RKSV - Questionable support and service

[Delta99]

Ok, accept what you say. But what is the solution?

I have provided Aadhar verification, bank transfer reference no, made change request into the system etc. RKSV has not told me what need to be done from my end to resolve the issue. They said check after sometime, which means that the funds are received by them but nothing was done about it.

Can understand systems and processes. But when an issue is raised, it needs a resolution. It seems that RKSV support is just shifting the issue from one dept to another and closing the ticket to get good metrics?

BTW, I was locked out from the system for an hour yesterday morning. For no reason.

Did not raise the issue with them as funds are not credited to my account. So would be pointless anyway.... So much for professionalism.

I understand your anguish. I am trying to explain how the framework is designed so that loopholes are not exploited by any party.. be it client, broker or broker employees. If you look it only from view of customer, you will not bother to see the logic why system demands certain things. If things work the say you said, there is no need of any document. Every thing can be uploaded in the form of details.
You and i may have same names, so banks cannot verify source of funds based on names. We have stringent aml policies that every intermediary should abide.

last one thing I will care to suggest you is, if your broker accepted your bank change request like that, it is better to shift portfolio from there......

 

[Delta99]

Today is day 10. Funds remitted on the 3rd April, still not credited to my account as of today 13th April.

There is no call back. No feedback. No response from RKSV to my numerous complaints and messages.

Finally, lodged a complaint with NSE.

Hope to have a resolution of the issue. Will update in due course.

 

[Delta99]

RKSV non credit of customer funds / Day 12 / Complaint lodged with NSE and SEBI on the 14th April. After waiting for 11 days for funds to be credited to my account.

Before lodging a complaint, I gave time to RKSV and wrote to them stating that if funds were not credited to my account, I would file a complaint. Guess, the penalties are too low for the brokers to be bothered for any infringement and they did not do anything about the funds, or even bother to reply to my message.

I do not know how long the grievance redressal process is. Does anyone have an idea? Meanwhile, nothing is going to happen to the broker, who will benefit from using my funds.

From a leading broker, with large no of customers, this is totally unprofessional and shoddy behavior. Nothing more I can say. Just hopeful, with SEBI and NSE complaint RKSV is forced to stop hiding behind COVID situation (12 days now) and act ethically.

And BTW, now am locked out of the system......

Will update this thread in due course.

 

[Delta99]

So two weeks after sitting over customers funds without taking any action, after complaining to NSE and SEBI, I got a mail from RKSV stating "we appreciate your patience, we are forwarding your query to the concerned team, they will soon assist you"

This is the same message reply that I got from RKSV support 10 days back!!!

Even this message is just a generic one, fired off to close a complaint or shift it to another department, without anything being done.

As to what is happening in RKSV and their shoddy manner of dealing with customers, you can make you own judgement.

Just waiting for this ordeal with RKSV customer support to end.

 

[Delta99]

Are brokers / RKSV bothered about SEBI or NSE? This is a question that is on my mind. After sitting on my funds for two weeks, I thought lodging a complaint with these regulatory authorities would help me get my funds back immediately. But even today, funds are with RKSV.

I have provided proof of payment.

I was told 11 days back that the 'concerned team will look into it'

After complaint to NSE and SEBI, and after 10 days, I get another mail saying the same thing what was told 10 days back 'concerned team will look into it'

Beyond questionable service from RKSV, it is now shameful that they choose to sit on customer's funds for two weeks.

And to think that I have recommended RKSV broking to so many people whom I know in the past. It is a fall from a position of repute to now shoddy service from RKSV.

At one time, they were even active on TJ forum. What happened now? And when can I expect to get my funds back from them? I have no idea.

Will update this thread in due course.

View attachment 41788

So two weeks after sitting over customers funds without taking any action, after complaining to NSE and SEBI, I got a mail from RKSV stating "we appreciate your patience, we are forwarding your query to the concerned team, they will soon assist you"

This is the same message reply that I got from RKSV support 10 days back!!!

Even this message is just a generic one, fired off to close a complaint or shift it to another department, without anything being done.

