Far from being in the mourning, for the losses of the client, employees of Kotak Securities Branch Amritsar, rejoice at the idea of spending the evening taking tea, watching ladies at the tea stall, right in front of ebony, central mall, Mall road, amritsar, rather doing usual boring work. i.e working/researching hard to serve clients with renewed zeal are the things of the past. Nobody in the office regrets the loss of money and time of the clients. Even when in office, employees are not exactly known for helping out the needy. Office procedures are so complicated, paper work is so extensive and corruption so rampant that an ordinary client shudders whenever forced to deal with the office.

On Saturdays, no ordinary client is ever appreciated as they are ready to go home as and when manager leaves the office. Manager himself is ready to leave at any given point of time, may be he has been advised to save office electricity and other expenses in this fashion. Moreover office opens at 11am, manager comes at 12:15noon and goes out at 13:01 and never comes back and office closes at 14:00.

Back Office Staff is non supportive to ordinary clients and is like personal secretary to manager. There are hundreds of complications and paper work for ordinary clients but, only after a single nod of manager, work is deemed to be done. Nine out of ten times Either paper or ink of printer is finished Or she is out of office to take tea with neighbor friend.

Other Members of Staff are so irresponsible and their sitting system is like one employee use to sit on stool and other one use to sit on big fat chair and ordinary client have to find chair with all wheels and proper height. To fulfill their own brokerage targets, bonus, incentive, they make their own tips other than parachart and induce clients in the trade by speaking loud and cry. Also they have opened the accounts of their MAMAJI’s, in which they use to make their own trades.

There are No Facilities of assessing sites linked to share market. No back up facility. No facility to cross checks the tips given in kotak parachart with other technicians. No basic facilities like tea, coffee, snacks. Pantry is for employees only. Employees are use to eat; drink during market hours irrespective of any loss which may happen to any client. Whenever a complaint is made to manager, no action is taken but only sweet pills are given to ordinary clients. Senior managers’ use to come at Amritsar branch but no one has ever pointed out about their attigates, behavior since they also have no interest in these things, perhaps money is there only priority. There is no newspaper stand. Newspaper is only for increasing prestige of the manager’s room. There is no recreation facility for clients as well as for employees as they say “All work and no play make jack a dull boy”

Transfer of Money to other banks except KMB is not possible since systems are of old standards. No employee knows the full form of RTGS or other payment gateways. Other brokerages like Indiabulls or motilal have multiple payment gateways with maximum banks to facilitate payment to the clients. Rather payment by cheque is the only alternate which takes at least three days to come. There is no provision for online IPO system. No provision for ASBA.

There is No Other Way To Communicate the problems to the higher authorities since manager has locked his room to have private talking on phone to girlfriends or else and ordinary client has to wait long enough to frustrate himself and make his way to other brokerages. It is only when people start quoting from SEBI directives and start complaining to the regulator about violations that brokerages will be forced to mend their ways, comply with SEBI circulars and respect the rights of investors/clients. The SEBI should audit compliance by brokerages of its directives, rate them accordingly and make it public.