[Resolved]  Kotak Securities — Money Transfer from Trading to Linked Bank Account

Hi
I am running behind Kotak Securities for Transfer the balance from
Trading account, numerous e-mails and WhatsApp Message sent regarding
to Kotak Securities, after sent 5 mail they will reply for 1 mail

First they told IFSC code is not updated. But I have opened minumum 10 Years back and bank details such as Account Name, Bank Name, Branch Details, IFSC code etc were updated and I was able to transfer money May 2021. All of sudden I don't know where IFSC Code is disappeared . After 4 weeks of continues email/WhatApp Communication they accepted
IFSC code is not the issue. Now telling some other stroy.

They never back to specific answer of any of the questions. Looks Like
they want to hold customer money as I see other complaints on this forum .

I am attaching the e-maill trail on this issue (Copying of escalation and complaint department of no use because they never read the mail)

Biju Arjunan
5:44 PM (1 hour ago)
to ks.compliance, ceo.ks, service.securities, ks.escalation

Hi
First of all regret you to tell that you are not answered any of my questions.
I myself only confirmed that I have received an amount of 3187.07 on April as Quarterly payout
If Quarterly payout is working why Not Manual Transfer not working ?
for that a you gave a stupid explanaion trough email and chat that
IFSC Code of Citibank is not updated. When I was kept on insisting IFSC code is not issue
Now I can see on the attached document you sent IFSC code is present .

So the questions are below

1) The original issue I raised on 23/05/2021 from that day till 30/06/2021 I was continuously writing emails
and chat and you were saying the IFSC code is the issue, Don't you feel ashamed and discontinue
your financial business,
2) With your stubborn and arrogant attitude you made me couriler the relevant document in this pandemic situation
without accepting digital copy of the document .
3) When you received the document you came back and telling me IFSC code is not the issue
4) Multiple request of call back to from senior team is not honoured.

Now coming back to the present explanation
1) According to my knowledge you cannot only transfer from Citibank to Trading Account, the viceversa should be
possible if the linking account is Citibank
2) While the automatic payout is working why Manual Transfer is not working ?

Thanks
Biju

On Tue, Jun 29, 2021 at 4:59 PM wrote:

Good Evening Mr. Arjunan Biju,

Hope this email finds you well!

We truly regret for the delay in responding to your query.

With reference to your below email dated 28/06/21, we would like to inform you that we have received a communication from CITI Bank that online funds transfer from CITI accounts to broking account and vice versa will be discontinued effective 31st Dec 2019.

Hence you are unable to transfer the funds available from your trading account to your linked savings account.

As on 29th June' 21 you hold a credit balance of Rs.14400.19/- in your trading account.

Also, as observed Rs. 3187.87/- Quarterly payout had been made to your trading linked bank account on 10/04/2021.

We request you to kindly check the credit of the amount in your bank account.

Secondly, as per SEBI circular, 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.

You are eligible for the corporate actions (rights, bonus, dividend) only if you holds any buy position before the expiry date .

Further, The first day of the no-delivery period is the ex-date. If there is any corporate benefits announced for which book closure/record date is fixed, the buyer of the shares on or after the ex-date will not be eligible for the benefits.

The dividends announced by the company are directly transferred to the bank account linked to the client's DP profile or a cheque is issued for the same.

Attached is the Client Mater List for your reference in which you can check the bank details updated.

If you have not received the dividend, then we shall once request you to kindly get in touch with the respective company registrar for further assistance.

The contact details of the Registrar of the company can be viewed on the path mentioned below:

www.bseindia.com In Get Quotes column enter the company name In “Filing and Other Info” scroll down and click on "Corp Information" and check “Registrars”

Thanks again for your email.

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

We hope this is useful, should you need any further assistance, please do not hesitate to contact us.

Regards,
Om Mandavkar
Kotak Securities Customer Care

Now you can access your trading account anytime and anywhere on your smart phone with NEW KOTAK STOCK TRADER (KST) App.

