Aug 05, 2008 11:33 PM
7245 Views
(Updated Aug 05, 2008 11:37 PM)
I have read some of the negative reviews of Kotak Securities(KS) and I can only comment that for any banking/financial institution in India – even an MNC, especially where service is considered, one will always tend to judge them better, if he keeps his expectations low. Service, in no institution in India, is top class or satisfactory, and one has to follow up continuously, and take nothing for granted. When one is dealing with people, and given that such help desks are likely to be under pressure, one is likely come across unsatisfactory responses. It is best to judge an online broker, by how little you need to personally interact for any assistance. To be fair KS appears to be the only broking site in Mouthshut whose representative tries to respond on the site. Shows, atleast they are making an effort to help !
I have been using KS fairly actively for the last 2 years, though I am not a ‘day trader’. I only use the online trading facility. I have not interacted much with customer service – perhaps indicates I have not faced much problems with online trading. Yes, customer service is not 24 hours. Their stock advisory tips(sms on mobile) don’t seem effective, and are best ignored, but then how many pundits are right here!.
Their online facility I feel is very good. Allows one to place ‘after market orders’(with price restrictions) – even ICICI Direct does not it seems(?). It even computes short term and long term capital gains tax. Gives useful reports on your portfolio and transactions. Mutual fund transaction facility are also good, and even allow switches. Traffic on the site does not seem bad, but I am not a rush hour trader. Their site is more user friendly than say ABN Broking, though can still be improved and made more user friendly. In other words, once you get used to it, atleast I have not felt inconvenienced, though somebody could advise me features on other sites which are better. Costs are supposed to be low, though I have not done a detailed survey. Mobile phone tracking facility is useful. Background information on companies are pretty good(even shows MF holding in scrips)
Some suggestions for improvement:
- online interface can be more user friendly and less ‘technical’
- initial start up help should be better
- Amount due in respect of purchases/sale not yet ‘delivered’ is not clear – or perhaps I have not been able to figure it out. For some reason, funds transferred from Bank is not reflected in account dues(atleast as uncleared funds); margin calculations are not clear
- customer service can be atleast 18 hours a day(not everybody has time to follow up during office hours); should take an immediate feedback through follow up SMS whether response was satisfactory
- Help/FAQ section can be more illustrative and needs to be improved.
On the whole online trading facilities and interface are good, but there is scope for improvement.
The 4 star rating is only for the good online platform.
