Incorporated in 1994, Kotak Securities Ltd is a full-service stock broker offering 3-in-1 account (Bank + Trading + Demat Account) to retail investors in India. It offers investment in equities, derivatives (equities, commodities, currency) and mutual funds. It also offers services like Research SMS, margin trading, depository services and third-party products like insurance. The company also provides direct access to the US markets. Kotak Securities is a subsidiary of Kotak Mahindra Bank, one ...
Kotak Securities USP
What makes Kotak Securities different from the competition?
Very worst care. I Don''t even know what all charges they are taking and i lost almost 5k due to broker miscommunication. Please don''t go with kotak securities.
I am thinking to chang my broker. beca0.59% + tax brokerage on delivery, 0.06% + tax in intraday and 600 + tax annual total monthly charges excluding brokerage DP+other approx 100 to 150 pm). In this compititive market where other broker charged 0.01 & 0.10 for intraday & delivery and no other charges Kotak charged unknown/ hidden charged to the customer.
Ratings:
Brokerage - Very Poor Account Maintenance Fees - Very Poor Website Usability - Average Customer Service - Above Average Overall Experience - Very Poor
TLDR: NEVER NEVER open an account with Kotak Securities, it is too cruel to even recommend it to your worst enemy.
Based on the top class service from Kotak Mahindra Bank, I decided to opt for Kotak Securities, thinking that they will offer similar quality service. Additional advantage I thought would be ease of operations if I linked Kotak Mahindra Bank account with Kotak Securities. BIG MISTAKE!! Kotak Mahindra Bank and Kotak Securities are far apart in customer service like Earth and Heaven!
1. No reply to email for several weeks. 2. When you receive the reply, you will have forgotten what the issue was! 3. When called Customer Care asking why email wasn''t replied early, they gave following response, "usually we don''t check email regularly." 4. Even the response received has no relevance to the issue. 5. Most of the time, when you call Customer Care regarding some issue, the line will be busy. 6. If you do get to talk to Customer Care, response to any issue will be one of the following: a. Visit the nearest Kotak Securities branch for details. b. Concerned person is not available here, please call back later. c. Your issue is forwarded to the department. d. We will call you in 2 to 3 working days (they never do). 7. If you submit a form to update your data, they will update the wrong data! 8. When called regarding above, they will carelessly tell, "you have to submit the form again with correct data". 9. Kotak Securities branches not available on Saturday & Sunday. 10. Customer Care number is supposed to be till 8pm, but if you call around 7pm, nobody answers the call. They probably leave early, like a government job! 11. Most of the people replying to Customer Care number seem to be employed from MNREGA. They don''t even know the basics of stock market or mutual fund, and you have to teach them sometimes to get your work done. 12. Kotak Securities doesn''t even know about their own procedures. Each Customer Care person will tell a different procedure for the same request. 13. After spending a month to update my bank account number, following the exact procedure they asked, it is still not done, and they don''t know how to do it. 14. If you complain about their service on Twitter or Facebook, you will get prompt attention, but no solution. Someone will call and ask what is the issue, then tell "give me 2 days to follow up". After 2 days, a new person will call and repeat the same thing. 15. For all this pathetic service, the brokerage is extremely high, which is just like an extortion.
Ratings:
Brokerage - Very Poor Account Maintenance Fees - Below Average Website Usability - Average Customer Service - Very Poor Overall Experience - Very Poor
DONT OPEN ACCOUNT WITH KOTAK SECURITIES< very worst broker services and they have unknown hidden RM) don''t now how to behave with customers and for any updation they will take couple of months to do. very poor response from managers also. Customer care will take complaints but they wont resolve it. instead of that they give such a nice explanations to satisfy customers.
It''''s one of the worst brokerage co. I mean (kotak securities ) I was opened the A/C on 8,7,2015 but still not activate , I think it is one of very very slow service provide
very worst broker in Indian share market . i suggest you all , who ever reads my Comments, it is advicealbe that dont go behind the fem, this broker has too much hidden chargers i had an account with kotak securities the dealer was always forcing me to buy or sell according to him, and 2-3 times he did it by his own and made a huge loss in my account, his name is Rajesh Chinchmalatpure In Amravati Branch. They even dont know how to talk to client. they wont give you respect. they have hidden charges like when any securities is debited from your demat account, there are charges like on 500 shares of axis bank of value 280000 laks has charges of 300 rupees and they will give you discount in brokerage but they will level there money here while debiting the securities Finally i closed my account. i suggest you plz dont go behind fem its a big fraud (Kotak Securities) Prabhjyot Singh Bagga Contact NO 8805297197
very bad broker. hidden charges are high. i have loss my 5000 rupee in 2 month without doing ant trade. they cut my all money in different-different charges.
i request all never ever open account with kotak security
One of the worst service provider ever i lost my 30k just in three month only becaof his broker mis communication they never ever inform and also when i contact they give false information and after lauching complain they said its your falult even after dealer said its my fault bt i get rply from esclation tht its ur fault and we are not going to give any revert and said if you opened account its your fault .Cheater cheated from day 1 to till and still dont wanna accept .
