Kotak Securities Complaints & Reviews

I am operating authority for my sister Sadhana's account.

I had made a payout request to Kotak Securities for an amount of INR 239560 from my trading account to my savings account with Kotak Bank on 26 April. Based on this I had issued a cheque to ICICI bank. But they did not transfer the money which I found out only when I received a cheque return info from Kotak Bank on 9 May. I was surprised and then when I checked with my account on my return from travel, I found this payout was not made by Kotak Securities to Kotak Bank.

Due to this my credit score with ICICI securities got impacted as I was opening a new account there.

After I made a complaint on 9 May the amount was transferred on 11 may.
When I asked Kotak to compensate for this by giving an apology letter so I can produce to ICICI they are just finding a new story to give everyday.
No action.

I want compensation by waiver of the all the interest charges for damaging my credibility and apology letter from Kotak even after so many days. Kotak securities have been sitting on my money and using it for their purpose.
I would urge the forum to support me with a suitable resolution.

Thanking you,
Ragini Shah

Please see below communication:

...

From: Ragini Shah
Sent: Wednesday, May 23, 2018 11:15
To: ks.[protected]@kotak.com
Cc: veerabhadra.[protected]@kotak.com; sridhar.[protected]@kotak.com; [protected]@yahoo.com
Subject: RE: Kotak Securities Ltd : GV3Y0

Dear Sunita,

Every time you people come up with different stories and the latest being my payout cycle opted for quarterly which I do not understand how.
Secondly you mention that a fresh payout request was made on 11/05.

Either you do not have the habit of reading mails, or you do not understand English - my first request for this payout was made on 26 April and towards this I have attached earlier also all my communication with Kotak.

Instead of wasting my time and finding excuses, please close this issue by compensating me adequately and giving an apology letter which I need urgently to submit to icici BANK, failing which I am filing a case in the National consumer forum today.

BR/Ragini Shah

From: ks.[protected]@kotak.com [mailto:ks.[protected]@kotak.com]
Sent: Tuesday, May 22, 2018 17:06
To: Ragini Shah
Subject: Kotak Securities Ltd : GV3Y0

Dear Ms. Shah,

This is in reference to your below mail.

At the outset, please accept our sincere gratitude for sharing your concerns with us and giving us an opportunity to assist you.

Further to your below mail, we trust as per the mail received from Mr. Veerabhadra as per the enclosed mail, the concern raised in regards to the payout details are addressed.

Secondly, your payout cycle opted is Quarterly basis due to which the funds was lying in the account, till the fresh request for payout was made.

The fresh manual payout was made on 11/05/2018 for amount of Rs.321360.91/-

Please note, if there is any settlement in the account the funds would remain in your trading account, till the manual payout is made for the same.

Moreover, the account holders are required to select the mode of payment for the settlement payments (for shares sold) to be transferred to their bank account (either under Running Account or Settlement Account).

The account holder can select the mode of payment as monthly or quarterly (under Running Account), so that the funds are transferred according to mode selected for the same.

For e.g. Monthly-- then funds would be transferred at the end of the month.

If the mode of payment is settlement (under settlement account), the amount of shares sold are transferred to the trading linked bank account on T+3 days basis (i.e. Trading day plus 3 working days) after considering ledger balance, collateral and exposure in your account.

If you wish you can change the settlement cycle for the payout in the account as Daily, Monthly and quarterly basis.

In case, if you intend to change the settlement payout, you can write back to us for the same to be processed ahead for the change in payment mode in account.

Moreover, please accept our sincere apologies for any aberration in our service standards that you may have faced.

We regret to note that your experience has not been commensurate with what we strive to provide. We apologize for the inconvenience caused to you and assure you that the situation is suitably addressed to ensure that such an incident does not recur in future. Please be assured that this is an isolated instance and not an illustration of our service to customers.

Looking forward for your patience and kind co-operation in this regards.

We value your business and hope to have an enduring association with you in the future.

