Bad Experience With Kotak Securities

hidilip1975 · #1 18th April 2008, 03:11 PM

I have been trading in Orchid Chemicals in this month intraday for the last month.

On 10th april when i tried to sell 230 shares of orchid which i had bought earlier in the day,the system said no connectivity during the sell order.After sometime when i checked up the order was not sold so i sold again ,imagine to my horror it showed after sometime that i had sold twice !!!.So immediately i tried to square off the position,but was unable to do as the system showed up as no connectivity. I called up Kotak care but they were unresponsive .This all happened from 2:30 pm onwards.Till 3:30 i tried unsuccesfully to square up but till the end due to their system problem i could not do so.

Since the prices were having abnormal movements ,after worrying thru the night i immediately bought back 230 shares on friday morning at a loss of rs 6 per share.
I had also contacted Kotak cust care about when auction would take place.one person said on wednesday ie after t+2 days ie on wednesday ( As mon was holiday)morning first thing .So i sold off my shares on wednesday,i checked up again with kotak and this time the cust care after 13 minutes on line said shares would be auctioned only on thursday !!!!.I said by that time my own shares would be available ,then why go for auction ,it was unbeleivable .

Finally i again bought back the sahres on wednesday with a further loss of5rs per shares.

Till now no mails regarding my auction had come from Kotak despirte repeated reminders .

Finally i sold off my shares on thursday taking a risk and the shares dropped from 325 to 280 on that day !!!.Then at the end of the day a mail comes from kotak that auction took place on 15th !!! ie tuesday.

I could not beleive that as the price shown in the auction was the thursday price .

Thanks to all of this ,i being a full time small trader could not concentrate on other trading activities.

Kotak securities is abloody F6&*(() Chor .

oxusmorouz · #2 18th April 2008, 04:04 PM

Quote:

Originally Posted by hidilip1975

I have been trading in Orchid Chemicals in this month intraday for the last month.

On 10th april when i tried to sell 230 shares of orchid which i had bought earlier in the day,the system said no connectivity during the sell order.After sometime when i checked up the order was not sold so i sold again ,imagine to my horror it showed after sometime that i had sold twice !!!.So immediately i tried to square off the position,but was unable to do as the system showed up as no connectivity. I called up Kotak care but they were unresponsive .This all happened from 2:30 pm onwards.Till 3:30 i tried unsuccesfully to square up but till the end due to their system problem i could not do so.

Since the prices were having abnormal movements ,after worrying thru the night i immediately bought back 230 shares on friday morning at a loss of rs 6 per share.
I had also contacted Kotak cust care about when auction would take place.one person said on wednesday ie after t+2 days ie on wednesday ( As mon was holiday)morning first thing .So i sold off my shares on wednesday,i checked up again with kotak and this time the cust care after 13 minutes on line said shares would be auctioned only on thursday !!!!.I said by that time my own shares would be available ,then why go for auction ,it was unbeleivable .

Finally i again bought back the sahres on wednesday with a further loss of5rs per shares.

Till now no mails regarding my auction had come from Kotak despirte repeated reminders .

Finally i sold off my shares on thursday taking a risk and the shares dropped from 325 to 280 on that day !!!.Then at the end of the day a mail comes from kotak that auction took place on 15th !!! ie tuesday.

I could not beleive that as the price shown in the auction was the thursday price .

Thanks to all of this ,i being a full time small trader could not concentrate on other trading activities.

Kotak securities is abloody F6&*(() Chor .

I'm sorry to hear about your indecent. Happened to me once in december when I sold KRBL twice. The Religare team was responsive though. Bought the share the next day (Tuesday) and sold it again on Thursday to hedge my short position. Lucky for me the price had dropped from 113 to 107 over night and I gained by this process.