Kotak Securities Complaints & Reviews

I have my share trading account and bank account with KOTak. Kotak Securities is regularly charging D-Mat fee from me but it has deactivated my securities account without telling any reason. While my Kotak Bank Account is working fine. It is not responding despite several reminders. Presently I am suffering from Covid 19 and unable to visit its any branch.
Kotak securities is not even responding to the mail from SEBI copy of which is appended below-

NSDL/SS/ S14805 /SCORES/0003112/1/2020
Mon, Nov 2 3:03 PM
From:
Investor Relationship Cell -IRC
To:
me

NSDL/SS/ S14805 /SCORES/0003112/1/2020

Mr. Manoj Agarwal

Senior Vice President

Kotak Securities Limited

Kotak Infiniti, Building No.21, 6th Floor

Infinity Park, Off, Western Express Highway

General A K Vaidya Marg, Malad (E)

Mumbai - 400097

Dear Sir,


Sub: Complaint of Mr. Alok Mittal

DP ID: IN300214; Client ID: 19678782


This has reference to the complaint received from your client (copy enclosed) forwarded to NSDL by Securities and Exchange Board of India (SEBI) through SCORES Complaint Registration No. SEBIE/UP20/0003112/1 dated October 25, 2020 regarding aforesaid Beneficial Owner (BO) account held with the Depository Participant (DP), Kotak Securities Limited.

In this regard, you are requested to provide detailed clarification on the concerns raised by client regarding activation of demat account and demat charges and assist him in addressing the same within three days from the receipt of this letter under intimation to NSDL.

Yours Faithfully,

Yogesh Lad

Senior Manager

Dear sir,

This is one of th employee of kotak securities who is already resigned from the job.
But kotak securities is not ready to process FNF as they are asking for POA documents.
POA documents is voluntary document which is optional for the Client.
Clients are not ready to pay their attention to sign this document.

They have never told that we need to collect this document as they are saying opposite of it.
My boss has confirmed several times that you dont have to collect but now HR and Backend team is not responding.

My career will be spoiled please help.
There are many employees who are facing same issue.
I request you to please check.

Thank you

Dear sir/mam
Plz. Close my secuarty dmeat account i am not intrested for this account. So plz. Close this account urgent basic and conform me i have not recived any kit or account detals.and refund my saving account debit amount.

Regesterd phone no :- [protected]
Pan no :- FKWPS7175H

Sir plz... See the matter

I recently opened account... Deposited 1000 rs... Today balance showing is - 1000

Hi my id is zw16x. From last few days i have been trying to connect to my representative but her behaviour is so rude and full of attitude.
I called her many times but no response. Every time she says she ll call back. Reason being she asked me to do a trade of her choice which i rejected abruptly.
Hope my complaint would be heard.
Or else i ll have to port to other broker.

I have taken one car loan form kotak bank, loan no 8916367 in name of poonam bhardwaj, due to non payment of emi kotak toy my car hr26bx9420
Without my permission and without singing any document.
When i ask them that i will pay remaining balance emi then they said you have to pay all emi +all interest i. E 2 lac nearby but actual emi was only for 1 lac.

They said we are taking you car and all over. They toy my car in 2017 mid.

Now from 6 months they stated calling me again and saying that my 1 lac is pending and i have to pay them, when i ask that they already take my car, now they are saying that car sell in loss and more 1 lac is due in your account and you need to pay other wise will log compalin agains you.

They started calling my day and night.

They have already toy my car then why i pay amount to them now, and even i dont have money that why they take my car na, why they calling me and threatening me time and again.

Please hlep me in this regards.

