Hi,
As a person mainly day trading with Kotak for the last 6 plus years, I think I can pass an opinion on them. It was because of courteous dealings of the employees in the local centre, I was attracted to them and they are the very same even now, attentive and caring. It is their HO, which is not responsive and often obtuse. Recently they have become more of it and customer unfriendly. I shall cite a few examples.
1. Where on earth an organization charges for updating their customer’s email address. Kotak charges Rs.25/- for that. For that matter for making any change in your profile registered with them. In my case, the profile was filled up by their local staff, who made the mistake 6 years ago. Of course, I signed it blank beforehand, as we all do while filling up complicated forms. Anyway, let us admit that it is our responsibility. But why a charge for updating their customer’s email id? I refused and they have rejected my request to change email id. But interestingly, we continue to correspond through my email id (which they say is unregistered with them) even now as we were doing all these 6 years.
2. Their intraday chart shows different patterns at different times in a day in recent times. Hence if our internet connection is gone during the day and if we reconnects, we get a different pattern of chart. If we take trade decisions based on those charts, it is highly probable that we may go wrong. I pointed out it to them and sent sample screen shots and explained it to their local team. They are unable to redress it. Without good chart, it is not possible to do day trading, all of us know it.
3. Recently they have introduced minimum charge of Rs.11/- (Reduced from Rs.21/- on my request). I am still requesting them to waive it for no avail. A day trader cannot afford such minimum charge as we often put small orders to confirm trends. Further, even if we put a big order, it is possible that it is executed partially. So we change order quantity and price again, when the minimum charge affect us. In spite of all my efforts and follow up, they have not waived the minimum charge.
4. Further, a customer has to give minimum brokerage pertaining to a scrip valued Rs.100/- even if your scrip is below Rs.100/-. That means you have to give 10 times the agreed brokerage if you trade a scrip valued Rs.10/-
5. There is no easy systems for putting trailing stop losses and its auto-updating as many other brokers do give these days.
It was due to the inertia for changing a platform which I used for so many years that I did not switch from Kotak until now. Now it is time that I shall change. I am researching on it.
Would my friends on the forum suggest cost effective and good brokerage at this point?
Regards,
Sebastine
