Kotak Securities porta down at 1:24 PM ... Markets up, Kotak Down

In typical Kotakism, Kotak has decided to move against the market... The market is up and the Kotak Securities website is down. Attached is a screenshot that shows Kotak down with this blog open. So seriously, what is wrong with Kotak? I think its lack of commitment to its customers, taking its customers for granted, and just generating obscene profits coupled with crappy service

Kotak Securities sinks with the markets!!

In a previous post I had wondered if Kotak would stay up if hte markets crash, that question has now been answered. It doesnt. VIsit http://kotakscam.blogspot.com/2007/10/even-before-markets-open-kotaks-down.html

The best part about having your trading account with Kotak Securities is the fact that nothing is really in your hands. Even before the markets crashed, the Kotak Securities trading portal crashed. When the markets recovered, however, the Kotak Securities site was still recovering. You keep getting an "iIM module not found error". In the meantime, KOtak happily found time in which, instead of fixing the portal they were busy resetting client margins, removing the super multipliers, and emailing customers telling them to deposit money into their accounts else Kotak would close their positions. THey actually had a big banner in "Kotak" red that hurt the eyes announcing the same (see screenshot). Attached is a screenshot from today where the markets are recovering and so is Kotak. Unfortunately, the markets recover faster... We are up 1000 points of 1700 lost earlier, but Kotak Customers are still 16 minutes away from their first trade. Much to their chagrin, Kotak still lets them see the markets that go up while they watch.
I highly Reliance Money.http://www.reliancemoney.com/ who did not go down at any point in the trading of the day.

Kotak trading lines down and

TOday is the best day of my life... I cant talk to Customer service because of technical reasons, and I cant see details or number of buyers on my stock...

Its like playing poker with one arm tied behind ur back, you cant!

KOTAK UPDATES!

"Due to a technical problem in phone lines, customers will not be able to reach Customer Service department on 1800-22-2299.Inconvenience caused highly regretted."

Due to technical reasons, links of "Market depth" and "View details" for all BSE scrips have been temporarily removed from the website. Inconvenience caused is regretted.

Arithmetic Errors from Kotak!

This is the best example of "Kotak" arithmetic yet. This stock has opened at a price of Rs 41.40 and the last traded price is of Rs 40.90 which by "Kotak" arithmetic is an increase of 1.24%

And these guys actually look for new customers to buy this product!!!

Kotak clearly says on its website for the past four days that the quantity of shares traded and the last five trades cannot be shown for technical reasons. So tell me Kotak, what do I base my purchase or sale price on? Luck? How do i know number of sellers and buyers? And has it already taken you three days to get this fixed? Everyone else is able to deliver, they why cant you?

Think Investments, Think Kotak!!

I'm going to Reliance Money instead. They actually charge you just Rs 12 per trade irrespective of the amount of shares or the value of the trade. THis can be for delivery or for day trading. Find that unbelievable? Call Reliance Money and find out!!!

It is the lowest brokerage rates ever...

But if you are hard up on life and are used to being a sucker, you can hang out with Kotak Securities instead.

ITC Dips 3%!!! Only on Kotak Securities!!

TOday Kotak has decided that ITC should open at 190 despite the fact that the stock actually opened at 184. Kotak has thence calculated and come to the conclusion that this means that the ITC stock has dropped 3% today. The last couple of transactions also seem to have been done in the 188-189 range.

Surprisingly, the stock price of Kotak Bank, the company that owns Kotak Securities, breached the Rs 1000 mark today, a 170% increase in its stock price in a year. If it isn't quality that is driving their stock price, then what really is?

Shaw Wallace at 174.25!!! Only on Kotak Securities!!

According to Kotak Securities, the stock of Shaw Wallace opens at 174.25, the price that has not been quoted for over six months now. UNfortunately, I have tried time and again to purchase the stock at this price, but its like the eternal red herring .... If you do manage to purchase it at the opening prices of 174.25, please do let me know

Even before the markets open... Kotak's down!!

Its not that you need the markets to open for Kotak to crash. Kotak can crash even before the markets open. This is a picture of the characteristic "connection to database" error. If you wish to trade through Kotak Securities, you will get used to it. A day or two, and you will be as trained as I am. Dont give up... keep refreshing till the database comes back :)

The perpetual "Page cannot be displayed error"

When you want to buy or sell a stock on Kotak Securities, do not be surprised to see an "Internet Explorer cannot display the webpage" error. Its just Kotak's way of telling you to wait for a while while blaming your internet connection.

All stocks open at Zero ... Only on Kotak Securities

This is amazing... but its true. Its only on Kotak Securities that any security opens at Zero, or at any value that Kotak chooses for it. In this you see that most of the stock on the Indian Stock Market opens everyday at Rs 0.00. Hence if you do wish to buy stock, you would think that Kotak is where it is at 0. Unfortunately, most of the time Kotak is down, hence by the time your order is accepted by the exchange the prices would have gone up. The only stock that opens at the correct price is (no points for guessing this one)....

KOTAK!!! And thanks to gullible customers, the Kotak stock marches on and breaches a new high everyday!!

Trading trouble

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.

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,
*****

Kotak's written reply

They sent me a letter with a lot of rhetoric, I will paste that in this space shortly.

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!!!

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/

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

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

Kotak's pricing for Shaw Wallace Ltd stock

This is a screenshot from www.moneycontrol.com India's leading stock portal that displays the correct information on the Shaw Wallace stock prices






This is a screenshot from inside my Kotak Securities account from yesterday in which Kotak tries to mislead me into believing that the Shaw Wallace stock has moved up 50% today!!!

To know about how I am treated by their bank, visit http://kotakbank.blogspot.com