Kotak Securities — share trading account

sksj2050

from Bengaluru, Karnataka

Address:	Mumbai City, Maharashtra, 400097
Website:	www.kotaksecurities.com

I am being cheated and harassed by Kotak Securities now.

I lost 1.36 lakhs due to negligence and wrong information by Kotak Chat Executive, and also lost profit of 18000 (approximately) for 1797 shares of Dilip Buildcon which had to be squared off. The square off was not done on time and hence I suffered a loss. My delivery stock of the same scrip was sold at a lower price on 19th September 2018 due to Kotak's mistake.

After about 4 months of follow up, Kotak is ready to reinstate my delivery stock of 1141 shares, and give me around 15000 rupees as compensation. I informed them the loss is higher and also that I had already reinstated the shares, so please reimburse the cost of those shares minus today's price or lowest price in 4 months (which is 400 rupees lower than the price I had bought on), to which they don't agree and reply vaguely.

Now I am approaching SEBI, Banking Ombudsman, Consumer Redressal Forum, NCLT, ROC and also take action as per Insolvency and Bankruptcy Code.

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Kotak Securities customer support has been notified about the posted complaint.

Feb 04, 2019

Updated by sksj2050 So total loss is 1, 36, 000 plus 18, 000 plus Rs.400 x 1141 shares which comes to around 4, 56, 000/- totalling to 6, 10, 000/-.

Mar 16, 2019

Updated by sksj2050 I have still not received the loss suffered. KOtak says that they will only give a loss of Rs.8 per share for 1790 shares which were not bought and hence not squared off due to their negligence. However, I have asked for loss of profit as well which is Rs.10 (approx) per share x 1790 shares, and Rs.1, 30, 000 (approx) which is the loss suffered on Delivery Stock being sold off (as a last resort and automatically), apart from loss of approximately Rs.10 per share on 1790 shares which is around Rs.17900. They are also stating that they are ready to reinstate the Delivery Stock shares and want me to transfer the money for the same. I have already reinstated the delivery stock shares at around Rs.700 levels and they were ready to reinstate the shares (DBL) at 300 levels, so I informed them that since the shares are already reinstated by me at 700 levels they should pay me the difference of 400 per share and give me the opportunity to reenter DBL at Rs.300 which was the lowest level reached during the dispute being unresolved. A loss of nearly 5 lakh rupees is now on my head because of negligence of Kotak Securities. Their escalation mechanism does not respond, despite of escalating to Compliance Officer, and CEO. I also marked copies to Uday Kotak but no response. The staff of Kotak is generally very laidback and untidy offices can be seen everywhere. I would strongly not recommend Kotak Securities for share trading or investing, lest you want to risk your money. I have suffered earlier also twice, but I did not raise a complaint assuming that it could be an error from my side. Now I realised that their systems are outdated and flawed, and during live markets it could get you into trouble. If you are a trader you might end up making a loss in place of profit. I suggest you try other Demat/Trading accounts with MOtilal Oswal, or Axis, or Share Khan or ICICI etc., but surely not Kotak.

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Comments

Mahendra Sharma Upadhaya

Bad service I don't want to ur account

Partha Gole

from Noida, Uttar Pradesh

Dear sir/mam,
Ref:UODM2
Your representative at Haldia(old Durgachak branch) not willing to share official mail id for any communication and he is making few trading from my account without my permission. Kindly help me.
P S GOLE
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