[Resolved]  Kotak Securities — Updation of bank account details in Kotak Securities

Address: Kotak Securities

Client Id : ZR6PB
Client Code : 32465652

A couple of years ago, I purchased Syndicate bank shares and a 6 months ago moved all shares to Kotak securities.

Recently on September 2021, I sold all my shares and an amount of 1, 82, 000 has been available in Kotak securities.

While trying to do Funds Payout it has been rejected. Saying your IFSC code is wrong.

As Syndicate bank is merged with Canara bank only IFSC code has been changed. So I initiated a change request by sending courier of KYC updation form and cancelled cheque leaf of my Canara bank. [16th oct 2021]

Syndicate IFSC Code: SYNB0003061
Canara Bank IFSC Code: CNRB0000891

After few days, received an email stating my
details has been updated successfully.
[Date: 23rd Oct 2021, ReferenceId : 35231242]

Then I raised a Funds Payout request. Again it has been rejected saying IFSC code is still not updated.

After many calls and chats with Kotak Securities they said “My bank details has been Updated only for Demat account and not for Trading account.”

I don’t understand purpose o[censored]pdating only demat account without updating Trading account.

When asked Kotak securities, they said Trading team has to update my details. They didn’t updated even after one month.

So, I have opened a savings bank account in Kotak Mahindra Bank only for this purpose and sent courier again KRA modification form and Kotak Mahindra bank cancelled cheque for changing account details [Nov 16th 2021]

On 20th Nov 2021, received an email from Kotak Securities [Reference number:[protected]] saying as per SEBI Credit Settlement Payout Rs 1, 89, 028.27 /- will be credited to your bank account maintain with us. If failure a cheque will be dispatched to registered communication address.

But not received anything till now.

Now they rejected my updation saying Affidavit is not notarised. When asking about affidavit details customer care guys says need to courier your details again. [23rd Nov 2021, ReferenceId: 35915039]

I don’t know what to do now and whom should I contact as customer care cancels my calls in between and WhatsApp chat says send courier for all questions. Literally no one is answering properly and they don’t know about the mails I received from Kotak securities even after providing query ids.

I am in need of money desperately and I sold all my shares three months ago and my amount has been stuck at Kotak Securities. Consider this as a serious matter.

Request you to resolve my issue on priority basis and Kindly do the needful.

Thanks