[Resolved]  Icici Direct — Unethical Business Practices

Respected Sir,

I have applied for ICICI direct Dmat cum trading account vide application [protected] in the month of Oct 2007 at ICICI Direct, Salt Lake, AF block, Kolkata and till date neither the account has been opened nor the proper reply has been received from the concern authority of ICICI direct.

At last, I have received the foul reply from Service Quality, ICICI direct on 20 May 2008 as the form along with my cheque, copy of credit card, stamp paper agreement was missed during transit. Therefore, I am planning to lodge a police complaint for misplacement of valuable documents by ICICI direct after hearing from the concern authorities.

In this connection, I have so far initiated more than 100 telephone calls and 50 email contacts for following up the matter with ICICI customer care team w.e.f Oct 2007. All the communications available with me is appended in Word Document and placed as attachment for evidence.

As per the ICICI Policy, Any queries asked have to be resolved within 48 hours. However, in last 8 months there was no significant response / respect to my queries at the ICICI customer care. Based on above facts and evidence, I suspect as the ICICI direct is doing foul play against business ethics formulated by Government of India authorities.

I have also wasted considerable amount of time and effort in follow-up with ICICI team, which leaded to me considerable loss in all aspects due to most negligence approach of ICICI direct customer care.

This email is intend to write as to notify all concern officers of ICICI, Ministry of Finance, SEBI, BSE, Banking Ombudsman and Media peoples to take necessary action at your end.

I request and I hope necessary enquires will be initiated by all concern officers and do the needful to me.

Thanking you


Regards
N Anand
Mobile: [protected]
[--JAI HIND--]



On 20/5/08, Service Quality <[protected]@icicidirect.com> wrote:
Dear Mr. Anand,

We value your relationship with ICICI Securities Limited.

We refer to your e-mail dated May 12, 2008 addressed to Head Service Quality regarding status of your ICICIDirect Account Opening Form (AOF) number: [protected].

With regards to the same and further to our telephonic conversation on May 20, 2008, your AOF number: [protected] was rejected on April 16, 2008 as the Stamp Duty / Franking validity expired on letter of authority. When checking at our end we found that your AOF have been lost in transit. We regret for the inconvenience caused to you. We focus considerable effort on training our staff to ensure high levels of service and we shall further strengthen our initiatives in this direction based on your feedback.

Further, Mr. Rohit Kumar Thakur ([protected]) will assist you in filling a new AOF tomorrow. We once again apologize for the inconvenience caused to you.

In case of any queries, do write to us.

Sincerely,

Bidhu Panda
Customer Service
ICICI Securities Limited



On 16/05/08, N Anand <[protected]@gmail.com> wrote:
Dear Madam,

No responce received tilldate.

It is not seems to be fair & ethic business practice for esteemed ICICI group company.

I feel very very bad on your way of working.

If, 9 months taking for opening an account without any setback or reasons.. it is the fact to feel shame for your working style..

Hope, postive reply / telephone, least minimum on status..

regards
Anand N
[protected]

From: Nallan Anand
Sent: Friday, April 11, 2008 8:00 PM
To: Service Quality
Subject: Re: 'ICICICARE=[protected]' ICICI Direct account opening application [protected]

Respected Madam,

Thank you for the information and initiative at your end..

Let me disclose the fact, I have earlier submitted thrice my identity proof of latest telephone bill copy duly signed by me...
The real fact very well known to Mr. Amit Das... He has collected from my residence every time..
The rejection of application for want of "latest telephone bill" is not convinced by myself...
I do not know, what foul play made by the concern team at your end for the delay..

Any way, Today Mr Amit das visited my residence at 7 PM as scheduled..
He has collected the recent telephone bill copy duly signed by me (forth time in last six months)...

This is for your information..

regards,
Anand N


From: Service Quality
Sent: Friday, April 11, 2008 2:06 PM
To: [protected]@gmail.com
Subject: 'ICICICARE=[protected]' ICICI Direct account opening application [protected]

Dear Mr. Anand,
We write with the reference to your e-mail dated April 08, 2008 addressed to our Head Service Quality regarding status of your ICICI Direct account opening application [protected].
With regards to the same and further to our telephonic conversation dated April 11, 2008, we regret to inform that, your ICICI direct account opening application [protected] has been rejected for the below mentioned reason.
· Required latest address proof.
Further, you have fixed up an appointment for rectification on Today at 6.30 pm. Sales person Mr. Amit Das will visit to your place.
For any further assistance, please write to us.
Sincerely,
Pallavi Sonavane
Customer Service
ICICI Securities Limited



From: Nallan Anand
Sent: Tuesday, April 08, 2008 10:23 PM
To: Helpdesk ; [protected]@icicibank.com ; [protected]@icicibank.com ; [protected]@icicibank.com ; [protected]@icicibank.com
Cc: [protected]@sebi.gov.in ; [protected]@sebi.gov.in ; [protected]@sebi.gov.in ; [protected]@bseindia.com
Subject: Re: RE:'ICICICARE=[protected]'

Dear Sir,

I have submitted application in person at ICICI Direct, Salt Lake, AF block vide application [protected] on 01 Oct 07 for opening Dmat cum trading account.

