Kotak Securities — kotak securities id: 2jc77 - account closure: inordinate delay on petty grounds

Address:

737139

Name: lt col (Retd.) bharat shahane.
Kotak securities acct id: 2jc77.
Subject: acct closure.

A - history: my acct was originally opened several yrs back in pune and transferred to gangtok last yr.

B - situation: since i do not use this acct much i decided to close it.

• june 17: i requested kotak securities (Ks) via email to close acct. I was told to visit nearest branch personally. I visited pune branch and requested acct closure. I was given a couple of forms to fill and and told to approach gangtok branch for closure.
• aug/sep 17: i spoke to gangtok branch and requested closure. Matter was not progressed.
• oct 17: i personally visited gangtok branch twice. Submitted all reqd docu for acct closure by hand. Additionally signed a couple more of docu they asked me to. I was told docu will go to siliguri branch for closure.
• 2 nov 17: i was informed by phone that there are issues and i must visit siliguri branch to resolve matters. I visited siliguri branch in nov 1st week. Again signed some more forms. Ks rep wanted a cancelled cheque but i do not hold any cheques so i submitted alternate proof of bank acct. Docu were not found acceptable. I brought proof of bank acct on pen drive, and was told by ks branch rep he cannot accept my pen drive. So i gave siliguri kotak securities manager my bank tele number and asked him to call my bank and confirm my acct but he declined. I then requested him to get the bank details from ks pune branch where my acct was originally opened. He took no action to this end. Finally disgusted with such negative attitude i told him to just close my trading acct and dmat acct and give what ever balance in my kotak securities acct from sale of shares to charity or any temple.

C - current status -
• 7 nov 17: i get an email from sk saying my application to close acct has been rejected for want of docu. Which docu? I don't know because the mail is not specific.

• my response: to close my acct i have visited 3 kotak securities branches (Pune, gangtok, siliguri) in 3 different states at considerable personal cost of time and money. I have given all docu asked for, except a cancelled cheque which i do not possess nor consider is necessary if all relevant info available on cheque has been submitted to ks. (As an alternative ks can always issue me a cheque instead of transferring the funds to my acct.) i am fed up with ks’s negative attitude. I feel i have to seek legal advice for undue and deliberate harassment by ks if matter is not resolved by ks in the nearest future.

• addl info: i am having similar problems in acct closure of my late father lt col (Retd) arvind w shahane, who passed away 4 months back, aged 90 yrs. Ks personnel in pune insist i submit his registered mobile and email id.in his life time my father did not own a mobile nor even touch a computer. So how can i provide data which does not exist except on kotak records possibly filled in by an over zealous kotak employee based on what inputs i wonder. I hope the picture is clear.)

• conclusion: kotak securities has all the docu to close my acct 2jc77 with immediate effect. They should do it. Period.
Thank you.

Sincerely,
Bharat a. Shahane
Lt col (Retd.)