I had 2 accounts with Kotak Securities. I instructed the agent to sell certain equity. He asked me which of the two accounts those equity were in. I told him I do not know & that he should refer to my account statement. The trader sold it from the wrong account. This resulted in mis delivery & penalty of Rs 90, 000.
The remedial measures taken by Kotak securities shocked me. They first sold my shares to recover Rs 90, 000 from me. The trader & his manager met me & apologized, but refused to give me anything in writing. They also refused to give me the transcript of the recorded message. The senior manager refused to meet me.
I have since closed my account with Mahindra Securities. I have closed my Bank account with Kotak Mahindra Bank. I have sold all the mutual funds managed by Kotak Mutual Funds. I have also instructed my wealth manager not to recommend any Kotak products.
I am less concerned with the mistake made by a lowly trader. I am extremely concerned by the culture of non accountability & unresponsiveness that is allowed to continue.
I would urge other investors to be very careful with any Kotak products & services