Kotak Securities Complaints & Reviews

I had given cheque of rs 10000 in kotak securities was informed that it can be reversed immediately but charges were deducted from my account i am a privy customer if charges are not reversed

Ledger for u00a2 / nse - uma tribhovan sharma for the period 01/04/2018 to 05/12/2018
Date narration type voucher chq no dr amt cr amt cumm bal
01/04/2018 opening balance opbal 0 0 0.00 10344.46 -10344.46
21/04/2018 ksc ibf0odx9fg ekmb pno:16101958 monthly settlement a/c pay 12651346 110 9264.22 0.00 -1080.24
02/05/2018 vl dt. 02/05/2018 sms charges for the period apr 28, 2018 to may 27, 2018 jv 103449 0 59.00 0.00 -1021.24
29/05/2018 vl dt. 29/05/2018 sms charges for the period may 28, 2018 to jun 27, 2018 jv 105485 0 59.00 0.00 -962.24
26/06/2018 vl dt. 26/06/[protected] dp chgs till the month of may 2018 jv 107358 0 160.48 0.00 -801.76
29/06/2018 vl dt. 29/06/2018 sms charges for the period jun 28, 2018 to jul 27, 2018 jv 107689 0 59.00 0.00 -742.76
31/07/2018 vl dt. 31/07/2018 sms charges for the period jul 28, 2018 to aug 27, 2018 jv 109860 0 59.00 0.00 -683.76
27/08/2018 vl dt. 27/08/[protected] dp chgs till the month of jul 2018 jv 111649 0 160.48 0.00 -523.28
29/08/2018 vl dt. 29/08/2018 sms charges for the period aug 28, 2018 to sep 27, 2018 jv 111900 0 59.00 0.00 -464.28
01/10/2018 vl dt. 01/10/2018 sms charges for the period sep 28, 2018 to oct 27, 2018 jv 114754 0 59.00 0.00 -405.28
24/10/2018 vl dt. 24/10/[protected] dp chgs till the month of sep 2018 jv 116925 0 160.48 0.00 -244.8
30/10/2018 vl dt. 30/10/2018 sms charges for the period oct 28, 2018 to nov 27, 2018 jv 117501 0 59.00 0.00 -185.8
29/11/2018 vl dt. 29/11/2018 sms charges for the period nov 28,

Sir
I mr kush kumar having demat and trading account with kotak securities and registerd email with trading is [protected]@gmail.com and with demat [protected]@gmail.com. Sir i m in indian airforce and while i was posted in chennai in 2013 then mr prem has opened my trinity account trading demat and saving and that time told me that three years demat maintainence charges will be free and then it will be charged 150 yearly. He is telling mostly in tamil and little bit in english while i am totally hindi language based he promised me about charges that no any hidden and extra charges will be there. Only there will be 150 yearly demat maimtenance charge after three years. Sir on 01 dec18 morning i founf 1369.39 amount has been debited from my linked saving account [protected] without my consent and without giving me intimation about this i immediately talked to customare care mr sujit mishra and told him to lodge a complain then he refuse to lodge complain and then he told me that there is a sms activation and demat charges has been made and total charges from account opening to till dec2018 total 3604.97 amount has been charged and 197.65 amount is to be charged.
Sir i never informed about this charges never intimated about charges and never activated and sms facilities then why such a wrong charges has been made. I got a lot off loss from share market and i cant afford single and unfair amount please. So its totally unfair. Unjustified
Missusing banker right
Breach of trust
Mental harrsment
Cheating with customer
Wrong charges without consent of customer
Giving improper and false statement
So its my healthy request you that please acces my account and resolve my all issues and concern and refund my whole amount.
My all account detail is below
Ks-crn : 9192436 dp id in300214 d p acount 17035435
Client id 5cu51 bank crn 61598907 account [protected]

Thank you
Your faithfully
Kush kumar
(Pan - bmppk4328d)
Mob (1) [protected]
(2) [protected]

Sir, please I am passing 10th exam in 2015 in UP board my original date of birth is 1999, but my 10th certificate is issued date of birth is 2000. So, please how can change date of birth please sir and documents. Please reply.

