I hate writing someone off but Kotak Securities is one unproffesional bunch of cattle
Unfortunately when my company XXXX came out with their IPO they had invited Kotak Mahindra Bank to facilitate Demat a/c for employees. Since Kotak Mahindra Bank does not provide online trading they got Kotak Securities along with them.
They took more than two months to understand their own account opening process.
While they were in my office they did not bother to take care of my documents or any details and hence when I called them up after 15 days their personnel said he could not contact me because he did not have my number to tell me that they had misplaced my documents and cheque of 750/-.
The person said he would come the same day and collect the documents.
He came 2 days later and without a POA form, which he got after 5 days from then.
When "I called him" to follow up he says he needs another document which I faxed him.
When I thought everything was done it was already past 1 month and the IPO already out in the market.
I got bugged and asked them to stop processing (Their 4 days never seemed to get over) and did not want to continue business hence I cancelled their cheque, which I conveyed to them nearly 4-5 time through phone and email. The fun part is their employees do not bother to call / reply to emails. unprofessionals to the core.
Now the fun part is when I go to operate my Demat account from Kotak Bank they say there is a POA held by KS on my account.!!!
KS says they have opened the account??? How could they open the account without the opening amount of 750/-?? and then I had to run arounf KS for anouther 20 days trying to get my account closed, which I could only when I contacted their DP Head and got things pushed down their throat. He was a gentleman and got my work done in 2 days.
This company cannot survive more that 3 years with their current attitude.
Stray away from Kotak Securities.