Kotak Securities — payout from trading account to bank savings account

Address:	Chennai, Tamil Nadu
Website:	kotak securities and Kotak Bank

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