Kotak Securities — improper advice on customer care resulted in huge losses | |
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.
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