Complaint ID No. 160320808101634 against Kotak Securities Ltd.

1. We had 4 share trading accounts with M/s Kotak Securities, Jhandewalan, New
Delhi, as below;
Name

Neetu Maheshwari
Suresh Chand
Maheshwari
Sarika Maheshwari
Kamla Maheshwari

Accoun
t
Numbe
r
5NOC6
QZDU9

Opening
month

Initial Amount, Rs
Cash
Value of
Shares
transferred

5B8O6
FNF30

Total
The date wise details of deposits are attached. The shares are valued on
the date of closure.
2. Officals of Kotak Securities including Mr Amit, Mr Rishabh (Relationship
Manager), Mr Prabhat (Branch Manager) and others carried out unauthorized
transactions. They continued to inform us about profit on daily basis luring us
for transfer of more money but duped us of all the money leaving all accounts
without any balance. It is worthwhile to mention that the losses were caused
when the market was on its upside during 2013-15 period.
3. We all were made to believe that we are associated with a reputed company,
which has very high standard of professionalism and honest dealing. We
never imagined that our money is getting siphoned off by the officials of the
company. It was for this reason that we did not maintain any record of
transactions.
4. Many times we requested Amit to provide the printed statement of our
balances in the accounts to assess the profits made. When nothing was
forthcoming we told him to discontinue trading in accounts in January, 2014
and transfer our shares back. We were falsely told that transfer of shares are
delayed due to signature mismatch. To our astonishment, the transactions
were continued even after clear directions that no transactions be done. We
were finally told by the Customer care department of the company in June,
2014 that our accounts are all without balance due to losses.
5. Mr Amit has confided that the transactions were done on connivance of all
officials of branch of Kotak Securities. The losses of other accounts were
booked including heavy charges on account of brokerage. Sometimes he was
himself not even aware of transactions as the unauthorized transactions were
done by other officials of the company.

6. He even cited several examples of such cases including one of duping a

widow of Rs 30 Lakhs and that disciplinary action has been taken against
some officials.
7. A complaint was filed and M/S Kotak Securities negotiated a settlement
including payment of Rs 150,000 by cheque and two postdated cheques of Rs
1,50,000 and 2,50,000 dated 31 July,2016 drawn by Mr Amit from his
personal account with a promise that amount will be paid in regular
installments by 31st July,2016. The settlement was reached in presence of
other officials of Kotak Securities. It was told that there is no need to mention
details of post dated cheques as company would not allow mentioning details
of post dated cheques on the agreement. The Company is now showing
ignorance of this fact. This is again a breach of trust.
8. Mr Amit now states that he is not in a position to honour the commitment as
he is not getting any support from Kotak Securities and he has been
terminated after signing of the agreement, but not officially relieved from
services, and therefore without job.
We humbly request you to direct Kotak Securities to return our lost money
and take stern action against the erring officials of the company so that
others are not duped of their hard earned money.

Neetu Maheshwari

Sarika Maheshwari

Suresh Chand Maheshwari

Kamla Maheshwari