Regards,
Sunita
Kotak Securities Customer care

If you have a query or need any clarification you may do any of the following to connect with us:

(1) Call us at[protected]toll free) /[protected]toll free) /[protected]prefix your city STD code))
(2) Write to us at service.[protected]@kotak.com"
(3) Post a Q-Form via our website - Login to trade - Customer Service - Solve your queries
(4) Chat with our representative online - www.kotaksecurities.com

Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +[protected], Fax No.: +[protected]. Website: www.kotak.com / www.kotaksecurities.com. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097. Telephone No: 42856825. SEBI Registration No: NSE INB/INF/INE[protected], BSE INB[protected]/INF[protected], MSEI INE[protected]/INB[protected]/INF[protected], AMFI ARN 0164, PMS INP[protected] and Research Analyst INH[protected]. NSDL/CDSL: IN-DP-NSDL-23-97. Compliance Officer Details: Mr. Manoj Agarwal. Call:[protected], or Email: ks.[protected]@kotak.com. In case you require any clarification or have any concern, kindly write to us at below email ids:• Level 1: For Trading related queries, contact our customer service at ‘service.[protected]@kotak.com’ and for demat account related queries contact us at ks.[protected]@kotak.com or call us on: Toll free numbers [protected] / [protected] and [protected].• Level 2: If you do not receive a satisfactory response at Level 1 within 3 working days, you may write to us at ks.[protected]@kotak.com and if you feel you are still unheard, write to our customer service HOD at ks.[protected]@kotak.com or call us on[protected].• Level 3: If you still have not received a satisfactory response at Level 2 within 3 working days, you may contact our Compliance Officer (Name: Manoj Agarwal) at ks.[protected]@kotak.com or call on[protected].• Level 4: If you have not received a satisfactory response at Level 3 within 7 working days, you may also approach CEO (Mr. Kamlesh Rao) at ceo.[protected]@kotak.com or call on[protected].

From: Ragini Shah [mailto:V.[protected]@flsmidth.com]
Sent: Tuesday, May 22, 2018 3:30 PM
To: veerabhadra challa (Acquisition, KSL)
Cc: tamilselvan s (Offline Dealing, KSL) ; ks escalation / Kotak / Securities ; [protected]@yahoo.com; sridhar r (Offline Dealing, KSL)
Subject: RE: Request Payout Ref No.:[protected] compensate for our damaged credit

""The Sender of this email is from non Kotak domain""
Dear Veera,

Please see below. As per Kotak ledger balance on 25th it shows a credit of 322529. Even if we go by your statement below that 27th only the amount was available, Kotak should have acted on my request of 26th April. They cannot just delete the request and keep the money with them and use of your purposes. This is a mal practice by Kotak and I do not know how many such mal practices are happening.

As already mentioned, Kotak should make good all my lost credibility in two ways :

1. Reverse all the interest amount charged to me from time to time by wrong advises and not correct actions on time due to which you have made me to incur heavy losses
2. Give an apology letter which I can produce to ICICI as why should I become the victim for the error committed by Kotak. ICICI are filing a case against me.

BR/Ragini Shah

From: veerabhadra.[protected]@kotak.com [mailto:veerabhadra.[protected]@kotak.com]
Sent: Monday, May 21, 2018 17:24
To: Ragini Shah
Cc: tamilselvan.[protected]@kotak.com; ks.[protected]@kotak.com; [protected]@yahoo.com; sridhar.[protected]@kotak.com
Subject: RE: Request Payout Ref No.:[protected] compensate for our damaged credit

Dear Mam,

We have gone through your account ledger (attached for your reference). Mr. Tamil have put a payout request for Rs 2, 39, 560/- on 27/05/18 but clear credit on that day was only Rs 98, 870/-. We have sold stock worth Rs 1, 48, 762/- on 25th the credit for which is received on T+2 days. So the Trade+2 date was 27th. This was the reason for the entire pay out was not processed and only a part of it got processed. A fresh pay out was requested for the balance amount (Rs.3, 21, 360.91Paise) on 11/05/2018. And same has been credited in your account. My sincere apologies for the inconvenience caused to you and hence forth we will make sure that these kind of errors will not repeated. Request you to kindly consider.

