Problem with Kotak securities

cool2cool · #1 17th February 2008, 12:54 AM

Hi,
I am a newbee and wanted to start with a good broker, so I chose Kotak securities.
Their representative told me that they are offering a 3 in 1 account with zero balance savings account(including netbanking, cheques, debit card etc.) So i opted to open 3 in 1 account. I gave them 2 cheques (Rs 20000 for savings which would be used for trading as initial money and Rs. 750 for account opening charges). I was told that the accounts would be opened withinn 7 days.
After 4-5 days I got a call from their branch official saying they would be opening an edge account for me and that requires minimum 10000 Rs. as avg quarterly balance. He also said that they have no account with zero balance.
I again called their representative I was communicating with earlier. He now started saying that Kotak has a tie-up with few companies and zero balance account is for employees of these companies only. He continued, Kotak has a tie-up with my company but for that I require to have a visiting card issued by the company.(How clever, during filling the form he asked for my visiting card. I told him I do not have currently. Therefore this trick).
Luckily they have not credited any cheque. I just stopped the payment of both the cheques and asked them to not to proceed my application and to reject it. I told them if before opening the account is this much of problem, god knows what to expect later.

Can anyone tell what should be my next steps?
Anyone had such experience with any broker?

jmssngh · #2 17th February 2008, 12:03 PM

Hi,

This is the same problem what i am facing with Kotak Three in one account application, going through with their experience in banking and their market size i thought they will be more proffesional but the case is different many of there sales executives are trying to open your account and making bundels of promises and once they lodge your application and if there is any problem they give damn to the coustmer.The funny part is their excuses i am ill? please call coustmer care?the person who was looking your application has left the job thats why it is delayed?

I am also trying to find some good brokerage house which offer three in one service and with less hassels, i request to all oldies in this field to recommend us a good one?

Cheers And have a good trading session>>>>

raghav1366 · #3 17th February 2008, 01:23 PM

for new/beginners - for online trading - it is better to go for ICICIDIRECT OR CANMONEY who are offering secured transaction services but their brokerage is very high. account opening will take 30 days minimum/40 days.

beginners better go for st trading ratherthan intraday - most of the tips goingaround for intraday is baseless and only full time market watcher can do intraday profitably. minimise your hope-greed-fear in initial transactions.

the trading platform with 3in 1 account with icicidirect/canmoney is near slow but their fao & procedures would safeguard members money. new entrants please go through the regularthread - (icicidirect-sharekhan-indiabulls-kotak - confused) before opting one.

better not to open so many threads, speakng on the same issues.

saga364 · #4 17th February 2008, 07:52 PM

Hi,

I have been using Kotak for well over 2 years now and neve rhad any problems ...

SG

suba_stocks · #5 17th February 2008, 08:00 PM

Quote:

Originally Posted by cool2cool

Hi,
I am a newbee and wanted to start with a good broker, so I chose Kotak securities.
Their representative told me that they are offering a 3 in 1 account with zero balance savings account(including netbanking, cheques, debit card etc.) So i opted to open 3 in 1 account. I gave them 2 cheques (Rs 20000 for savings which would be used for trading as initial money and Rs. 750 for account opening charges). I was told that the accounts would be opened withinn 7 days.
After 4-5 days I got a call from their branch official saying they would be opening an edge account for me and that requires minimum 10000 Rs. as avg quarterly balance. He also said that they have no account with zero balance.
I again called their representative I was communicating with earlier. He now started saying that Kotak has a tie-up with few companies and zero balance account is for employees of these companies only. He continued, Kotak has a tie-up with my company but for that I require to have a visiting card issued by the company.(How clever, during filling the form he asked for my visiting card. I told him I do not have currently. Therefore this trick).
Luckily they have not credited any cheque. I just stopped the payment of both the cheques and asked them to not to proceed my application and to reject it. I told them if before opening the account is this much of problem, god knows what to expect later.

Can anyone tell what should be my next steps?
Anyone had such experience with any broker?

sorry to see you with this kind of problem...but unfortunately,you failed to realise where the problem is ...problem is with the person whom you communicated.....kotak securities don't change rules or attempt to mislead people.

i do have experience with kotaksecurities since almost 2years....they have high brokerage but service is fine..more trasactions you will get back some amount of money as per there differential brokerage rules..

good ledge balance and all in all ...it is smooth in service compared to many.

downside....is ...heavy volume day ..few secs or minutes problem may arise ...but i noticed this happens with many and almost all borkers

2) some times live feeds may go off due to some technical snag..

3) customer care...they do respond by mail .sometimes by phone.but ..3 to 4 days.

keat is good to execute order ..where as fastlane is good for fast live feeds
so one should play with two.

over all my experience ..is i faced one bitter problem initially ..but i delayed it handling it quickly ...there after it was very very smooth and comfortable

lastly ............it is our responsibility to indentify if any thing goes wrong and handle it as quickly as possible by filing a complaint on paper.
it should be in written form ...........this is most important and all should follow....for proof .
regards
suba

patelpiyushb · #6 27th February 2008, 12:00 PM

I also have similar problem with Kotak,
First they promise that i receive the tips on sms which is free and lot's of other promises. but after opening a account they tells that sms tips is cost 500 per month.
they gives me a trading software called keat, but this is also not perfect. This software is not display the sensex value change, it is also not display %change and other market depth for bse scripts. etc.
when i contact that this software is not perfect and without having the %change and all other figures we cant able to trade perfactly, then branch manager told that you have previous day close value and by help of calculator,calclulate the %change when you require. For single person like you kotak will not correct the software, if you dont want close your account and leave.

biyasc · #7 27th February 2008, 12:07 PM

Quote:

Originally Posted by patelpiyushb

I also have similar problem with Kotak,
First they promise that i receive the tips on sms which is free and lot's of other promises. but after opening a account they tells that sms tips is cost 500 per month.
they gives me a trading software called keat, but this is also not perfect. This software is not display the sensex value change, it is also not display %change and other market depth for bse scripts. etc.
when i contact that this software is not perfect and without having the %change and all other figures we cant able to trade perfactly, then branch manager told that you have previous day close value and by help of calculator,calclulate the %change when you require. For single person like you kotak will not correct the software, if you dont want close your account and leave.

open keat - then open a market watch - then right click on any option, like ltp, bid price, ask price, - then click on insert column, then choose the "% change" from the dropdown menu - then click ok - you will get "% change" in your market watch.

do not blame anyone if you are a lazy man.

suba_stocks · #8 27th February 2008, 06:55 PM

you can add many columns,there are many other columns like upper circuit,lower circuit etc.

also...please read what i have written above already.

regards
suba