Kotak Securities — share trading account

Feb 04, 2019

Updated by sksj2050 So total loss is 1, 36, 000 plus 18, 000 plus Rs.400 x 1141 shares which comes to around 4, 56, 000/- totalling to 6, 10, 000/-.

Mar 16, 2019

Updated by sksj2050 I have still not received the loss suffered. KOtak says that they will only give a loss of Rs.8 per share for 1790 shares which were not bought and hence not squared off due to their negligence. However, I have asked for loss of profit as well which is Rs.10 (approx) per share x 1790 shares, and Rs.1, 30, 000 (approx) which is the loss suffered on Delivery Stock being sold off (as a last resort and automatically), apart from loss of approximately Rs.10 per share on 1790 shares which is around Rs.17900. They are also stating that they are ready to reinstate the Delivery Stock shares and want me to transfer the money for the same. I have already reinstated the delivery stock shares at around Rs.700 levels and they were ready to reinstate the shares (DBL) at 300 levels, so I informed them that since the shares are already reinstated by me at 700 levels they should pay me the difference of 400 per share and give me the opportunity to reenter DBL at Rs.300 which was the lowest level reached during the dispute being unresolved. A loss of nearly 5 lakh rupees is now on my head because of negligence of Kotak Securities. Their escalation mechanism does not respond, despite of escalating to Compliance Officer, and CEO. I also marked copies to Uday Kotak but no response. The staff of Kotak is generally very laidback and untidy offices can be seen everywhere. I would strongly not recommend Kotak Securities for share trading or investing, lest you want to risk your money. I have suffered earlier also twice, but I did not raise a complaint assuming that it could be an error from my side. Now I realised that their systems are outdated and flawed, and during live markets it could get you into trouble. If you are a trader you might end up making a loss in place of profit. I suggest you try other Demat/Trading accounts with MOtilal Oswal, or Axis, or Share Khan or ICICI etc., but surely not Kotak.