Nother Fraudulant Act Of Kotak Securities

mangai · #1 6th February 2007, 09:45 AM

I am online trading member of Kotak Securities for the last 3 years.I am a light trader.When I joined they gave me GC status which attracts brokerage only on tradd securities.In Jan 06 I noticed a deduction of Rs100 and when queried through on line they eplied there was a request forproduct change from me.They didnt give me any proof for the above when i disclaimed it and asked them to let me continue as GC.For six months status quo continued Never my status was changed from GC in the page where I can change my status.Only KS changed my status in the BO without any intimation tome.Suddenly from July they started deducting flat charges 999 Rs. though not every month Since I was in the dark all the time. I never suspected KS of this misdeed and in Dec I was going thoroughly through the account I found thediscrepancy and informed KS why they are deducting this amount.At this time also I was not aware about this change.They replied it is due to product change.I went to their Chennai office with all the emil and also showed my trading status which was showing still GC in the product change page
The rep told me he will talk to Mumbai office and they will do the revesal.But the reverse was done by them No reply to my QUERY .First they changed the status to FW without my request They deducted 2 more flats or feb 06 and march 06 in Jan07 and foce me to change from FW to GC and charged 100Rs for this
I require the group members advice how to proceed with KS for this type of cheating.

neo · #2 7th February 2007, 12:21 AM

Hey mangai,
You can ask kotak for the proof of product change request, Have some sort of proof that you have asked them. In this request also give them couple of week for resolving the issue and also tell them that you are going to consumer court after this period.

Catch your RM, Tell him about this and also tell him that you would be going to consumer court on a specific date after 2 weeks. If they does not resolve your issue in 2 weeks, tell your RM that you are going to consumer court and file a complain against kotak securities.

However Even consumer court may take some time, You can write to paheredar@moneycontrol.com and tell them this issue in detail, Also send a CC of this mail to customersupport@kotaksecurities.com, And then see the response from Kotak.

Kotakwale Lato ke bhut hain, baton se nahi mante. I had been using their service in past and now I have stopped using it. Switch to a better service provider, There are lots of better options then Kotak.

suba_stocks · #3 7th February 2007, 05:14 PM

kotak securites from bombay will never do any kind of help,catch the people where you opend account and sit and make them do work with out moving from there.File case where ever it is possible.

mangai · #4 7th February 2007, 06:07 PM

Quote:

Originally Posted by neo

Hey mangai,
You can ask kotak for the proof of product change request, Have some sort of proof that you have asked them. In this request also give them couple of week for resolving the issue and also tell them that you are going to consumer court after this period.

Catch your RM, Tell him about this and also tell him that you would be going to consumer court on a specific date after 2 weeks. If they does not resolve your issue in 2 weeks, tell your RM that you are going to consumer court and file a complain against kotak securities.

However Even consumer court may take some time, You can write to paheredar@moneycontrol.com and tell them this issue in detail, Also send a CC of this mail to customersupport@kotaksecurities.com, And then see the response from Kotak.

Kotakwale Lato ke bhut hain, baton se nahi mante. I had been using their service in past and now I have stopped using it. Switch to a better service provider, There are lots of better options then Kotak.

thanks for the reply,but the email to paheredar@moneycontrol.com is bouncing Any other email

neo · #5 8th February 2007, 12:45 AM

Quote:

Originally Posted by mangai

thanks for the reply,but the email to paheredar@moneycontrol.com is bouncing Any other email

pehredar@moneycontrol.com is the correct address. Sorry about the wrong address. By they way I am now not the customer of Kotak, but you are, So you can also complain about the "Options brokerage rates", Which are not following the rulings of NSE "3.7.2A. The Trading Members shall charge brokerage for option contracts on the premium amount at which the option contract was bought or sold and not on the strike price of the option contract.", One of my friend told me that they are still charging the brokerage on strike price of option contract.

Neo

bangerabs · #6 13th February 2007, 09:53 AM

Kotak Group Seems To Be Like That. I Hv Bitter Experience With Their Housing Loan. Shortly I Am Planning To Take Recourse With Law To Bring Them To Their Senses.

mangai · #7 15th February 2007, 07:40 PM

Thanks Mr.Neo.The Problem got solved.KS reversed the money and also to pehredar@moneycontrol.com

neo · #8 16th February 2007, 01:29 AM

It's a victory for a conman man and defeat for Big institutions who only thinks that "giving tons of advertisements on CNBC would increase their customer base, irrespective of their poor service". I am very happy for you on this victory.

neo

chetan_nahar · #9 15th November 2007, 12:12 AM

Hello Neo,

I traded a derivative Option on Kotak and they charged me a brokerage of 750 rupees on a single trade!!!

Is this fair??

aijaz159 · #10 18th November 2007, 02:53 AM

Quote:

Originally Posted by neo

pehredar@moneycontrol.com is the correct address. Sorry about the wrong address. By they way I am now not the customer of Kotak, but you are, So you can also complain about the "Options brokerage rates", Which are not following the rulings of NSE "3.7.2A. The Trading Members shall charge brokerage for option contracts on the premium amount at which the option contract was bought or sold and not on the strike price of the option contract.", One of my friend told me that they are still charging the brokerage on strike price of option contract.

Neo

Hi Neo
I am glad to see a member's greivance being resolved with your valuable advise, i have posted a greivance on 13th Nov. in the same thread Reliance has not returned my money unfortunately i have no advise from any one on this board, kindly guide me pls. thanks
aijaz.

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