| Address: Mumbai City, Maharashtra, 400034 |
Dear sir,
I have been customer of kotak since last 2-3 years having d-mat and online trading account.
I have had a very bitter experience of the services you offer by facilitating the online trading through kotak portal.
Given below are the brief case details.
• i was attempting to perform a sale transaction of the script bajaj finance ltd. Of which i held 20 shares to my account. (08.10.2018, 2.40pm)
• as a part of process i entered the qty and limit price for sale. Sale price was 1940 and the qty 20 nos.
• by mistake i put the rate in the quantity column for second order after not executed first order.
• instead of alerting me of the mistake (You have holing 20 shares and wish to sell 1930?) ie consent and without showing the amount involved; the transaction got executed selling 20 and 1930 nos. At the same time 2.49pm. Which should be rejected at first instant.
• transaction value :38, 81, 702/-
• after some time there was a message on my cellphone informing me of the above transaction.
• this involved approx. Amount of rs 38-39 lakhs, where as my whole portfolio is about 17-18 lakhs).
• this was the biggest shock of life ever i got.
• in the evening 8.30pm there was a message asking to make a settlement of the transaction and
• on the second day 10 th oct 2018, kotak settled (Internal) the transaction with prevailing rate resulting in the total loss of around 6.6 lakhs
• i was informed that this is a short sale transaction and required to pay rs 6.6 lacks excluding interest @ 23% pa.
• next few days there was a series of exchange of mails, calls with kotak office. Where myself asking for reverting the transaction & kotak trying to prove their point.
I have very specific questions to kotak,
1) why the transaction rejected at first instant? If demat account is connected to trading account why the system show pop up and ask for permission of transaction?
2) how the transaction gets executed without consent/confirmation of the customer.
Conclusion:
There is enough scope to say that there is lacunae in the system which allows such transaction to move without intervention of the customer.
By way of this letter i once again strongly insist on kotak to revert the wrongfully executed transaction and relieve the grievance raised by me without any further delay.
I strongly feel that there is a shortcoming of services offered by kotak of
A) not protecting the lawful, fair & justifiable interests of customer and
B) not installing strong, foolproof and healthy interactive online trading system
And they can therefore be taken to consumer court for this act.
Please guide me.
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