I am going though an ordel right now, trying to fight Kotak Securities Limited. I have, finally after failing to get them to reset my trading password or change the mailing address in my account for the past 2 months, filed a complaint against their service to the Bombay Stock Exchange.
Below is the letter I have written to the exchange :
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Sir
Attached is a complaint against Kotak securities limited, whose reputation for poor service to its customers is becoming legendary.
I hold an account with them, Client ID X5*** Demat account number 1259**** through which I trade in shares and apply for IPO’s. For the past 2 months, I have not been able to operate my account as my password is not functional, during the 2 months, they have not been able to provide a password or change the mailing address of my account – despite email reminders, submission of forms, personal visits to their branches and speaking to their customer service people in their Mumbai Office. I have the following complaints against them :
1. Bad attitude of the employees
a. They don’t care. The have no idea of what customer service means, and the volume of work they have can’t be handled by them
b. They are uneducated and not trained. They don’t know how to respond / behave properly or how to resolve the customers complaints. They make false commitments.
c. If you want to see for yourself the conditions in which they work, please visit their office at KG Marg, New Delhi and try to get some information from them
d. They are fed up of the company they are working for because they know they cannot provide service and customers harass them.
2. Complete failure of systems
a. None of the phone numbers of Kotak securities are accessible by customers. Please try calling their helpline number 30305757 from Delhi and see for yourself
b. The website mentions the head of customer service as Lakshmi Sundaram – if you speak to their Mumbai office they say she’s not the head – and no one knows who the head is.
c. Despite having recd customer complaints, a simple task of change of address hasn’t been done by 6 employees I have spoken to. Below is a mail from them, dated 19th Jan and 29th Jan confirming that all documents were recd – but no action was taken.
d. If you somehow manage to speak to the customer service people, they don’t know what to do. Further, as explained to me by one of these customer service people, they have no team leaders, no seniors to whom they can transfer cases that they can’t handle
3. Failure at Head office level itself
a. If the head office of a company can’t resolve issues, how do expect others in the company to do so? I have personally spoken to their customer service people – Nikita @ 022- 66529322, another responsible person at Ext 191 and the companies board lines at 022-66529248. No one in the company knows what is happening or how to handle complaints.
b. The people at the head office agree that they are aware of all these problems – which shows their attitude. Despite being aware, they cannot do anything.
In the past 2 months that I have not been able to operate my account, I have lost significant amount of financial benefit that I might have gained, besides, the trauma of going through such harassment needs to be compensated.
A quick search on the Google shows that many, many customers all over India are being harassed by this company’s service, here are some for your referral
http://www.mouthshut.com/review/Kotak_Securities-136364-1.html
http://www.mouthshut.com/review/Kotak_Securities-129117-1.html
http://www.mouthshut.com/review/Kotak_Securities-129049-1.html
http://www.mouthshut.com/review/Kotak_Securities-125486-1.html
http://www.mywoes.com/complaintdetail.asp? complaintid=3921
http://inconsumercomplaints.com/complaints/online-trading-account-c27697.html
http://www.traderji.com/investors-grieviences/9077-kotak-securities-cheating-customers-billing-what-should-i-do.html
I request you to take immediate and stringent action against this company – to set an example and to let customers know that BSE stands by them. I would be happy to prove my claims if need be.
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Please be aware - in case you want to open a demat account or online trading account, Kotak Securities is what you should stay away from
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