[Resolved]  Kotak Securities — High Charges & High Handedness

I am holding a trading account account with kotak securities since 2010.

1. At the time of opening the account I was informed that the brokerage charges will be .01% of the transaction but they kept on charging .06%. When I noticed & complained than only they revised the charges & that also to .025%. On complaining they told that based on my profile they have revised the charges & regarding the promise at the time of opening they simply told to contact the person with whom you have opened the account. It seems that the company is not responsible for the deed of their employee.

2. I was told about the payment terms, but they didn't mentioned about the Interest charges involved. Against my securities they have given me some limit. But are charging interest @ 23% pa, which is very high against secured advance. I came to know this only when I received the statement last week & casually calculated the charges. It seems that they play as kabuli khans who charge such interest against insecured loan.

3. Yesterday I was having an outstanding of Rs. 126,000/- approx, out of which they liquidated Rs. 76000/- approx. through selling my securities without informing me. When they are charging me interest for the overdue payment than how can they liquidate my securities without my permission. After that I have transfered Rs. 40000/- on a/c towards my balance outstanding. After that I have tried to transfer some of my securities valuing Rs. 23600/- to my wife's account which they refused to do on account of my outstanding with them. But the securities to be transfered were clear from any kind of outstanding (which was cleared by stock liquidation, and also Rs. 40000/-was transfered in cash).

Every time when I complain they refuse to act simply by saying that it is the company policy. What is the company policy. Does it mention to go against consumer,m look after your interest & not the consumer. If their company policy mentions to do murder will they do so.

In regard to above I just request you to kindly look into matter & do the needful to get the unnecessary interest & cahrges debited to me against the secured advances.