Kotak does it again!
Its amazing how these guys do it, but they manage to piss me off everytime ... Try trading on Kotak Securities and you will regret it for a life time.
Half the time, your orders cant be accepted because "Connection to database is down"
Another time, you get a "Page cannot be displayed" message
If you hit the refresh button, it may or may not refresh really soon.
Visit http://www.moneycontrol.com/ for the correct opening and closing prices of stocks everyday. Dont trust Kotak Securities unless you are married into the family or are an employee.
Thursday, September 27, 2007
Monday, September 24, 2007
My reply to letter dated September 12, 2007
Subject: Your letter dated September 12, 2007
To: Hemal Vakil //Kotak/Bank, Ajit Pillai //Kotak /Bank , Mayank Patel //Kotak /Bank , Narendra Agrawal //Kotak /Bank , Sujit Sood //Kotak /Bank , "ajay.sondhi@kotak.com" , "ajaykumar.kv@kotak.com" , "arpit.desai@kotak.com" , "c.jayaram@kotak.com" , "dipak.gupta@kotak.com" , "gaurang.shah@kotak.com" , "jignesh.thakkar@kotak.com" , "swati.singh@kotak.com" , "uday.kotak@kotak.com" uday.kotak@kotak.com
Mr Vakil,
Please accept my apologies for the delay in responding to your letter; I had my exams.
Your letter does not come across as regretful in any way.
There were many things you could have done to set this right:
1. You could have reversed all the charges debited on the account.
2. You could have offered to make my accounts zero balance for life.
3. You could have offered me the overdraft free of charge.
Instead you have just offered me what Ajit did a month ago. My claim in terms of damages is an opportunity cost; you as a bank even with a conservative estimate should be able to come up with a figure for that. Instead you choose to sit behind your facade of greatness instead of apologizing and making amends for the way you have treated me.
You have as of yet done nothing to actually convince me to stop running a campaign to bring out the flaws in your system. Nothing has been set right and you still treat me like I am a nobody. Unfortunately, I do happen to be somebody but you refuse to look at the lenght of my relationship and my previous banking relationship with you. I actually am too frustrated to even pen my thoughts down to you anymore, because I know that you arnt listening. You claim to be a "customer centric" and a "responsive bank", but I dont really see that in thought, word, or deed.
I remain,
Yours unsatisfied,
*****
To: Hemal Vakil //Kotak/Bank
Mr Vakil,
Please accept my apologies for the delay in responding to your letter; I had my exams.
Your letter does not come across as regretful in any way.
There were many things you could have done to set this right:
1. You could have reversed all the charges debited on the account.
2. You could have offered to make my accounts zero balance for life.
3. You could have offered me the overdraft free of charge.
Instead you have just offered me what Ajit did a month ago. My claim in terms of damages is an opportunity cost; you as a bank even with a conservative estimate should be able to come up with a figure for that. Instead you choose to sit behind your facade of greatness instead of apologizing and making amends for the way you have treated me.
You have as of yet done nothing to actually convince me to stop running a campaign to bring out the flaws in your system. Nothing has been set right and you still treat me like I am a nobody. Unfortunately, I do happen to be somebody but you refuse to look at the lenght of my relationship and my previous banking relationship with you. I actually am too frustrated to even pen my thoughts down to you anymore, because I know that you arnt listening. You claim to be a "customer centric" and a "responsive bank", but I dont really see that in thought, word, or deed.
I remain,
Yours unsatisfied,
*****
Kotak's written reply
They sent me a letter with a lot of rhetoric, I will paste that in this space shortly.
Saturday, September 15, 2007
Kotak does not recruit at my college anymore!!
In lieu of the extrenuating circumstances where Kotak Bank has been challenged by a puny B-school student in Ahmedabad, Kotak Group now does not give out summer placements or term projects to any of its students!! A student approached a Kotak Group Company for a summer project and was told that Kotak could not take in any people from his college because of "the trouble that I was causing". So people, if you have trouble with your banking at Kotak or your securities account with Kotak, please just close your accounts!! Don't let this affect your campus placements!!!
Saturday, September 1, 2007
I told Uday Kotak about this "bug" on August 28, 2007 ....
Like the nice customer that I am, I actually emailed their board of directors about this "differential pricing" on August 28, 2007, but they didn't even give me the courtesy of a reply.
Date: Tue, 28 Aug 2007 02:15:54 -0700 (PDT)
From: *****
Subject: Complaint - Differential prices offered on Kotaksecurities.com
To: arpit.desai@kotak.com, Hemal Vakil //Kotak/Bank,
Ajit Pillai //Kotak /Bank,
Mayank Patel //Kotak /Bank,
Narendra Agrawal //Kotak /Bank,
Sujit Sood //Kotak /Bank,
"ajay.sondhi@kotak.com",
"ajaychawla@lgezbuy.com",
"ajaykumar.kv@kotak.com",
"c.jayaram@kotak.com",
"chetan.dave@kotak.com",
"dipak.gupta@kotak.com",
"gaurang.shah@kotak.com",
"jignesh.thakkar@kotak.com",
"rohan.shankar@kotak.com",
"swati.singh@kotak.com",
"uday.kotak@kotak.com"
Dear Sirs,
Please find attached "optional" opening and closing prices for the stock "Leela Hotels" as offered by Kotak Securities. The doc file has snapshots of both moneycontrol prices and Kotak prices and the other two are individual bmps of the same. Your` portal is misleading me into believing that the Leela Stock has fallen by Rs 7 yesterday while actually it has gone up by Rs 0.50, and I actually bought 100 shares yesterday. I have had this problem for quite some time now; Kotak seems to have its own price for stock on its securities portal.