Name - manish Kumar Singh
Father name - anjani Singh
Mother name- Rita Singh
Add- gajanpur duwariya
Tahsil - musafirkhana
Pin code - 227813

Dear sir,
I have been customer of kotak since last 2-3 years having d-mat and online trading account.
I have had a very bitter experience of the services you offer by facilitating the online trading through kotak portal.
Given below are the brief case details.
• i was attempting to perform a sale transaction of the script bajaj finance ltd. Of which i held 20 shares to my account. (08.10.2018, 2.40pm)
• as a part of process i entered the qty and limit price for sale. Sale price was 1940 and the qty 20 nos.
• by mistake i put the rate in the quantity column for second order after not executed first order.
• instead of alerting me of the mistake (You have holing 20 shares and wish to sell 1930?) ie consent and without showing the amount involved; the transaction got executed selling 20 and 1930 nos. At the same time 2.49pm. Which should be rejected at first instant.
• transaction value :38, 81, 702/-
• after some time there was a message on my cellphone informing me of the above transaction.
• this involved approx. Amount of rs 38-39 lakhs, where as my whole portfolio is about 17-18 lakhs).
• this was the biggest shock of life ever i got.
• in the evening 8.30pm there was a message asking to make a settlement of the transaction and
• on the second day 10 th oct 2018, kotak settled (Internal) the transaction with prevailing rate resulting in the total loss of around 6.6 lakhs
• i was informed that this is a short sale transaction and required to pay rs 6.6 lacks excluding interest @ 23% pa.
• next few days there was a series of exchange of mails, calls with kotak office. Where myself asking for reverting the transaction & kotak trying to prove their point.
I have very specific questions to kotak,
1) why the transaction rejected at first instant? If demat account is connected to trading account why the system show pop up and ask for permission of transaction?
2) how the transaction gets executed without consent/confirmation of the customer.
Conclusion:
There is enough scope to say that there is lacunae in the system which allows such transaction to move without intervention of the customer.
By way of this letter i once again strongly insist on kotak to revert the wrongfully executed transaction and relieve the grievance raised by me without any further delay.
I strongly feel that there is a shortcoming of services offered by kotak of
A) not protecting the lawful, fair & justifiable interests of customer and
B) not installing strong, foolproof and healthy interactive online trading system
And they can therefore be taken to consumer court for this act.
Please guide me.

I have open kotak security demat account for purchasing ncd of manappuram finance limited it is provide free demat account of kotak securities but kotak staff mislead and charge unnecessary opening amount and force to buy unnecessary share and also misguide for amc charge by kotak security staff first they told 30 rupees per month but now they said it is 50 per month for all

Dear sir,
I have been customer of kotak since last 2 years having d-mat and online trading account.
I have had a very bitter experience of the services of kotak offer by facilitating the online trading through your portal.
Given below are the brief case details.
• i was attempting to perform a sale transaction of the script bajaj finance ltd. Of which i held 20 shares to my account. (08.10.2018, 2.40pm)
• as a part of process i entered the qty and limit price for sale.
• sale price was 1940 and the qty 20 nos.
• by mistake i put the rate in the quantity column for second order after not executed first order.
• instead of alerting me of the mistake and without showing the amount involved; the transaction got executed selling 20 and 1930 nos. At the same time 2.49pm.
• transaction value :38, 81, 702/-
• after some time there was a message on my cellphone informing me of the above transaction. (This involved approx. Amount of rs 38-39 lakhs, where as my whole portfolio is about 17-18 lakhs).
• this was the biggest shock of life ever i got.
• in the evening there was a message asking to make a settlement of the transaction and
• on the second day kotak settled the transaction with prevailing rate resulting in the total loss of around 6.6 lakhs
• i was informed that this is a short sale transaction and required to pay rs 6.6 lacks excluding interest @ 23% pa.
• next few days there was a series of exchange of mails, calls with kotak office. Where myself asking for reverting the transaction & kotak trying to prove their point.
I have very specific questions to kotak,
1) why the customer is not alerted at the 1st stage of transaction and
2) how the transaction gets executed without consent/confirmation of the customer.
Conclusion:
There is enough scope to say that there is lacunae in the system which allows such transaction to move without intervention of the customer.
By way of this letter i once again strongly insist to kotak to revert the wrongfully executed transaction and relieve the grievance raised by me without any further delay.
I strongly feel that there is a shortcoming of services offered by kotak of
A) not protecting the lawful, fair & justifiable interests of customer and
B) not installing strong, foolproof and healthy interactive online trading system
And they can therefore be taken to consumer court for this act.

