd. Have not received the PF amount. Sir, frm Last one year i got the mail only frm company, Company hr desk to told me, hr has released my PF but i didn't get my Pf Amount .Then after before one month back i send the my cancelled cheque and application as per company requirment.But still no perfect reply frm company . Request you to kindly check and revert with status as have tried so many times on tel phone no.[protected] and frm mail BUT didn't received any positive response . Kindly do the needful.

Regards
Rajeev Ranjan
[protected]

This is a query regarding PF account no.I was working with KOTAK SECURITIES LTD, Lucknow branch from May 2008 to Nov 2008.a month back i asked the HR of the company about my PF details, the PF no.that they are giving to me now through email communication is entirely different from the one that was being printed on my salary slips for my entire employment period with them.Now i am confused as to how will i make sure about my PF no.and also why a wrong PF no.was being written on my salary slip for my entire employment period.Immediate response will be appreciated.

SIR,
I HAVE OPENED A DEMATE ACCOUNT WITH KOTAK SECURITIES LONG BACK AND YEAR BACK GOT A CALL FROM KOTAK OFFICE AND TOLD ME ABOUT SUPER SAVER ACCOUNT/PRODUCT. AS THEY WILL TAKE RS.2500, IN WHICH RS.500 IS PRODUCT CHANGE CHARGES AND RS. 2000/- ADVANCE BROKERAGE WILL BE REVERSED AFTER SIX MONTHS & YOU WILL PAY ONLY 0.45% BROKERAGE FOR DELIVERY TRADE.
ALSO HE EXPLAINED ME THAT IF I GENERATE LESS THAN RS.2000 BROKERAGE THEN REVERSAL WILL BE EXTENT TO WHAT I HAVE GENERATED. FOR FRIST 6 MONTHS I HAD GENERATED MORE THAN 2000 SO THEY REVERSED AND CHARGED AGAIN RS.2000 AS ADVANCE BROKERAGE FOR NEXT 6MONTHS. 2ND TIME AS PER THEM I HAVE GENERATED RS.1454.22 BROKERAGE AND NOW THEY ARE NOT REVERSING THE SAME TELLING I HAVE TO EXEED RS.2000 ONLY THEN THEY WILL REVERSE THE AMOUNT.
I HAVE COMMUNICATED THROUGH EMAIL & PHONE BUT THEY ASK US TO GENERATE 2000/- BROKERAGE WITH IN 6 MONTH IF I NEED REVERSAL. NOW I HAVE RENEWED FOR NEXT 6 MONTHS AS WELL AND THEY SAY THEY CAN'T CANCELL AS ITS ALREADY RUNNING. I HAVE BEEN TRYING TO GET ANSWER FROM THEM FOR LAST 4-6 WEEKS.

PLS HELPT TO GET BROKERAGE REVERSAL AND ALSO CANCELL THE CURRENT SUPPER SAVER ACCOUNT.


MY CLIENT ID=S14U7

THANKING YOU IN ADVANCE
SRIVATHSA