Kotak Mahindra Bank is probably the best bank embracing Technology for oNline and Tele-Banking with superior customer care compared to other Indian Private banks. However, I’d like to bring to the notice of the management of the Bank about a Poor Software Systems Design in Kotak Mahindra Bank’s Online ASBA IPO Application System. Every Software System will have properties known as the CRUD – Create / Update / Delete However, in this system there was no facility to Update a IPO application already submitted. You may argue that consumer could update while it is being still submitted to the stock exchange, However, you can lock during the time and give meaningful message to the user.

So what is the Work Around ?
One has to visit the branch and fill a BID Modify form and the Manager has access to modify the bid and the managers are usually very courteous to do so. But why this double duty something which I didn’t understand.

Another point which I’d like to highlight is the closure of accepting ASBA bids even before the time stipulated by the SEBI & the Stock exchanges which is normally atleast until 3:30 pM on the closing day. You can see that for the Powergrid FPO, the Tech Team at Kotak Mahindra Bank decided to Delete it from the list of Active IPO / FPO at 12:40PM on the closing day for retail investors.

Hopefully the Tech Team @ Kotak Mahindra Bank will take this as a Positive feedback and correct their Systems and Processes.