• Try the all New Kotak Stock Trader App. Click https://ksec.onelink.me/7nkM/WALA

[protected]Original Message[protected]
From: Biju Arjunan
Sent: Saturday, June 26, 2021 12:42 PM
To: service securities / Kotak / Securities
Cc: ks escalation / Kotak / Securities ; ks compliance (Compliance, KSL) ; ceo ks / Kotak / Securities
Subject: Re: [Query ID: 32284051]

""The Sender of this email is from non Kotak domain""
Hi
Any update on my issue. At lest give a target date of resolving the issue.

Today when I checked for transferring the amount from Trade to back it only showing
4319, not sure where the 10, 000 Rupees I didn't get the payout amount 10, 000 to my Citibank Account

Also if you see the attached statement of April the payout of 3187, 87 is successful and credited to my bank account

The issue of balance transfer from securities to Bank account is happening from May month and I am 100% sure it is
to do with IFSC Code updation . As I stated this month also I am able to receive dividend from Stocks

Request you kindly revert, I didn't get response of past 10 mails I sent

Also remember I have sent 100 mails and ten thousand of WA message, NEVER THOUGHT
KOTAK SECURITES HAVE SUCH A BAD CUSTOMER SERVICE

Thanks
Biju

On Thu, Jun 24, 2021 at 9:50 PM Biju Arjunan wrote:
Any update on this . Also it is worth to note that I am getting divided from the stocks I have, the problem is with Kotak Securities to transfer the money to my account . It is nothing to do with updation of IFSC code. Problem is something else. I request you to look in to the problem and resolve the issue as early as possible
Thanks
Biju

On Thu, 24 Jun, 2021, 17:44, wrote:

[https://www.kotaksecurities.com/landingpage/mailer/images/debit-mailer-imgs/log...⇄

Good Evening Mr. Arjunan Biju,

With reference to your below e-mail, we would like to inform you that your query is noted and we shall try to address it at the earliest. Your Query ID is mentioned in the subject line.

Thank you for writing to us.

Now you can access your trading account anytime and anywhere on your smart phone with NEW KOTAK STOCK TRADER (KST) App.

• Try the all New Kotak Stock Trader App. Click https://ksec.onelink.me/7nkM/WALA

Regards,
Reema Atul Patel
Kotak Securities Customer Care

[protected]Original Message[protected]
From: Biju Arjunan [mailto:[protected]@gma


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Disclaimer:

This communication is intended only for the person or entity to which it is addressed and may contain confidential and / or privileged material. Any review, retransmission, dissemination or other use is prohibited. If you have received this in error, please contact the sender and delete this material from your computer. Kindly note that this mail does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information is not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Kotak Securities Limited.

Disclaimer:

This communication is intended only for the person or entity to which it is addressed and may contain confidential and / or privileged material. Any review, retransmission, dissemination or other use is prohibited. If you have received this in error, please contact the sender and delete this material from your computer. Kindly note that this mail does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information is not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Kotak Securities Limited.

==================================

Biju Arjunan
Tue, Jun 22, 11:25 AM (7 days ago)
to ks.compliance, service.securities, ks.escalation

Hi
Escalating to Compliance department as there is no reply from Securities or Escalation Team for
my E-mails

Also this issue I raised is going to be 1 month old I have sent numerous e-mails
and thousands of WA messages without a resolution

Thanks
Biju

On Tue, Jun 15, 2021 at 11:08 PM Biju Arjunan wrote:
Gentle reminder about the following query.
Thanks
Biju

On Mon, 14 Jun, 2021, 21:38 Biju Arjunan, wrote:
Hi
These forms, and cancelled cheque leaf etc were already submitted years back . I don't know why should I submit again for your fault .

If needed I can send the digital copy of the cancelled cheque leaf and the filled form since I need the money urgently cannot wait for sending the documents through courier that too in this lock down period .

I request you to check with Kotak Securities, Bangalore they have collected all these documents when opening the account.

Also I have put a request on Whatsapp channel for call back . But nobody called me back .

This issue is going to be one month since I raised first time request you to call back or arrange a call from Kotak Securities Bangalore to sort out the issue

Thanks
Biju