Please explain and set this right ASAP. I expect a reply to my query in 48 hours, you dont have to essentially have an explanation, but an acknowledgement of this fact will be enough. You can explain the differential pricing policy by the end of the week.
Regards
*****
To see how Kotak Bank treats me as a customer please visit http://kotakbank.blogspot.com/
Date: Tue, 28 Aug 2007 02:15:54 -0700 (PDT)
From: *****
Subject: Complaint - Differential prices offered on Kotaksecurities.com
To: arpit.desai@kotak.com, Hemal Vakil //Kotak/Bank
Ajit Pillai //Kotak /Bank
Mayank Patel //Kotak /Bank
Narendra Agrawal //Kotak /Bank
Sujit Sood //Kotak /Bank
"ajay.sondhi@kotak.com"
"ajaychawla@lgezbuy.com"
"ajaykumar.kv@kotak.com"
"c.jayaram@kotak.com"
"chetan.dave@kotak.com"
"dipak.gupta@kotak.com"
"gaurang.shah@kotak.com"
"jignesh.thakkar@kotak.com"
"rohan.shankar@kotak.com"
"swati.singh@kotak.com"
"uday.kotak@kotak.com"
Dear Sirs,
Please find attached "optional" opening and closing prices for the stock "Leela Hotels" as offered by Kotak Securities. The doc file has snapshots of both moneycontrol prices and Kotak prices and the other two are individual bmps of the same. Your` portal is misleading me into believing that the Leela Stock has fallen by Rs 7 yesterday while actually it has gone up by Rs 0.50, and I actually bought 100 shares yesterday. I have had this problem for quite some time now; Kotak seems to have its own price for stock on its securities portal.
Please explain and set this right ASAP. I expect a reply to my query in 48 hours, you dont have to essentially have an explanation, but an acknowledgement of this fact will be enough. You can explain the differential pricing policy by the end of the week.
Regards
*****
To see how Kotak Bank treats me as a customer please visit http://kotakbank.blogspot.com/
The differential pricing plan...
Kotak Securities has a lot of holes in its software. When you login to Kotak Securities and go to a scrip that you have under the "marketwatch" link, you have a list of securities that you are interested in. Kotak has different prices for the scrip under the "Open" heading.
When you click on a scrip like "Shaw Wallace Industries", It shows you
the "High Price" as 178.00
the "Low Price" as 170.30
the "Open Price" as 174.25
the "LT Price" as 260.00 (last traded prices is Rs 260!!!)
the "% Change" as 50.99
Thus customers are mislead into beleiving that "Shaw Wallace Industries" has gained 50.99% today!!! Even if they did design their software for the lowest price possible, how exactly did they overlook the fact that a scrip cannot gain 50% in a single day??
www.moneycontrol.com clealy shows that the stock opened in the same range and that this price of Rs 178 is a couple of months updated....
But that is not all... Kotak claim the stock of Hotel Leela went down by 10.05% yesterday....
High 48.70
Low 47.00
Open 48.40
Close 47.75
Last Change No Change
% Change -10.05
LT Price 42.95
LT Qty 75
"Think Investments, Think Kotak"
To know about how I am treated by their bank, visit http://kotakbank.blogspot.com
When you click on a scrip like "Shaw Wallace Industries", It shows you
the "High Price" as 178.00
the "Low Price" as 170.30
the "Open Price" as 174.25
the "LT Price" as 260.00 (last traded prices is Rs 260!!!)
the "% Change" as 50.99
Thus customers are mislead into beleiving that "Shaw Wallace Industries" has gained 50.99% today!!! Even if they did design their software for the lowest price possible, how exactly did they overlook the fact that a scrip cannot gain 50% in a single day??
www.moneycontrol.com clealy shows that the stock opened in the same range and that this price of Rs 178 is a couple of months updated....
But that is not all... Kotak claim the stock of Hotel Leela went down by 10.05% yesterday....
High 48.70
Low 47.00
Open 48.40
Close 47.75
Last Change No Change
% Change -10.05
LT Price 42.95
LT Qty 75
"Think Investments, Think Kotak"
To know about how I am treated by their bank, visit http://kotakbank.blogspot.com
Kotak Securities' pricing for stock of Hotel Leela
This is a screenshot taken that prompted me to purchase stock of Hotel Leela. I thought the stock had gone down by 15.81% and actually purchased it.
This is a screenshot taken after a couple of minutes off the website of www.moneycontrol.com that shows that the stock has actually appreciated in value!!!
I was fooled into believing that I was picking up a stock cheap!!!!
To know about how I am treated by their bank, visit http://kotakbank.blogspot.com
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