Regards,
Veera.

From: Ragini Shah [mailto:V.[protected]@flsmidth.com]
Sent: Monday, May 21, 2018 4:03 PM
To: veerabhadra challa (Acquisition, KSL)
Cc: tamilselvan s (Offline Dealing, KSL); ks escalation / Kotak / Securities; 'mayuri -'; sridhar r (Offline Dealing, KSL)
Subject: RE: Request Payout Ref No.:[protected] compensate for our damaged credit
Importance: High

""The Sender of this email is from non Kotak domain""
Dear Vera,

Since I was travelling I checked the account today and payout is made on 11/05 against my initial request of 26 April.

The cheque I had issued to ICICI Bank based on this information was returned by Kotak bank on 9 May (I received an sms on 10 May).

So ICICI Bank are filing a case against me for issuing such a high value cheque without sufficient funds in my account whereas it was Kotak Bank mistake which led to this.

So now Kotak has to compensate for damaging my credibility and reverse all the interest charged to me all this time and also give an apology letter which I can present to ICICI Bank.

I do not want to keep on receiving messages from KS. Escalation that “we are looking into it”. I want immediate action.

Failing above action, I have intention of taking this issue to the highest forums.

BR/Ragini Shah

From: tamilselvan.[protected]@kotak.com [mailto:tamilselvan.[protected]@kotak.com]
Sent: Thursday, April 26, 2018 12:14
To: Ragini Shah
Cc: veerabhadra.[protected]@kotak.com
Subject: RE: Digitally Signed Contract Note. Ref No.:[protected]

Dear Madam,

Rs. 239560/- is the only value available to transfer and I initiated the transfer(ref. no.: 3540692).


-----Original Message-----
From: Ragini Shah [mailto:V.[protected]@flsmidth.com]
Sent: Thursday, April 26, 2018 10:06 AM
To: tamilselvan s (Offline Dealing, KSL)
Cc: veerabhadra challa (Acquisition, KSL)
Subject: RE: Digitally Signed Contract Note. Ref No.:[protected]

Please transfer the whole amount. I saw in the account 245 something whereas what you give below is less why?

BR/Ragini Shah

-----Original Message-----
From: tamilselvan.[protected]@kotak.com [mailto:tamilselvan.[protected]@kotak.com]
Sent: Thursday, April 26, 2018 09:41
To: Ragini Shah
Cc: veerabhadra.[protected]@kotak.com
Subject: RE: Digitally Signed Contract Note. Ref No.:[protected]

Available fund: 239500/-, kindly confirm the value that you want to transfer?

-----Original Message-----
From: Ragini Shah [mailto:V.[protected]@flsmidth.com]
Sent: Thursday, April 26, 2018 8:25 AM
To: tamilselvan s (Offline Dealing, KSL); veerabhadra challa (Acquisition, KSL)
Subject: FW: Digitally Signed Contract Note. Ref No.:[protected]

""The Sender of this email is from non Kotak domain""

Please arrange to transfer the total credit amount to Sadhana's bank account.

BR/Ragini Shah

My trading and demat account with Kotak securities has been blocked under the pretext that 2 accounts have the same contact details. The same has been clarified on 17 may 2018 by submitting a relationship form, and staff has provided me with the query no 17708208 assuring me that the changes been done. Later the customer care office blocks my account on 21 may 2018 on the basis that details not updated. They then make me change my contact detail to keep my account active and issue me query no 17729944 stating that the account would now be active . They activated my account for 1 day ie 22 may 2018. Again on 23 May 2018 they have deactivated my account stating that account details have not been updated and given a new query no 17750548, and asked me to once again update my details. My account remains blocked and inactivated till date in spite of furnishing all details. who is going to bear the loss that will occur due to this. The back office staff remains cluless and keeps me on hold foe half hour everytime i call them.

smita

Dear sir,
I had opened zero balance trinity account with kotak securities in the name of amit kumar singh with account number [protected] at madgao branch in goa.

