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??