Flat Brokerage

I have been using kotak securities for 2 years now. They launched this flat product approx 8 months ago. It is a very competitive brokerage. To people who are saying it is higher than others, consider this situation. You place order worth 5001 ( say) even then you pay a brokerage of Rs 18 only ( approx .36 % ) Still cheaper than others. Brokerage is not the problem. Theie software ( KEAT ) is awesome, Can't fault the software, and basic version is free.Also the Rs 2000 is refundable, when 4 months end they credit it back to you. Margin is not provided in flat products.

BUT, they have many problems. Their ledger is full of errors. Many times you find entries which are fraudulent, and you have to contact customer care ( which is the worst thing about them, after the ledger. They seldom reply and never admit their faults )

Every 2~3 months their system goes down. Then you are charged randomly. Around 1 jun their system in North India went down and thousands customers were affected. They said I owed them 1.25 Lac and I received an email that if i don't pay up they will sell my securities with them to recover it ( I was all clear till friday night, and on saturday they claimed I was in debit)
I called atleast 70 times, to Mumbai, Delhi and god knows where. No response.
I asked for a contract note but they said pay first.
I asked for them to show me the transactions but they say they have no one in office who can explain ledger and I will receive a call from Mumbai. I still haven't received that call. When I spoke to mumbai office ( i called them ) they said I had withdrawn 90000 on thursday due to which I was in debit( that amount was CASH i had in my account for over two weeks )
On monday they sold my futures positions AT LOSS ( I lost out 27000 I would have made otherwise )
Their system started showing various amounts as debit sometimes 57900, sometimes 27000 sometimes 39999 etc. This happened till wednesday when suddenly everything became fine automatically.
DURING THIS PERIOD I COULDN'T SEE ANY SHARES I OWNED. I WAS AFRAID THEY HAD ACTUALLY SOLD MY STOCKS TO CLEAR THE DEBIT.

I finally gave a written complaint and threatened legal action on tuesday.
Their branche manager never comes on phone. The person responsible for online accounts for NCR doesn't come on phone. For four days I felt as if I had lost over 15 lac.

So my advice :

Use it for good brokerage, fast execution of orders ( ACTUALLY VERY VERY FAST, NOT LIKE ICICI )
But, keep a physical copy of the statements you receive. Also check your ledger daily. DO NOT BUY MF FROM THEIR SITE.

I hope it helps you. It is just an honest review of their services. I am not using Kotak now.

I had experienced ledger problems on 8 different occasions but this one was the last straw

Why do u want to keep an account with them

Give them the kick!

exactly .....

Read my post. I am not using kotak now.

Hows 15000 flat brokerage per month sound?

+ statutory charges of course.....

Looks TOOOOOOOO good to believe, but its being offered.....

The criteria is minimum 1 cr per day.

Is it being offered by Reliance money? Its great. Mr. Anil Ambani might be using it.

Hmmmm...... no serious comments.........

YES,you are very right ... same situation with there software ...and the people who traded between these days ..13/09/2006 to 04/10/2006 ....have suffered just like you..

1) intraday trasaction added into billing
2) twice deduction of amount for one trasaction


Till now they didn't solve my problem ..although it is small amount.

Regarding system ...i told them so many times.....they hardly tried to solve problem....high volumes means you will not be able to do any kind of trasaction ...there fastlane utility will die.

i stopped all trasactions ...sooner or later i will close my account .

one thing about kotak people is obvious......IF SOME ONE GET REAL PROBLEM THEY SIMPLY IGNORE...thinking that ...these people will go on there way after some time.

INDIA BULLS AND KOTAK are the biggest fradusters of Trading...they illegally absorb money

Suba

hey flat brokrage on reliance money
wanna more ask suraj 9892333050

Hi Guru ,
I have recently opened an online account with kotak and have done some mutual fund investments with them online. so far have not experinced any issues .....

just read your blog wherein u have emphasised that "DO NOT BUY MF FROM THIER SITE"...Do let me know what issues in MF u have faced so that I can take care...


Thanks in adavance
Plad