Since last few months, an amount is abeing debited in my account with reason due to insufficient fund. I had complain several times to my rm in last six month through email and phone. Still i have not received any satisfactory response.

Request you to please reverse all the amount as debited in my account and ensure that such events doesn't repeat in future may hamper relationships between client and service providers.

There were consistent mismatch between the statement provided by kotak securities and the online view in three mutual funds in my account. The numbers o[censored]nits kept changing.
When it was brought to their notice, they sent the mutual fund statement for one of the funds and thereafter the numbers matched, even though the final numbers o[censored]nits reflecting in my account were lower than what was reflecting earlier.
For the other two funds, the numbers o[censored]nits progressively declined till it became zero.
I have been following up with them for the last 3-4 months asking for an explanation for the discrepancy. Initially they kept fending it off with automated emails followed by emails asking for some or the other detail. I was asked to provide screenshots, following which I sent them a screenshot of my online account along with a copy of the statement sent by them, which clearly shows the discrepancy.
However, the response was that they have not received the attachment, despite sending the attachments to them multiple times. On 4 May I was requested to send screenshots in the body of the email because for some reason they are unable to see the attachments. I spent considerable time pasting screenshots into the body of the email, including a screenshot showing the two attachments in my earlier email, only to get a response stating the screenshots are not clear and asking me once again, about the discrepancy that I am raising.
It's frustrating to say the least, that there appears to by just one recipient to whom I write who somehow does not get attachments along with the email, and on top of that, they will not bother to scroll down to see what have I been highlighting to them for the past 3-4 months, but have the gall to ask what the issue is...
Worst experience ever. I would strongly advice against using kotak securities as your broker. They have the worst customer care ever and the more concerning bit is that I am not sure if I can trust their system to maintain accurate data.
I would like an explanation on the data discrepancy; assurance around data integrity; speedy resolution and an apology for the tardy customer service.

Guys don't ever open account in kotak bunch of loosers they are hiring worst customer care service they have got
Highest brokerage guys they tell u 0.04 percentage brokerage but minimum is 21rs and always brokerage higher then 200rs and one time they placed order unauthorised by me and when asked them to resolve the bunch of loosers tell different story every time
At last they crossed every limit their app had a glitch and i couldnt square off my trade call there customer care they also same couldnt place order i got loss of 15000 instead of 8 thousand profit i was in but after calling them their useless executives reply sorry sir wow for 15 thousand loss i get a wonderful reply sorry sir and they charge highest brokerage in the world wow so guys dont ever open account in kotak securities it would happen with u for sure so look for any nice brokerage firm and open account and the worst part u wont be knowing about your daily profit or loss so they could cheat u in every calculations

Sir,
My client id wy-246,
I had a share trading a/c with your co. Which i have closed last year in november -2017.
Now, i want to submit my i. T. Return for ass. Year 2018-19 for which i need
I. Profit & loss statement[protected] to[protected]
Ii. Statement of holdings on[protected]
Iii. Statement of brokerage paid on trading.
Iv. Statement of tax deducted
V. Any other relevant paper
Thanks.
Wali mohammad

Hi, i have kotak demat account and last week i got sms that few of my shares sold by kotak securities without my consent, when i enquired thay told me that my account has debit balance that's why they did. But after i checked i have not use this account since last few years and will not get any intimation from bank regarding same. But no one take this responsibility of this transaction. And bank is also not gave me satisfactory answer for this. So i raise this complaint.

