Kotak Securities — Dissatisfied with the Service provided

Address:

Chennai, Tamil Nadu, 600010

Dear sir,

It is with great regret I am writing this mail.

Previous month I wanted to start investing my money. So accordingly I had approached Kotak Securities and others brokers for it. Due to Kotak being a good platform I selected it over other brokers such as Sharekhan, etc even though their brokerage was lesser. In the beginning Mr. Suresh was handling the entire process. As a new comer into this market, I had told them I will start slow and will be needing a good relationship manager who's basic is pretty strong and he promised the same. Also he had suggested me to open 3 in 1 account for easy facilitation. So as per his suggestion I opened 3 in 1 account (Bank Account, Trading and Demat Account) even though I had an account in Citibank. In our earlier discussion I told them that I will be needing a brokerage of 0.2% wherein I was informed that it will done once the account is opened. But the moment my account was opened, Mr. Suresh said initially my brokerage will be .26% and will be changed later on. But after 1 week or so when i tried Mr. Suresh, he never responded neither my call was returned. So I was coordinating with Mr. Arumugan who was assisting Mr. Suresh earlier. But looks like people just take things for granted.

I feel really sad to say that till now my overall experience with the trading team has been awful. The relationship manager - Ms. Laksmi is not at all strong in the subject. If any queries is asked to her, she usually says that she will get back but never gets back. It looks like either she is not bothered of the customers or she doesn't know about it. Also, I had informed her that I was told that the brokerage will become .26% but she was not aware of it and she cannot do anything about it. I felt very absurd about it.

Then subsequently I got in touch with Mr. Vivek. I told him about the problems I have been facing with my relationship manager and about the brokerage. Initially he told that he will consider it and get back to me. But after few weeks when I got no response I again contacted him asking about the status but did not get any positive response. In the momentum since the minimum brokerage was also high, I asked them to close my demat account. But worst followed after, my relationship manager did not call me or update me with anything for next couple of weeks (entire month of Jan and mid of December). When i called her, her response was that you only said you wanted to close the account so I did not bother. Even this was informed to Mr. Vivek later, I was surprised to here his response. He said, sorry sir since your transaction is not so high I cannot ask the relationship manager to give you the priority. In the beginning itself I had informed to Mr. Suresh that I will be needing help now and then and he said don't worry sir our customers are divided based on the portfolio and equal importance will be given to all. So now tell me, if I am giving Re.1 business or Rs. 1Crore how can you discriminate your customers.

So this kind of behavior was totally unexpected from Kotak Securities and disappointed to say that I am planning to switch from kotak Securities and Kotak bank on account of following:
1. Unethical behaviour
2. Lack of Knowledge - Relationship Manager
3. Worst CRM
4. High Brokerage %
5. Minimum Brokerage - Rs. 21 is also very high for both Intraday and Deliveries. You people give 0.026% for intraday and still keep minimum as Rs.21 (Effectively Rs.42 per Intraday Transaction) . According to it, my total intraday transaction should be atleast for Rs. 1.62 lakhs (Rs. 42/0.026%) in order to break-even which doesnt make sense.

You are requested to either solve this matter or let me know the closure procedure so that I can switch my account to someone else who has a better client-customer relationship.

Thanking you,

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Regards,
Summit Agarwal