Mr thimmangouda (Mob - [protected]) of hubli branch and mr kashinath (Mob - [protected]) of raichur branch were told me that their company will charge 13% of interest for margin trading, while opening my account of share trading. But they charged me an interest of 24% approx and we paid an interest of rs. 98000- from our 3 accounts, inspite we have an over draft facility of 10.50 crore in kotak mahindra bank at interest rate of 9% approx. So piease confirm with them and take action for false commitment and reverse excess interest collected from my 3 account my 3 trading account no are vy8p0, ixo00 and jumu0.
Please take strict action them for false commitment and inform us regarding action taken and reverse the excess interest charged

Hi,

On 4-october-2018 some made fraud in my account. I have raised complaint in bank but still did get any positive response. However i was out of station for that week and my all document like debit card etc all are with me. I have raised police complaint also but still there is no progress.
I need my money back please help me its huge amount.

Regards

Dear sir may name is satyanarayan shrama, i open of demat account in kotek securities, in ramgarh jharkhand branch.
My client id-wrc10, user id-sat84_30, group code-obr1d1faeq
Mobile no-[protected], e-mail - [protected]@yahoo.com
Dp id-in300214, dp client id[protected]'
Dear sir my mobile number-[protected] is lost, & e-mail id password is lost.
My new mobile number-[protected]

Dear sir,
While i am checking my leder a/c with you, i am in surprise that you have debited rs.520.38 on 25/09/2018 as dp charges. Let us know what is dp charges & how it is calculated.
I am maintaining my trading a/c with some other reputed broker, where no dp charges on monthly bases are being debited from my a/c, as by you.
Please clearfy the above, so that i may be able to take decision to continue the account with you or not.
Thanks.
Krishna kumari
Client code-wm010

Recently i opened an account with kotak securities on dated 24/07/2018 and realised within 15 days that i opted worst broker. And till date i trade around 6 crores, following are my experience til date,

* this is my first time to trade in equity market before this i don't know about share trading, i was only investing in mutual funds and fd's, but kotak security people told me that you will minimum earn 12% of your amount in a month with our guidance, we will give you full-fledged services like, 1. Teach you for trading 2. Full time crm provide to you for trade, 3. Daily guideline for investment and trade by crm. Till date they people visited 3 to 4 times at my place to save their job for their mistakes and made heavy losses.

1. Agent visited me for account opening process said that they will open my premium account as i have lot of saving and current accounts in kotak bank and give me a dedicated relationship manager to handle my account and guide me how to trade in market and also he will trade on behalf of me and provide k3 account with kotak, so you can directly transfer amount immediately both. And you will earn minimum 12% per month on your parked amount assured by crm at my home and convince me to trade in share market.

2. We start trading and i told them that i will prefer work on only delivery base but crm told me that he has 10 years of experience and will manage all the thing don't worry, we will trade in intraday and futures also.. And after start trading i realise that the brokage charges are too high that was.49 paisa each side for delivery and.049 paisa for intraday.