I have opened a trading account in kotak mahindra bank on 12/07/2020 in which my client id is 33638617 and client code is zrdia. My shares of bank of maharashtra transferred there on 20/08/2020 which i infromed to mr. Sumit verma of your lucknow branch. He told me that it will take 3-4 days to sell my shares as i was in urgent need of funds but even after so many follow ups my shares got sold on 28/08/2020 through a trader named as mr. Shubham. I told him that kindly transfer the amount to my bank account but he didn't cooperated with me and i recieved only 7000 out of total amount of approx 140000 and till now i have not recieved my funds.. I have already submitted all the required papers and kyc but not getting any support from any of your staff very disappointed.

I had called call and trade team on 07th august 2020 for enquiring about my trades. This champ mr. Mohammed sheikh, mis guided and i was about to make loss on my trades.
Further, rather than apologizing his fault he started arguing when i asked him about my mf investment.
Poor service.
I havent got answer for queries.

Dear Team,

This is to inform you that your Kotak Securities App is very pathetic. Whenever I went on to buy or sell any stock, the screen got stuck. It shows so many errors while putting any order.

Today only I had suffered a loss of Rs 700 because of this disgusting application. Even yesterday I faced the same issue and incurred a loss of Rs.400. Previously also, I had lost 2 shares which are ranging on 5% upper circuit now.

I tried calling customer care too but did not receive any response from there. Your customer service is also very miserable. If I talk about numbers, until now I have incurred more than Rs 4, 800 loss just because of this app. This is so agonizing.

I don't understand why the company is not fixing the problem? So many months have been passed and the Kotak Securities Application is getting creepy with every passing day.

Luckily I have captured screenshots of a few, which I have attached in mail. I hope you realize how horrible your Kotak Securities App is.

Kindly do the needful and fix this problem and give compensation for my losses.

My User ID is KAS96_9
Contact No. [protected].

Thanks & Regards,
Kashmira Javkar.

Dear kotak team

I have been trading in stock market through kotak mahindra securities from last approx 14 months approx

In the beginning, i was given good support and assistance (For 3-4 months only) in regards to trading (Intraday and long term calls.)

But from last 8-10 months, i am observing that your services are being pathetic and worthless and quite disappointing

Employees those are sitting on bolt they are absolutely without any experience and knowledge and this is the reason, i have incurred consistent losses. They don't do any analysis, they don't have any study, they just recommend a random script and on losses (Which is there 99% times) they simply say sorry sir, what can we do, this is market and it fluctuates.

Is this the reason that you hire broker, i went with kotak mahindra securities not to incur consistent losses due to unprofessional and unknowledgeable employees sitting on bolt,

So for what reason you people are engaged, just to collect brokerage from clients. I lost my hard earned money trusting you people.

I don't want to continue any further with kotak securities and needs to switch my broker immediately, now i feel that, it was my mistake to open account with kotak securities.

Please need immediate information / process to switch broker at the earliest.

Thanks and regards

Arshad ali

Zy8wa - udaipur - rajasthan
[protected]

Sir,

I open a demat account with you for best services and investment plan . your services are very poor because after opening Demat account any person not any call and any person not given response for operating DEMAT account then I was withdraw of my deposit amount after deduct your demat charges and i just regularly pay your monthly charge and remaining balance in my demat account more then Rs.1000 and not a buy and sell any stock. after then your executive call to me for buy two share of tata motors and say some amount available in your Demat . then i just given approval for buy this stock. but you charge some treansation and interest charge but you not contact to me .
Myself visit in branch two time and contact to Mr Laxmen and Mr Ankur gupta his say please given your pan no and dob then given all explanation but both person not any call to me for regarding my DEMAT account and i just given approval for debit any amount from my saving account but you do not debited this amount and reguler you charge interest and any other unnecessary charge.
so I am not satisfied with you and humble request to please sell my both unit of stock and waver this charge and my demat account close
because I not visit to your office in COVID-19 and Lockdown If you required any formalities then i complete with stay home

thanks

yours

Jitendra Kumar Sharma
Mobile No [protected]
CRN NO 24413030
saving account no [protected]

Dear team,

I'm getting worst service issues in chennai kotak securities trading office.
I requested to update my icici bank account in my trading account for fund transfer purpose.. Its keep on tracking more than 4 months and there is no proper response and service. I could not able to access my kotak securities online banking and requested physical password many times.. Still not yet received.

