| Address: Kolkata, West Bengal, 700068 |
I registered for demat a/c & trading account with kotak security after negotiation verbally over phone (With pre-condition - to provide proper a) trading software compatible to windows 10 april 2018 version, b) all the terms & conditions should be matched with geojit financial services, my present broking farm). Even on repeated request, they did not provide any documents of terms & condition before signing the contract (May be in 30 pages) and letter of authority of debiting an amount of rs. 11, 179/ as advance towards share trading. Subsequently, i received a welcome kit with a letter containing the information 1) user id - aru44_5, trading code, email, mobile no. & name of nominee (Which is faulty even after submission nomineeâs pan & aadhar card).
Also dp details - dp a/c no. 23994161, dp id: in300214, bank a/c no. And name (Kbl), dp name; kotak securities.
In the said letter, it was requested to go through policies, terms & condition. Etc. On website (Link : https:// kotaksecurities.com)
In the said website first line says" there is no demat account opening charges"
The brokerages was 0.049% & 0.49% initially in place of the brokerage agreed upon was 0.02% & 0.2% after negotiation. No penalty or hidden cost.
On taking up the matter with them, they reduced the brokerage to 0.02% & 0.2% as agreed upon through negotiation but they added additional condition of minimum brokerage of rs. 21/ per script /per day. Being an investor, this is not acceptable. They did not agree to wave off the hidden charges. Under distress, i requested for cancellation of demat & trading account and return the total amount i paid (Rs. 11179/). They refunded rs. (9000/ +919.94) deducting an amount of rs.1259.06. Without any bill/contact not as no trading was done.
I have been denied the copies of the contract note (I signed for registration) and letter of authority for kotak bank.
It is mandatory, as confirmation of demat registration (As per sebi / nsdl guideline), no clientele master list, delivery instruction book.) were provided. They also refused to refund the # amount i paid in advance. The matter was taken up with the dealing officers 1) srihari nambier 2) khaleed hussain.
The practice they are following is against the law of land (Hidden charges).
My prayer is to 1) refund all the money they have debited from bank with interest 2) compensation for my mental agony, harassment to sr citizen (+73 yrs). And to cancel their registration from commercial activities with sebi.
Thanks.
Arunabha biswas
Trade id (Ks) : aru44_5, pan: aeipb8149m, reg mobile no. 91-[protected]
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