Hello!
I am writing this to report the fraudulent activities Kotak Securities executives are indulging in by misleading customers to open an account with them.
In the month of December 2012, I was approached by one of the Kotak Executives over phone to open a demat account with them. I informed the executive that I am already holding a demat account with ICICI Securities for over 5 years and agreed to try Kotak Services only on the below mentioned terms as offered by him.
1) One time account opening charge of Rs.750/- and no other annual charge (if holding value remains below 2 lacs)
2) Free Credit of Rs.1000/- worth BSE shares on purchase of BSE shares value Rs.10000/- within a month of account opening
3) No Maintenance/Transaction Charges other than the regular brokerage.
Very soon I found out that Kotak Securities Ltd is debiting my bank account with unauthorized and uninformed charges upon inquiry they did not provide any proper response and instead provided me with the procedure to cancel the service and transfer the current holdings to ICICI Demat account without answering about the charges I am disputing. I have been repeated writing to them but only to get a default response of "we will revert to you at the earliest".
I request the concerned authorities to take stern action against organization and people who involve in fradulent activities and play with investors' money and interest and also request you to help me in getting refund of all charges (including account opening charges) along with compensation.
Kotak Securities Client ID: 479Y9
Regards,
Naveed
Chennai
I am writing this to report the fraudulent activities Kotak Securities executives are indulging in by misleading customers to open an account with them.
In the month of December 2012, I was approached by one of the Kotak Executives over phone to open a demat account with them. I informed the executive that I am already holding a demat account with ICICI Securities for over 5 years and agreed to try Kotak Services only on the below mentioned terms as offered by him.
1) One time account opening charge of Rs.750/- and no other annual charge (if holding value remains below 2 lacs)
2) Free Credit of Rs.1000/- worth BSE shares on purchase of BSE shares value Rs.10000/- within a month of account opening
3) No Maintenance/Transaction Charges other than the regular brokerage.
Very soon I found out that Kotak Securities Ltd is debiting my bank account with unauthorized and uninformed charges upon inquiry they did not provide any proper response and instead provided me with the procedure to cancel the service and transfer the current holdings to ICICI Demat account without answering about the charges I am disputing. I have been repeated writing to them but only to get a default response of "we will revert to you at the earliest".
I request the concerned authorities to take stern action against organization and people who involve in fradulent activities and play with investors' money and interest and also request you to help me in getting refund of all charges (including account opening charges) along with compensation.
Kotak Securities Client ID: 479Y9
Regards,
Naveed
Chennai