Everything about kotak mahindra is frustrating and depressing. I got employed and my company sent in a number of banks to choose from. Kotak mahindra was one such bank. I walked in with a conviction that no kotak mahindra. But the benefits lured me into choosing it. As, i had existing crn number. The person asked me to send the pdf of offer letter and pan details on whatsapp to my point of contact whose number was shared. I shared the details on 26th of february 2020. I was told that the kit would be sent to me. On 28th of february i received the following message.

"we have received your kotak bank a/c opening form application[protected]. Pls give us max 5 working days for processing. Check appln status https://bit.ly/2Ukgx65"

If i didn't upload my bank details i wouldn't have received my salary for the month of march so i grew impatient and asked mr. Sumit to let me know about the status of my courier. He said he would let me know and its despatched. I hadn't seen the message earlier and no email was sent to me. He changed my contact number to my existing one (Previously i had another number linked to my 811 account and it is inactive) i thanked him for the same. He sent me an account number with ifsc code and said it was mine and my account is active. He said he had seen on his system.

The account details are as follows.

Ifsc code-kkbk0000330
Account number-[protected]

As asked of me, i waited five days during which i was communicated the following messages

"dear customer, as per your request the mobile no,[protected] will be added for your crn xx8509within 24 hrs."

"your request for cheque book for a/c xxxx6447 has been received on[protected]. The same will be dispatched to your correspondence address shortly."

I was waiting but on 5th day, i asked mr. Sumit to check as i m in distress. He said i am not at office, i will check in and give you the dart details tmorw. I was angry n asked for a solution. He was kind while speaking. Next day i called him and he was driving. I said it would be fine if i call you later. He said he would call me. But next i received a message from kotak mahindra which is as follows

"dear customer, we are pleased to inform that your debit card banking pin mailer has been dispatched vide awb no[protected] through meghraj courier on 05-mar-2020"

If it was despatched today? What was i waiting for?
Mr sumit on the other hand called me to inform that it was despatched. I was atwork so i couldn't say much. Instead he sent in an account number. On whatsapp

Which is as follows suggesting it is mine.

[protected]
As you can see that both sent by him aren't the same.

I need full clarification on this. Or else i am going ahead with the complaint where it would make an effect.

Why i dislike kotak mahindra

4 to 5 job offeribg calls in a day. Despite asking not to contact repeatedly, they contacted on and on. On being frustrated i said do the job that you are offering me and dsconnected the agent had the audacity to call m back repeatedly thrice until i pickedit up and abused me. Passed mentally abusive comment such as "tum humesha ghar pe hi baithe rehna". Well, it would be great if people are hired who can represent the company better and not those who bring the reputation down. I regret opening an account in this bank already.

I had given request for closing of dmat account on 28th feb as per guidance given by customer care. Also i had submitted fataka declaration for online closing of my account. But instead of closing my account. Customer care faculty just making me fool and telling me to visit nearest branch.. When i was told to submit all required things n received by kotak securities. Still it's not working and just they pushing it forward so they can earn amc charges. This totally fraud and deceiving activity. Such irresponsible things can not be tolerated by common people. Still requesting to close my dmat account as soon as possible

I am 63 years old senior citizen. I approached kotak mahindra bank ltd. Dombivli east branch for handing over delivery slip for transfering securities from my nsdl to cdsl a/c with dp bank of maharashtra. Delivery slip not accepted and i am advised to approach to thane br of kotak securities.

How senior citizen can go to thane from dombivli. The company should make arrangement to accept delivery slips. (Bank of maharashtra is accepting delivery slips at their branches.)

