[Resolved]  Kotak Securities — wrong advice & commitment, heavy charges, debit amount without reason..

Address:

Vadodara, Gujarat, 390011

Recently i opened an account with kotak securities on dated 24/07/2018 and realised within 15 days that i opted worst broker. And till date i trade around 6 crores, following are my experience til date,

* this is my first time to trade in equity market before this i don't know about share trading, i was only investing in mutual funds and fd's, but kotak security people told me that you will minimum earn 12% of your amount in a month with our guidance, we will give you full-fledged services like, 1. Teach you for trading 2. Full time crm provide to you for trade, 3. Daily guideline for investment and trade by crm. Till date they people visited 3 to 4 times at my place to save their job for their mistakes and made heavy losses.

1. Agent visited me for account opening process said that they will open my premium account as i have lot of saving and current accounts in kotak bank and give me a dedicated relationship manager to handle my account and guide me how to trade in market and also he will trade on behalf of me and provide k3 account with kotak, so you can directly transfer amount immediately both. And you will earn minimum 12% per month on your parked amount assured by crm at my home and convince me to trade in share market.

2. We start trading and i told them that i will prefer work on only delivery base but crm told me that he has 10 years of experience and will manage all the thing don't worry, we will trade in intraday and futures also.. And after start trading i realise that the brokage charges are too high that was.49 paisa each side for delivery and.049 paisa for intraday.

For example (Delivery) if you buy a share of reliance in 1116.85 than net realisation cost for you is min. Rs.1133.14 approx.
So, if total expense on share is 16.29 paise in that kotak commission amount is rs. 11.02 excluding tax (Rs. 13.00 incl. Tax). Result if you sell your share in rs.16.29 higher of purchase price ; kotak earn rs. 11.02 and you earn rs. 00.00.
(Intraday) buy price 1116.85 and sell price 1118.85 (Rs.2 high) than kotak earn rs. 1.09 and you earn rs. 00.00.
* extremely high charges with worst service (I lost very heavy amount due to trust on kotak people and crm). (Screen shot attached)

3. I am using mac & ios. Download keatprox in mac and trade smart in ipad and iphone, the problem is system hang in mac and frequently logout in all mac & ios. So lot of time when you going to square off or purchase the system will hang or log out. Result incurred looses. I reported to my crm as well ksec officer at my home they told me that (They are helpless in this issue it's for security purpose and all trading portals are same so no meaning to make complaint).
* ksec only concerned with their profit not concerned customer looses... Worst portal... Worst policy... Only worst kotak can do...

4. Heavy charges, wrong trading by crm, wrong commitment, hidden charges like intrest, share transfer charges etc extra, wrong trade advice by crm, only concerned for turn over to make there own and company commission. Just for sake of brokerage they are executing large volume of trade.
* if you wish worst experience, mental harassment, monetary losses. You can go with kotak securities...

5. From my k3 trinity kotak account they transfer amount without my permission unnecessarily, already surplus amount in my demat account and when i call to ksec people they replied that its system error we will make reversal, one more incident yesterday happened at evening at 7;28 pm.
* kotak bank is also involve this, today i call bank manager and reported issue and now i will close my all kotak accounts... Please stop making fraud with customer..
* your customer care number is not working :[protected]..
Lots of issue i am thinking to sue kotak... (Also thinking to involve media)

Kotak group, if you don't care about your customer after they join no one is going to trust you. Why you make false promises? Why make fraud in the way of system error?
Please stop making fool to the people, i am writing this here after failed to get response from any other medium ksec people not giving phone number and email id's.
Highly disappointed with kotak securities as will kotak bank.

Manish saxena