I am having a demate account in kotak securities at jodhpur. I have received a call from shidharth mehta for reducing rate and restart work with him. I told him i don't have much experience so unable to do but he told our dealer suresh ji will suggest you perfectly then i told for mail confirmation of rate (2p-20p) but same is not received he told me that mail will come please belive on us and start work with us.
I have started work with him. Daily receiving call feom suresh (Dealer). As he told me i will purchase and sell and say only yes.
After 20 days i was in loss of 8000 then suresh told we will have received our money back don't worry.
After some days i ask for my balance suresh told it is now appx4000 you will receive you money in t+2. It was a 1.5 month old incident but my rest money is in suspense and not received any satisfactory answer from suresh. Also informed shidharth mehta (Rm). His reply are in my attachment.
Really bad experience.

Hi,

Since you are my service relationship manager. I have trading account in kotak securities my account number 7wkj2. My
Current outstanding amount is rs. 3386. My last use of kotak
Securities account is 9th feb 2015. After that i haven't use this
Account for trading why this much outstanding amount i have to
Pay i put on 11 aug 2017 to you guys for closer of this account.
Also i put the email on 12th oct 2017 and 17th oct 2017 and 22nd oct 2017 for close my demat account. Please reply me on this email or
Call me on my number [protected].

Regards
C. Nishad

Funds transferred to bank account as per sebi settlement transfer not reflecting in bank account even after 5 working days.

No support or details available for transaction reference number.

Seems kotak is utilizing the funds for another purpose.

Very poor handling of such monetary matters, given the fact when there is a delay on margin funding, the interest is charged without asking, whereas no...

Even after my repeated complaints and chat with you over phone my grievance has not been redressed yet. I have every right to approach sebi for non credit of 82 shares of sundaram finance a/c holdings in my dmat. My complaint may be taken seriously and necessary action taken may be informed to me at the earliest else i may seek the intervention of sebi to redress my grievance.

We had three trading accounts as per following trading codes
Ic8ko / nvy50 / itm10 for which the closure forms were given along with closure forms of linked saving accounts. With details of account amount to transfer one month ago. Now saving accounts got closed early and there is still some balance in these trading accounts. How to get this money?

Hi,

I am facing charges issue with a demat account of kotak securities. A salary account was opened with which kotak had open a demat account. Demat a/c no. 19889071. Now they are putting some charges against it sms charge and said some a/c maintenance charge, i had repeatedly asked to close the account but it was not closed. Now i get msg that kotak securities reported your fund balance -345/- i called the customer care team 1st person said that i need to pay 345/- to close the account, next when i called the next executive says that i need to pay rs 345+233 =588/- unless i pay this amount i cannot close the account.

1st off all when the person who opened the account does not says anything about charges and just open a demat account which i never wanted, nor have i used this account.

I want that this account is closed as soon as possible.

Regards
Anjan das
[protected]

I have created a Kotak demat account in the month of January from Kotak bank Velachery branch after Saravanan R (Assistant Manager - CVM) the from the branch met me in person and explained me about all the fees structure and details of Kotak Securities Demat account.

Saravanan R has clearly stated that I only need to pay Rs. 780/- as demat account opening charge and there after there will not be any additional charge or anything as such like an AMC or annual charges. Also confirmed that it is a life time free maintenance Demat Account.

After accepting the application, I had duly signed all the documents and submitted the application. Another person named Prem called me and processed my Demat account and has again confirmed that there will not be any other charges except this one time account opening charge of 780.

The account got opened after a long delay and in the month of January I had received all the Account Kit which I used to login to the Kotak Securities page. An amount of Rs.20750/- was debited from my Kotak Bank account on January 18, 2018. I was told by Prem that, Rs. 20000/- will be sent back to my bank account in as part of the process.

After few days, I received a call from Prem telling me about various charges that are going to be levied from my account every month like AMC of Rs.65/- per month. When asking about why these charges were never explained before, Prem started lying that he had already told me about all the charges.

When I called Saravanan R and asked about these charges, he again confirmed me that I do not have to pay any of the charges that were told by Prem and promised me that he would talk to Prem and get back to me.