As to what is happening in RKSV and their shoddy manner of dealing with customers, you can make you own judgement.

Just waiting for this ordeal with RKSV customer support to end.

 

[kaly422000]

it seems tobe somewhat dangerous to transfer money in trading account and trade in lockdown period ,mainly with substantial amount as customer care can not performing ok(actually not performing). be it upstox or others(mainly online brokers). so it is good time to practice and experiment with lower amount to trade

 

[Delta99]

Thank you for your comment.

But it is not the question of lockdown, with staff working from home etc. The proof of payment is given. And for RKSV, who is a coroprate customer, need to just phone HDFC to verify and confirm the funds are from me.

11 days back they said the concerned team will look into it.

10 days later, after complaining to SEBI and NSE, RKSV support call back and give the same sad excuse saying the concerned team will look into it.

You can call up with 100 different issues, and close the ticket or pass it off by saying the exact same thing - the concerned team will look into it.

This is unprofessional behaviour from RKSV. Over the last two weeks, inspite of numerous messages, not one person has even bothered to call me to resolve the issue. How long will this continue? How long will RKSV hide under the excuse of lockdown?

The sad fact is that the investor/trader is helpless and mercy of a broker. It is a small investor vs a corporate giant story. But in this case, the end result is that corporates win. They can squeeze the customer, hide behind excuses, provide sub par services, or just not be bothered. They cannot be bothered as it will not impact their bottom line. Atleast in the short run.

it seems tobe somewhat dangerous to transfer money in trading account and trade in lockdown period ,mainly with substantial amount as customer care can not performing ok(actually not performing). be it upstox or others(mainly online brokers). so it is good time to practice and experiment with lower amount to trade

 

[mohan.sic]

Thank you for your comment.

But it is not the question of lockdown, with staff working from home etc. The proof of payment is given. And for RKSV, who is a coroprate customer, need to just phone HDFC to verify and confirm the funds are from me.

11 days back they said the concerned team will look into it.

10 days later, after complaining to SEBI and NSE, RKSV support call back and give the same sad excuse saying the concerned team will look into it.

You can call up with 100 different issues, and close the ticket or pass it off by saying the exact same thing - the concerned team will look into it.

This is unprofessional behaviour from RKSV. Over the last two weeks, inspite of numerous messages, not one person has even bothered to call me to resolve the issue. How long will this continue? How long will RKSV hide under the excuse of lockdown?

The sad fact is that the investor/trader is helpless and mercy of a broker. It is a small investor vs a corporate giant story. But in this case, the end result is that corporates win. They can squeeze the customer, hide behind excuses, provide sub par services, or just not be bothered. They cannot be bothered as it will not impact their bottom line. Atleast in the short run.

I am saying this again, to my knowledge your funds will simply remain with them until the bank details ( new) were not saved. You can neither get funds to trading ac nor a payout. Have you checked if the new bank details which you uploaded were captured and recorded in the user records.

 

[Delta99]

If RKSV has even 1% doubt for the origin of funds, all they needed to say that the proof that I have provided them was not enough and they need something more.

Not one person has bothered to call me after almost two weeks now.

They system request I have put in for update of bank details is pending with them for two weeks as well. They are sitting on it doing nothing.

If RKSV wanted, they could have resolved this issue in a day or two. Why are they not updating my bank account change request?

Why is RKSV silent?

Why is RKSV not calling back for resolving the issue?

Why is RKSV hiding behind excuses?

Even after lodging a complaint with SEBI and NSE, RKSV really don't seem to care beyond giving excuses.

RKSV is just playing with time and customer's money under guise of COVID situation.

I have posted complaint about shoddy service after giving RKSV time to resolve my issue. I have been patiently waiting for over 10 days before approaching NSE and SEBI.

All that I can do is to just post here as to what is happening. Will update in due course.

I am saying this again, to my knowledge your funds will simply remain with them until the bank details ( new) were not saved. You can neither get funds to trading ac nor a payout. Have you checked if the new bank details which you uploaded were captured and recorded in the user records.

 

[copypasteaee]

isnt any rksv support thread here in tj