Vilas n. Kane
Vut20

Hello
My name is syed Jameel. I am from srinagar j&k. I wanted to open a demat account for share trading. For this I searched on google and put some queries. I received a call from customer care of kotak securities who told me a personal from the company will call me and he will tell me the formalities. I received a call from Mr. Rajan from jammu after 2 days. I asked him the formalities and immediately I arranged everything within a day and sent him . I completed all the formalities as required by him pan card bank statement signed check etc. I sent him signed forms and all formailtues were completed by me on 6th feb. He initially told me it will be done in an hour. Since then today 10feb but my account is still not active. He is not receiiving my calls even. He has wasted my time and interest in investing even. Also he seems to be arrogant and like he feels burden working. I would want kotak securites to act on this and please assign my case to new representative.

Syed Jameel Qaisar
[protected]

Don't trust KS, because every Saturday and Sunday they are working as settlement days next day is Monday when i opened my KS demat account i am shok... No always I'm getting First stroke heart attack
.
Bcz charges charges charges...

Just I'm invested 1500rs totally, and they charged me 720rs and I baught long time shares, why they are charged, I'm new to Investment. Please suggest me is it right to complaint in SEBI and finally
Don't Trust Kotak securities

I got a call from the kotak fund managing team stating that they have received a call from the research team and they have asked me to put a trade in the currency market and asked to clear the red line debit in response i have told i am in a medical emergency and not in a position to do any more trading in-spite of this he continuously insisted me to arrange some fund from some where else literally i was in tremendous pressure due to my new born child was admitted in hospital and have arranged some fund from my friend and some from my saving. And later on that fund managing person has placed the order and after i came to know that the brokerage was very huge for that type of transactions, even i have raised the concern on the brokerage part he has told me that this is the industry standard brokerage. Even i have conveyed that currently my financial condition is not good and running out of money even i was not having money to buy medicines.
Next day he has done the same thing put another order and not even conveyed a single word to me about the call analysis which was failing and due to which i have suffered a huge loss which i cant bear any more.

And not a single person tried to contact me that the trade is going in loss and talking about risk bearable capacity they remained silent till the delivery gets expired and when i call them they are saying that this is the market you have to know this things and now you have to bear these losses.

Really these guys are making fool to the people just for the sake of brokerage and for their incentives today i came to know the total loss was around 1, 70, 000+ even after i have conveyed that i am not in a condition to bear a single rupee. How can be this company neglect the situation even after some one telling such kind of situation and push them in a huge loss and then ask for their money they have their fund managing team who have to inform their customer about the current situation about the profit/loss they just put the order and relax till the customer ends with situation like this.

Frankly speaking even though after i call them they are not ready to listen/accept the situation and asking me to do some more trades to recover can anybody tell me what is going on in this company just to loot the people

Please let me know any resolution to get out of this situation, other wise i have not left with any another option apart from taking some serious action against the company.

Dear sir / madam,

My self, my wife and daughter had applied for irctc ipo through integrated avadi branch against my application no.80168213 / 80169662 / 80168433.

We were told to do the payment process by upi app only. We did so with upi-vijaya bank 2.0 version.

We got the payment notice for rs 1, 98, 400/- for each on 3rd oct 2019. But our bank say as per rbi norms we can't make the upi mandate more than 1, 00, 000/- per day.

But kotak claim that they got guidance from sebi as to process up to 2, 00, 000/- through bhim/upi app only. We tried our level best to participate in the ipo but despite of our several attempt to get clarity from integrated / kotak / npci no solution or clarification or process was given to make payment of rs 1, 98, 400 through upi app process.

My question is

1. If it possible to make payment mandate for rs 1, 98, 400/- or up to 2, 00, 000/- per day through bhim-upi app.

2. Is it possible to do above by psb, and in specific to vijaya bank.

3. What shall be remedy for my case.

4. There was several case like me in our branch and in chennai in particular with psb based upi app and process.

Waiting for your prompt response.

Regards
Ganesh babu k