In the mean time, on February 05, 2018 I only received back Rs.18, 919.76/- to my bank account instead of the assured Rs.20, 000/- When I talked to Prem and Saravanan R on the same day, they started dealing me very differently and talked all non sense to me.

Saravanan R had told me that these new charges were introduced by Kotak during January 2018 when my Demat account was in the process.

When I called Saravanan and Prem's manager Suresh on February 9, 2018 and informed him about all the incidents that have happened and asked for a solution, he had told me that he would talk to them and get back to me.

I had not received any communication from any of the three after that. When I called them on February 15, 2018 and asked for an update, none of them responded anything to me.

I need all the money back that I have spent till now (Rs. 20750/-) and I need my Kotak Demat account to be closed immediately.

It has been 4 months, i have kept registering complaints but the bank staff is non supportive and not adressing to my query. They have kept delaying the process of opening my demat account with all the baseless queries.

Nov 1st week i applied for an nr demat account and today we are in the 2nd week of feb, 2018 still nothing has happened. They are simply finding queries and delaying the process, ideally the account opens in 20-30 days max, the time taken here is 3 times of the required time. All baseless queries in kyc.

I & my other relatives, friends filed applications under ipo: amber enterprise ltd vide application no.23498200 to 23498208 total no 9 through your unjha dist mahesana n. Gujarat. Office. While checking on web. The reason found : pan not found / application not found & dp/id not found. Pl. Confirm where the matter stand? & what steps to be taken? For injustice cause to us. The major lots of form kept aside.

My dealer, Sneha on[protected], did Multiple trades from my A/c without my knowledge .When I asked she was very harsh and rude .

When asked for the solution she did not give me any satisfactory answer. It may cause me financial loss and mental disturbance. She has messed with my Trading A/C for which
Respected Sir,

I Sharad Revankar am holding the above mentioned account of Kotak Securities . On[protected] false multiple trades were done without my knowledge by my dealer Sneha Talreja from Worli, Nirlon house.

She tried to square off the trades without informing me which she shorted 53 shares of the particular script . She has no regrets for the same .
She replied that it has happened because of the similar name of the customer . I called her and requested to speak to a senior but she did not hand the call and spoke in a very harsh manner and I asked her who will pay the total transaction, she did not reply to me . I had been to their office on 16.01.2018 to meet any senior person . No senior was available but one Mr Manthan Mehta met me as her immediate senior and he tried to cover her mistakes and no satisfactory answer was given by them .

Today as on 17.01.2018 I received an email (as attached) saying that an outstanding payment if not done they will liquidate my stocks. This matter has caused me lot of mental harassment of which no mistake was mine .

Kindly look into the above matter as soon as possible .

Regards
Sharad Revankar
[protected]
Client code - 4ERY6.
she has no regrets.

I am an old investor of essar oil, from public offer time. Unfortunately my investments in essar steel and essar oil put me to losses. My dp account was maintained earlier by state bank of hyderabad and later by kotaksecurities.
The delisting offers have not reached to the postal address furnished my dp holder.

Till recently, my share transaction is through kotaksecurities dealers. I have no intimation from kotaksecurities...

I have a dmat account with kotak securities bearing
Client code:19069473.
This is not in operation eversince it was opened in 2016.
We requested them to close this account on nov21, 2017 and again in december 12, 2017.
We have paid the dues of rs 602. To their kotak bank, narimanpoint current ac:[protected] on 11/12/2017
Through icici/neft ref:[protected].

Sir/madam, i regret to inform you that i am receiving a huge phone calls form kotak mahindra group, kolkata (Ac market shakespeare sarani kolkata) for job purpose for the post of sales or recruitment and development. I am a job seeker but i do not do a job at kotak mahindra life insurance and they are calling me regularly and calling me 4 times in a day. When i am saying that i am not interest they are being misbehave with me. They are irritating me regularly from different new new phone numbers.
I would request you to please please take an immediate action to them. I shall be highly obliged if you solve the problem.
With regards,
Biswadeep mallick
Disturbing phone numbers:
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]