For example (Delivery) if you buy a share of reliance in 1116.85 than net realisation cost for you is min. Rs.1133.14 approx.
So, if total expense on share is 16.29 paise in that kotak commission amount is rs. 11.02 excluding tax (Rs. 13.00 incl. Tax). Result if you sell your share in rs.16.29 higher of purchase price ; kotak earn rs. 11.02 and you earn rs. 00.00.
(Intraday) buy price 1116.85 and sell price 1118.85 (Rs.2 high) than kotak earn rs. 1.09 and you earn rs. 00.00.
* extremely high charges with worst service (I lost very heavy amount due to trust on kotak people and crm). (Screen shot attached)

3. I am using mac & ios. Download keatprox in mac and trade smart in ipad and iphone, the problem is system hang in mac and frequently logout in all mac & ios. So lot of time when you going to square off or purchase the system will hang or log out. Result incurred looses. I reported to my crm as well ksec officer at my home they told me that (They are helpless in this issue it's for security purpose and all trading portals are same so no meaning to make complaint).
* ksec only concerned with their profit not concerned customer looses... Worst portal... Worst policy... Only worst kotak can do...

4. Heavy charges, wrong trading by crm, wrong commitment, hidden charges like intrest, share transfer charges etc extra, wrong trade advice by crm, only concerned for turn over to make there own and company commission. Just for sake of brokerage they are executing large volume of trade.
* if you wish worst experience, mental harassment, monetary losses. You can go with kotak securities...

5. From my k3 trinity kotak account they transfer amount without my permission unnecessarily, already surplus amount in my demat account and when i call to ksec people they replied that its system error we will make reversal, one more incident yesterday happened at evening at 7;28 pm.
* kotak bank is also involve this, today i call bank manager and reported issue and now i will close my all kotak accounts... Please stop making fraud with customer..
* your customer care number is not working :[protected]..
Lots of issue i am thinking to sue kotak... (Also thinking to involve media)

Kotak group, if you don't care about your customer after they join no one is going to trust you. Why you make false promises? Why make fraud in the way of system error?
Please stop making fool to the people, i am writing this here after failed to get response from any other medium ksec people not giving phone number and email id's.
Highly disappointed with kotak securities as will kotak bank.

Manish saxena

Referring above, the trading service provider has not refunded the illegal penalty imposed.,
Referring to sebi guideline, link;https://www.nseindia.com/content/members/mem_comp_annexB.pdf,
No document was provided at the time of registration, like offer, terms & conditions, any penalty clause, the nogiatioted brokerage, initially ignored, but on persuation, amended with penalty clause, the contract book (About 30 pages) got signed by me only on verbal communication, just to lure me, no advnace notice was provided before imposing the hidden additional charge of brokerage. The trading account was not activated by :security code pin" no bids or trade was done. Even the penalty charge imposed, no bill was issued.
My prayer
1) refund all the fund with interest (The rate they use)
2) a compensation of rs. 10, 000/ for harassing, a sr. Citizen (+73), undergoing mental tension, being an investor
3) administrative action against the dealing persons a) escalating officer sri. Srihari nambiar b) khalid hussain, rm, the negotiating person.
Thanks.
Arunabha biswas
Ks id: aru44_5
Cell;[protected]

Account qdda5 name suresh chawla.

Me and my husband have offline and online account with me having offine and my husband having online. Biggest mistake. We were never comfortable in online so not much transactions were done. One script dlf was left in account which should have resulted in small debit given the sebi regulation of bsda accounts since 2012. It is even mentioned on kotak website under charges but still they are charging.

Since june we requested for some waivers as no trade since many years and account was dormant. Later we requested for statements of account to atleast check the charges but they never came, nor now, neither previously. Talks were on with the concerned branches by emails. Suddenly customer service cut the shares for debits, which were not even payable.

We had given business worth lakhs of rupees to kotak and now face this treatment. Do we not even have a right to even ask why i am being charged and ask if its genuine. Whatever you may post as charges should be acceptable to us and we should pay without even asking. When i sent mails the replies were not even given for almost 2 months even after repeated emails. Is that fair trade practice?

I want reversal of my shares and charges rectified immediately.

