Sunday, January 31, 2010

Kotak Securities - Worst Customer Service

If I were to rate companies on the poor customer service operations, I'd rate Kotak Securities as the worst. This award winning company has really shocked me with their lack of accountability and careless approach. Here's what happened.

I had invested in 2 mutual funds and on Dec-29, I sold these funds because I wanted to invest in new funds (to claim tax benefits). I called them few days later to check when and how I'd receive the money. They told me that  they could not credit money electronically to my account because of a name mismatch between my Kotak Account and my Bank Account (This name mismatch occurred because someone in Kotak mis-spelt my name while creating my account!). So they would send cheques to my registered address. I requested them to send cheques at my current address because I don't live at my registered address any more (the registered address is my parents' address). They said they would try to do it but no assurances were given. After calling them several times, they told me that one of cheques had been dispatched to my registered address on Jan-18th (20 days after I sold my funds!!). I still haven't received that cheque and have called them several times. Every time I call them, they tell me that they  are coordinating with their back-end team and will give me an update soon. The last update they gave me was 3 days ago when they will still coordinating with their team.

The story of my other cheque is worse. Ironically, the 2nd cheque was supposed to come from Kotak Mutual Fund (a part of the Kotak group of companies). Till date, no one has been able to tell me if that cheque has even been dispatched. Imagine this, I sold my mutual funds over a month ago and till now they can't tell me where my money is.

I must have called Kotak Customer Care at least 15 times in the past month and have even escalated my issue but there is no resolution in sight. Here's what I intend to do next:
1. Write to the head of Kotak Securites, explaining this situation.
2. Write to the head of Kotak group
3. Find out the regulatory body who deals with these issues and write to them
4. Close my account with Kotak once I have collected all my dues
5. Discourage people from opening account with them.

Any suggestions to deal with this issue and get my money back??

22 comments:

Vega said...

These Kotak Guys call me so often to promot their investment plans. That too in afternoon, when I am trying to have a decent nap. WTH

オテモヤン said...
This comment has been removed by a blog administrator.
Gaurav Parab said...

They are all the same. Only their name changes.

119 said...

GOOD........................................

Anonymous said...

completley agree with you for changing your own personal details it takes 4days

Anonymous said...

Hi,I encounter the same nightmare with Kotak Securities online trading.I have requested to change my bank account details from one bank to another.They ve dragged the issue for several months,with lot of phone calls, Email,Surface mails.Only to hear from them - "We will find 101 ways to say NO to your request".I have submitted every proof requested. Even i didn't undergo this kind of trauma to get my International Passport.Thanks to their worst rated -Customer Support team. They would rather rename it as Customer Elimation Team...That would be more appropriate.

Amit said...
This comment has been removed by a blog administrator.
Jimmy said...

Complaint to Consumer Forum. Just do it. They think they can do anything and get away with it as nobody would take pains to complaint or sue them.

Volker from Germany said...

Hallo,
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Urlaub an der Ostsee
oder Nordsee

Reinhard Sakowski said...

Viele Gruesse aus dem schoenen Fischerdorf Greetsiel.

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Small Business Answering service said...

Bad customer service experience was really a mess! As a marketer, I think surprising and delighting customers with outstanding service is one of the most effective ways to grow a business. Anyways, thanks for sharing your experience.

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suku said...

It may seem unbelievable but I have been trying to close my account with kotak securities for the last Seven years but not succeeded till now. I have two shares with them and they keep charging me Rs30 a month for account maintenance. I have been to their office numerous times and filled the closure form,but they just refuse to close it on some pretext or the other. Can anyone tell me what I can do, how do I go about filing a case against them.Thank you.Sukumar

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