[Resolved] Kotak Securities — Account not closed even after submitting Account Closure Forms

Prasanth AV

from Bengaluru, Karnataka

Oct 24, 2016

Address: 520010

Website: www.kotaksecurities.com

My client code is a4lq0.

I wanted to close my dp & trading account with kotak securities.
I went to kotak securities branch to close my demat and trading account.
And submitted signed forms to close both trading and demat account
At kotak securities (labbipet) vijayawada branch on 13th october 2016. they told it would be closed in a day or 2 maximum, but it is not closed till now.

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Nov 21, 2016

Complaint marked as Resolved

After raising the compliant, Received an email from Kotak Securities and then the person to whom I've submitted the forms called me and told stupid reasons saying that the forms are rejected. I asked him to send me reason for rejecting the forms. He didn't give any reason but blabbering. He also asked me to again submit the forms in Kotak Securities branch for closing trading account. and for demat account asked me to submit in Kotak Mahindra Bank. After 15 days I got a call from Kotak Securities and asked for complete details and suggested me to send email to [email protected]. Did that. After few days again the person to whom I've submitted forms called me and asking to submit the forms again. I asked him reason again but he blabbers again. On the same day Received an email saying that account is closed. After 3 working days the blocking amount for NSE trading is credited to my Savings account from trading account. Now I should submit forms again in Kotak Mahindra Bank to close DEMAT Account :(

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

Verified Support

Nov 07, 2016

Kotak Securities Customer Care's response RE:
Kotak Securities — Account not closed even after submitting Account Closure Forms

We have shared your concerns with our team. Be assured, we are working on resolving the issue at the earliest. We will reply to your registered emal id once the issue get resolved.

Regards,
Team Kotak Securities

Verified Support

Nov 17, 2016

Kotak Securities Customer Care's response RE:
Kotak Securities — Account not closed even after submitting Account Closure Forms

We have replied to your registered email id on the concern raised by you.

Regards, Team Kotak Securities

Nov 21, 2016

Updated by Prasanth AV Submitted documents on 13th October 2016.

Finally Trading Account got closed and amount is credited to my savings account on 21st November 2016.

For Closing DEMAT account again I was asked to go submit the closure forms again in Kotak Mahindra Bank but not Securities.