[Resolved] Kotak Securities — Fraud by Kotak in trading

Stockiee007

from Ahmedabad, Gujarat

Mar 12, 2014

Address: Bangalore, Karnataka

TOoday I gave instruction to one of Kotak securities staff to make a sell 1000 Tata Elxsi share ONLY if it reaches 615 (lower limit) and 650 (higher limit) from my existing holdings. Even I made sure that she understands but she sold off immediately at the market rate of 628 prevailing at that time and made a net trade loss for the day of Rs. 8100.Immediately I called up and she said she will forward this to her manager to deal and when I spoke to the manager she said she will get back to me in next 30-45min and when I didn't get call even after 2 hours I called up the contact center to hear that she is busy. However, I got a call from her after my call. She assigned me by Name Ashish who did other transactions. But again while transacting he was pushing me to buy more Tata Elxsi so that I average out the losses I was made to have by his colleague. But I didn't bulge. Again at 14:51 I had a call from service agent who started saying that Koran cannot pay back and he started to indirectly threaten me saying Kotak will not make the payment for the loss of Rs.8100 which I objected and told him to behave properly and follow SEBI and RBI guidelines than threatening me and also requested him to given me a statement on the letter head that Kotak cannot make Rs.8100 payment which is a fault from your agent. Apart from this I also asked whether the lady agent who did that wrong transaction is Certified or not for which I did not get any answer! I

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Complaint marked as Resolved

They have taken action and promised to resolve the same. Let me wait for 2 more days so that I get the exact figure and they resolved it in no time by giving satisfactory answers and reverse the payment. Thanks to their customer service attitude.

Verified Support

Mar 13, 2014

Kotak Securities Customer Care's response Hi Stockiee007,

We request you to share your client id and contact details with us at ks.[protected]@kotak.com for our customer care executive to get in touch with you and address your concern at the earliest.

Regards,
Team Kotak Securities

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Comments

Stockiee007

from Ahmedabad, Gujarat

Mar 13, 2014

Already done but your agents are lying and no manager is getting involved in it. Horrible! I have been with you for more than 5 years and because of my trading you must have made more than a lac. but now when there is an issue you are escaping by engaging me with some agents who cannot even speak correct English! Ref 2HYS8

Stockiee007

from Ahmedabad, Gujarat

Mar 13, 2014

Dear Team Kotak Securities,

Your service team is sleeping and breaching the time limit of 48 hours (only on paper) It is been 3 days since I raised the issue but I have not seen any action from your end. I can understand why Kotak Securities is making money with ease since you have 'cheap' and non-certified agents to deal with customers! You better pay my money back which I lost due to your agent's mistake. I gave call to sell tata Elxsi only hitting the limit of Rs.615- or 650 definitely not at market price!!! On what basis your agent did that. Why are you not hearing the conversation!!!? Are you dumb or cunning?

ALL PEOPLE DON'T GO WITH KOTAK SECURITIES AT ALL. THEY ARE FRAUD COMPANY HAVING NON-CERTIFIED PEOPLE SITTING AS AGENTS WHO ACT SMARTLY, OF COURSE, WITH THE SUPPORT OF DUMB and CUNNING MANAGEMENT.