Kotak Securities had announced a referral scheme during the October 2008. I was a customer with Kotak then and they sent a mail to me as well about the referral scheme.
Actually, at that time, two of my friends were also interested in opening a brokerage account and I helped them in getting one in Kotak. There was a big hurdle for one of them while opening, but still managed to open the accounts successfully during the period mentioned in the mail.
As per the mail sent to me, I was supposed to receive a IPOD for referring two friends. But I got a call recently confirming my gift is packed and sent to my address and they say my gift is 'Ferrari RED perfume' (How funny!!).
On further enquiry, I found that they didn't include the second person's referral because his initial opening amount was Rs.20550/- and not above 50000. This came as a surprise to me and I found that they have included this clause after sending a mail to the kotak account holders to refer.
I have helped two of friends during their referral scheme period in opening an account with them. I have the perquisite to demand the IPOD from them.
Hope, this would be their perspective:
Modify the Terms and conditions if it doesn't favor us (them). This was the reason why they introduced the Rs.50000/- clause, which was not there when they send a mail to me.
So, Always keep an eye on the TERMS and CONDITIONS clause when you are eligible for the offers.