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Complaint against Kotak Securities for Mutual Fund Redemption Money

This is a discussion on Complaint against Kotak Securities for Mutual Fund Redemption Money within the Product And Services forums, part of the Miscellaneous category; Dear Sir, I wish to lodge complaint against Kotak Securities I have an account with Kotak Securities, Client ID: JDBG1 ...

  1. #1
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    Default Complaint against Kotak Securities for Mutual Fund Redemption Money



    Dear Sir,

    I wish to lodge complaint against Kotak Securities
    I have an account with Kotak Securities, Client ID: JDBG1

    On 18th Nov 2010, I ordered for the redemption of all units of Reliance Mutual Fund Growth, so 590.46 units were put on redemption for an NAV of Rs. 118.66/=. This was vide Transaction iD: 618275
    Total amount due to me vide the referred Transaction id is Rs. 70063.98/=

    Today is 14th Dec and the transaction was done 26 days back, so far I have not received the redemption proceeds.
    I request you to please take this matter on an urgent basis, I would appreciate if the redemption amount plus due interest is paid to me at the earliest

    Thanks,
    Jyoti Chadda
    Kotak Securities Client ID: JDBG1

  2. #2
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    Dear Jyoti,

    This response is from Kotak Securities.

    We regret for the inconvenience caused to you.
    With our customer service in touch with you, we hope to have resolved your issue.
    In case of any further inconvenience or queries write to us at ks.escalation@kotak.com

    Regards,
    Kotak Securites

  3. #3
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    Even I have faced the same problem,Jyoti. It is ridiculous! In fact I have spoken to their Sr VP of Customer Services. Mr H S. And he has only given me verbal assurances. He puts someone in charge. The person makes one or two phone calls and then forgets about it No action on paper! My voice has gone hoarse repeating my story to every tom dick and harry. No practical solutions! It has been more than 7 months that I have been speaking!
    Can you imagine what is happening after speaking to so many people at so many level! Now who is left? The CEO to speak to?!
    I have I will spread the word about all this so that others will get enlightened. I thought I am the only one. But I have now come across others in my extended circle of friends who have suffered too! SOme of these suffering customers have moved away from Kotak Secsurities to other competitors.
    Absolutely angry and dissatisfied
    Yogi Khare

  4. #4
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    Dear Yogi, We regret the inconvenience caused. Please share your client ID and contact details with us on ks.escalation@kotak.com and we will resolve your issue at the earliest.

    Regards,
    Team Kotak Securities

  5. #5
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    Default look at them

    here... they will come and talk so politely as if they are the biggest harishchandra of the world... But after we start getting in touch... halfway through they will forget and leave us in limbo... i m sure this is what will happen. Thy have done this with numerous people I know myself!.... the worst part is ppl have wasted time with them in their false promises! Will they pay for the monetary losses that have been suffered... NO...NO ...NO SIR....NO...
    the WON'T.... but some entry level exec with iq that is in single digit... will chew brains with questions and questions and even more questions... eventually that fellow will quit... and our issue will remain in a limbo forever!... we cannot even argue with such people at such level... it is sad that in this country we do not have proper consumer interest litigations and "class action " law suits yet... I would be more than glad to assist a good legal mind who would like to take this up and create a punitive action of such magnitude that callous companies like these are made to learn a lesson. So that the next time any such company decides to take the consumer for a ride , they think a thousand times before doing so... As of today, it doesn't matter... in the worst case (and highly improbable) they will repay only the exact damages and not a rupee more... so they are not bothered... if they get caught they will pay the same amount as is the worth of the damage caused to the customer..

    I have faith that some day the truth will prevail
    Justice will be served
    Good will triumph over evil
    Jai Hind
    Yogi

  6. #6
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    Dear Yogi,

    Please allow us to help you in this matter. Kindly share you client code or contact details on ks.escalation@kotak.com so our team can sort this matter to your convenience

    Regards,
    Team Kotak Securities

 

 

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