I regsitered for demat a/c & trading a/c after long negotiation with rm khalid hussain. Subsequently, i received welcom kit containing a letter with the information : user id, email, trading code, nominee (Faulty name in spite of submission the pan card & aadhar card), demat a/c no. Bank a/c & name, dp name, one sealed security docket containing pin.
No documents were submitted in physical copies. No client master list, no dis book, brokerage as per web - not as per negotiation.
In spite of repeated request, they agreed to reduce the brokerage as per negotiation but added a hidden penalty clause. This was not acceptable to me and requested to cancel /close my a/c and refund the money debited from my bank a/c. They debited after deduction of huge amount.
In this context, no trading done, trading a/c not activated by security pin, no bids were placed, no contract note /bills were issued on account of debited a/c.
My prayer:
1) refund the whole amount with interest
2) compensation of rs. 10, 000/ for harassment, mentally agony to a sr. Citizen (Investor) of +73 yrs.
3) stringent action against the rm & escalating officer srihari nambier, who did not abide by the company. S terms & conditions published on company's public domain, where there is no penalty clause of exit.

I registered for demat a/c & trading account with kotak security after negotiation verbally over phone (With pre-condition - to provide proper a) trading software compatible to windows 10 april 2018 version, b) all the terms & conditions should be matched with geojit financial services, my present broking farm). Even on repeated request, they did not provide any documents of terms & condition before signing the contract (May be in 30 pages) and letter of authority of debiting an amount of rs. 11, 179/ as advance towards share trading. Subsequently, i received a welcome kit with a letter containing the information 1) user id - aru44_5, trading code, email, mobile no. & name of nominee (Which is faulty even after submission nominee’s pan & aadhar card).
Also dp details - dp a/c no. 23994161, dp id: in300214, bank a/c no. And name (Kbl), dp name; kotak securities.
In the said letter, it was requested to go through policies, terms & condition. Etc. On website (Link : https:// kotaksecurities.com)
In the said website first line says" there is no demat account opening charges"
The brokerages was 0.049% & 0.49% initially in place of the brokerage agreed upon was 0.02% & 0.2% after negotiation. No penalty or hidden cost.
On taking up the matter with them, they reduced the brokerage to 0.02% & 0.2% as agreed upon through negotiation but they added additional condition of minimum brokerage of rs. 21/ per script /per day. Being an investor, this is not acceptable. They did not agree to wave off the hidden charges. Under distress, i requested for cancellation of demat & trading account and return the total amount i paid (Rs. 11179/). They refunded rs. (9000/ +919.94) deducting an amount of rs.1259.06. Without any bill/contact not as no trading was done.
I have been denied the copies of the contract note (I signed for registration) and letter of authority for kotak bank.
It is mandatory, as confirmation of demat registration (As per sebi / nsdl guideline), no clientele master list, delivery instruction book.) were provided. They also refused to refund the # amount i paid in advance. The matter was taken up with the dealing officers 1) srihari nambier 2) khaleed hussain.
The practice they are following is against the law of land (Hidden charges).
My prayer is to 1) refund all the money they have debited from bank with interest 2) compensation for my mental agony, harassment to sr citizen (+73 yrs). And to cancel their registration from commercial activities with sebi.
Thanks.
Arunabha biswas
Trade id (Ks) : aru44_5, pan: aeipb8149m, reg mobile no. 91-[protected]

Hi
My client id is S01VC..and I have suffered
huge loss as large volume of trades have been executed, when I was using dealer assisted trading ..this is total misuse of power of attorney ..if someone has amount X why positions of value more than X has been taken, result I have to pay extra interest.also ..I must say this was worst experience of my life and in 2 months only I'm very much dissatisfied..

Hi

I have lost huge amount as dealers executed positions without considering stop-loss. Is this practice followed in kotak securities... If dealer has not following stop-loss then dealer assistance trading... You are making fool of investors.. Just for sake of brokerage they are executing large volume of trade. Now if the stop loss is not followed in my case who is responsible as i was using dealer assisted facility of yours.. I have never been informed about my daily loss.

