Kotak securities offered me a Portfolio Manangement Service as an extension of my account with Kotak Bank. I agreed since they gave me an innovation of transferring all my shares from various DP accounts held by me. Made sense to have all holdings in one place, esp since I was planning on adding mutual funds to my banking account too.
It has been over a month since they opened my account, yet the account is not active. I ring up the concerned managers regularly but they are young and I don’t thing they understand much of what goes on in the operational side. The fact is that the other DPs have still not transferred all my share---the RM says they are reluctant to do so----is it not the job of Kotak to chase them? More-over what was I not informed at the outset that there will be a delay in transfers.
Even worse is that they took 4 lac rupees from me to buy new shares. This money was earning Rs 2000 p.m. in the sweep account with Kotak bank. If they knew this takes so much time, why did they block this money. The RM says that the Mumbai office will not buy shares with this money till all other shares are transferred in and the total value of portfolio is 15 lacs.
WHAT A CATCH-22 situation!
Will someone act now and make sure that things move . If they will take time, please transfer back the 4 lacs to my savings account, so I can buy share during the downtrend of Jun through my Religare PMS( which is giving me excellent service but I opted for Kotak to avoid putting all eggs in one basket).
I already lost over 1 lac rs in Jan 2008 when my RM at Kotak Bank put 6 lacs in one go in mutual funds, when I had advised him to SIP it.
If this time I lose again, then it will be goodbye forever to Kotak.
My client Id with Kotak bank is 17272192.