Very third class service provider firm. The kotak securties many hidden charges. All the accounts holder of this firm my please be close. Very very big hidden charges charged by the firm.
Ratings:
Brokerage - Very Poor Account Maintenance Fees - Very Poor Website Usability - Very Poor Customer Service - Very Poor Overall Experience - Very Poor
Instead of wasting the time in replying through the site with simple copy + pasting the same response, please improve the customer concerns through your internal process til he satisfies. None will post any adverse comments about your service. I am sure with your parroting response you can''t improve service image.
Hi XXX,
We would like to understand the matter and address your concerns. Kindly share your client ID and contact details at Email so that our customer service team can get in touch with you.
Dear Sir, I had applied vide ASBA on 16Apr2015 for 975 shares @ cut off price (Max Rs.205) through my Kotak Securities Demat Account linked to my Kotak Mahindra Bank account. The amount blocked by Kotak Bank was Rs. 1,99,875, On other sites like ICICI Direct, HDFC etc allotment or rejection inputs are available to retail investors. I have tried to get inputs from Kotak Bank & Kotak Securities through my Demat acct or Bank Acct & even through telephone. However no input positive or negative is forthcoming. Hence am approaching you as advised on the e-mail. Kindly let me know the outcome. As the ratio to Retail Investors is 2:9, I know only two persons out of nine will get 65 shares. Other''''''''s money will be UNBLOCKED! Whatever the result, WHY your sites are so poor/ late/ useless compared to other sites? I regret greatly shifting my Demat account from ICICI Direct to Kotak Securities in Sep2013. My experience with ICICI Direct of twelve years, from 2001 to 2013, was FAR FAR SUPERIOR compared to the INCOMPETENT, INDIFFERENT attitude of Kotak Securities & Kotak Bank from Sep2013 till date. Almost every issue is mishandled, your attendees on Toll-free numbers are morons or imbeciles at best. Kindly ensure better response, henceforth, at least. I was told SEBI, NSE & BSE norms were that at least one lot MINIMUM should be given to Retail Investors so as to encourage Retail participation & discourage cartelisation. With Kotak Securities almost every OFS/ IPO/ FPO I have only drawn a BIG ZERO! I am supposed to be a privy league customer of Kotak Bank. My Relationship Manager is known to me only by his name appearing in the monthly statements. The statement at the end of a month reaches me by 26th of the NEXT MONTH. 31Mar2015, reached me on 26Apr2015! Someone please IMPROVE? Do not make a MOCKERY of ''''''''PRIVY LEAGUE''''''''! It has become a bad JOKE! In USA ''''''''PRIVY'''''''' stands for a LATRINE! Is that what I am in a ''''''''LATRINE LEAGUE'''''''' of Kotak Bank? A very, very UNHAPPY, FRUSTRATED customer, Brigadier Sadanand Mahadev Joshi, VSM (Retd), M.Tech., MSc(Defence Studies), MBA
I thought of opening trading&demat account with kotak, but seeing all these negative reviews by the kotak customers I changed my mind and don''t want to waste my hard earned money and now I have to look for another broking
Hi All, Those who are wanting open with Kotak, read this post as I am a former client of Kotak, with whom I closed my account recently after I couldn''t take their unfair outright cheating brokrage practices.
#1 If you are an options trader, then Kotak is a nightmare come true. Before closing my account I did a BankNifty option trade with them. The total cost of the option was 10,000. I sold it for a profit of 750. When I got the contract note to my shock the total brokrage was 250+250 (Buy+Sell)!!!!!! When I contact Kotak, they said the brokrage will always be "Whichever is higher"!! I opened my account with Reliance, now paying a brokrage of 55 Flat per lot, but will soon open account with RKSV, they are flat 20 per trade.
Go for Kotak if you want to fund their thousands of offices accross India. If you want to keep 99%+ of your total profits go for RKSV/Zerodha.
PS:Did I also mention a minimum brokrage of 21 for equity?
I am using the services of kotak securities. They are fraud,charge high brokerage, never get in touch with you once your trading account is opened and never respond to your phone calls. Dont waste your hard earned money by going for their services.
0.59% + tax brokerage on delivery and 675 + tax annual charges despite being a privy account holder. Poor android app. Half of my profits are eaten up by brokerage.
Ratings:
Brokerage - Very Poor Account Maintenance Fees - Very Poor Website Usability - Average Customer Service - Above Average Overall Experience - Very Poor
Zerodha (Trading & Demat Account)
|
| Link|October 9, 2015 2:31:40 AMReply
Open Kotak Securities Account
