absurd business methods in india

Dear Sir/Madam,

I have been to several countries and I have seen that business are done in way so that both consumer and producer or service provider are benefitted and in no way a consumer is exploited or cheated. I find in India that there is rampant cheating done by several business and the consumer looses his life savings during many instances and no one cares and it seems the Govt facilitates this.

I had a stock brokerage with kotak securities and they have been showing me wrong balances that I held when I sought clarification no one answered so one find day I wanted to close my account because their charges were absurd and were no in line with any of their competitors. So I asked what is the balance money I would get when I close my account they have clearly stated that I would get about Rs 15000 by reply mail. I wanted to clarify this clearly over 7 to 8 mails and they said that is what I would get at the end they gave me about Rs 780 and said that is it putting me into lot of trouble. When I said that I have been cheated they have shown me this statement

Also, we wish to inform you that as per the member client agreement executed by you at the time of account opening states that the Member shall be not liable for any inaccuracy, error and false statement, engaged by the Member to promote the services offered by it. The Client agrees that he will places no reliance on such persons and will exercise due care and diligence in relying on any statements made any persons. 

I see this as licensed fraud which Govt facilities so what can be done regarding this.




Hi Parthasaradhy,






We regret the inconvenience caused. Please provide us with your contact details and your client id at ks.escalation@kotak.com so that we can get in touch with you and address your concern at the earliest.




Team Kotak Securities




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