Regards
Saurabh

To participate in Corporate action of Stocks Split and Bonus of Avanti Feeds, I bought 130 shares at the average buying rate of 1768 after the announcement of the corporate action by company. On 25th June Share Price was 1560. I was sitting on Effective Losses of -33K that day. On 26th June Stock started trading at ex-bonus opened at 535 and surged by 16% intraday. To use this rise in stock price I sold 130 stocks of Avanti Feeds. When I tried to buyback some shares after stock corrected from day high. System didn't allowed me to do it. I immediately called Customer Care of Kotak Securities and informed them about it. They told me to add some Margin and try again. I asked her if everything was RIGHT about the TRADE as the Effective Prices of Shares after ex-date wasn't reflecting in my account. Customer Care executive told me to buy only 20 Shares which were under BNST mark. I repeated again about my concern as I was afraid that something went wrong in the trade. But she said the TRADE will happen as per Adjusted prices and there is no need to Panic. Next day when I logged into my Demat account I was shocked to see Losses booked in AVANTI feeds. 1.34 Lac losses were booked due to that trade in single day. The trade didn't took place at corrected Prices. I lost huge Money due to improper advice by Customer care executive. Even after getting 260 sub-divided Shares I won't be able to recover that huge losses. I would have bought back all 130 shares on same day if she could have guided me properly. I raised complaint against Kotak Securities and asked for Refund of the money I lost due to wrong advice given by their Customer Care executive. But nothing happened. I also filed complaint with SEBI on their Score portal. Unfortunately in our Country Customers are not protected and such complaints never reach to their proper conclusions. Posting this complaint here in the hope that Voices of Investors will be heard by SEBI and Investors will get protected properly.

Hi,
My name is dinesh and client code is l76c0. I had purchased yes bank shares in nov-17. Since your franchisees have regularly changed i was following up with the concerned person for the mode of payment.
I was given details of the payment and was asked to send the screenshot for reference. I did all this as per the instructions but to my surprise in the month of april 2018, icici bank shares were sold without intimating me. On enquiring, i was told it was due to the outstanding amount which was related to yes bank shares.
When i gave all the details of the payment i was told that the bank thru which you had done the payment was not registered in our records.

My question is
1) how could you sell the shares without intimating me? I would have given you the clarification immediately.
2) i had sent the screenshot of the payment then why wasn't that checked.
3) i am charged brokerage for the sale as well as late payment fees. Why should i bear those charges?
4) why were you silent for 5 months before selling the shares. Why was it not brought to your or my notice at least during the financial year end?

How will you compensate my losses?

Find below the mail evidence

— forwarded message —
From: dinesh suratkal
Date: mon, may 7, 2018 at 1:34 pm
Subject: fwd: payment l76c0
To: bhosle. [protected]@kotak.com

— forwarded message —
From: dinesh suratkal
Date: tue, nov 28, 2017 at 12:12 pm
Subject: re: payment l76c0
To: chintankumar. [protected]@kotak.com

Dear chintan,
Please find below the screen shot of the payment done.

Inline image 1

On mon, nov 27, 2017 at 1:46 pm, wrote:
Please find the offline rtgs details.

Beneficiary name

Kotak securities limited

Credit account no.

[protected]

Centre (Location)

Nariman point

Bank

Kotak mahindra bank ltd

Branch

Nariman point

Account type

Current

Ifsc code

Kkbk0000958

Mail the details of rtgs to — chintankumar. [protected]@kotak.com

Share the screen shot on this mail.

From: dinesh suratkal [mailto:[protected]@gmail.com]
Sent: friday, november 24, 2017 7:04 pm
To: chintankumar sharma (Franchisee, ksl)
Subject: payment l76c0

""the sender of this email is from non kotak domain""

Dear chintan,

I had taken 50 shares of yes bank and need to do the payment.

I have called several times in your office as i have to do the online payment but every time i was told chintan is busy and only he can explain you about the payment.

I am ok if somebody can collect the cheque from my residence also.

Kindly let me know on this at the earliest.

—

Dinesh

I never kept any bill pending i always paid it before the due date. From last 1 month i have not done any transaction and luckiy i saw new unbilled amount of 620 rs that was auto debit failure. Now where this amount come from when i dont have any amount due. Why always these private banks add expense. Now it will surely effect my credit score. Why every where we have to face these problem and forcefully we have to pay

Revert back to [protected]@gmail. Con