However, my application is not yet processed by your office and still kept in progress.. though 6 months and 8 days are left.

The 188 days delay in opening an account is extremely up normal & violating with SEBI guidelines & GOI directives.

The appended all communications (below) for follow-up action is also an evident for your negligence on customer.

I have also wasted considerable amount of time and effort in follow-up with your team, which leaded to me considerable loss in all aspects.

Considering the facts, action at your end expected on war foot.

Also, a fact of summery has been sent separately to SEBI for information along with ICICI direct SEBI registration No.

Regards
Anand N

Copy to:
1) SEBI, Bombay - For necessary action.
2) SEMI, Kolkata. - Please do the needful.
3) BSE, New Delhi - For necessary action.
4) Mr. K. V. Kamath, Managing Director and CEO, ICICI Bank Limited - for information
5) Senior GM, Quality Service - for information and n/a, please.




From: Helpdesk
Sent: Monday, April 07, 2008 1:20 PM
To: Nallan Anand
Subject: RE:'ICICICARE=[protected]'


Dear Mr. Anand,

We regret to inform that we could not respond to you with the resolution within the specified time. However, we are following up on priority.

We will reply you at the earliest.


Sincerely,
K.N.R. Sandeep
Customer Service Manager
ICICI Bank Limited




-----Original Message-----
From: Nallan Anand ([protected]@gmail.com)
Date: Friday, April 04, 2008 06:46 PM
To: [protected]@icicidirect.com ([protected]@icicidirect.com)
Subject: Fw: RE:

Dear Sir The Application submitted on 01 Oct 07. (Total delay at ICICI direct : 6 months and 4 days) Still you are not able "take up the matter with the team concerned". Do you not feel shame ? Anand N From: Helpdesk Sent: Tuesday, April 01, 2008 4:45 PMTo: Nallan Anand Subject: RE:'ICICICARE=[protected]' Dear Sir/Madam, We have taken up the matter with the team concerned to confirm the further status of your ICICI Direct Account opening form. We would revert you with the details on priority.Sincerely, Ravi Chandrika Bade Customer Service ManagerICICI Bank LimitedFrom: Nallan Anand Sent: Friday, March 28, 2008 7:38 PMTo: Helpdesk Subject: Re: RE:'ICICICARE=[protected]' Dear Ravi Chandrika Bade, I have just counted your msg "We regret the inconvenience caused".. it counts 17 times.. Still the inconvenience proceeds.. Anand N From: Helpdesk Sent: Monday, March 17, 2008 11:10 AMTo: Nallan Anand Subject: RE:'ICICICARE=[protected]' Dear Sir/Madam, We regret the inconvenience caused. As confirmed by team concerned, your ICICI Direct Account opening form will be rectified on March 17, 2008 and the same will be forwarded for further processing. The accounts will be generated at the earliest on processing the form. Sincerely, Ravi Chandrika Bade Customer Service ManagerICICI Bank Limited -----Original Message-----From: Nallan Anand ([protected]@gmail.com)Date: Thursday, March 13, 2008 05:28 PMTo: Helpdesk ([protected]@icicidirect.com)Subject: Re: RE: Dear Sir Noted your content of the msg.. The ICICI Direct rep has visited my residence on 24 Feb 08 for rectification of nomination error.. It is understood from them that they have wrongly entered my name inspite of nominee name.. any way error at your end is tolerated.. But, 24 Feb 08 to 13 Mar 08, is taken 19 days.. I am not able to understand, what is going on at your end..? Is it any problem with your system..? It is surprise to see, the customer service emails also not responded few times..? Certainly, It is not good development in ICICI management.. as I am seeing it, first time in my last 8 years relationship with ICICI... regardsAnand N From: Helpdesk Sent: Thursday, March 13, 2008 2:40 PMTo: Nallan Anand Subject: RE:'ICICICARE=[protected]' Dear Sir/Madam, Your ICICI Direct Account opening form is rejected again on February 21, 2008 for the details of nominee. The form has already been forwarded to the team concerned to arrange for rectification. We have taken up the matter with the team concerned to confirm the status. We will reply you with the details at the earliest. Sincerely, Ravi Chandrika Bade Customer Service ManagerICICI Bank Limited -----Original Message-----From: Nallan Anand ([protected]@gmail.com)Date: Tuesday, March 11, 2008 10:28 PMTo: Helpdesk ([protected]@icicidirect.com)Subject: Re: RE: May i know the present status.. Please note that my previous two emails were not replied by ICICI team..reason not known.. Anand N ----- Original Message ----- From: Helpdesk To: N Anand Sent: Saturday, February 16, 2008 3:25 PMSubject: RE:'ICICICARE=[protected]' Dear Customer, Thank you for your cooperation.Your ICICI Direct Account opening form is rectified and forwarded to our Central Processing Center for further processing. On completion of processing, the accounts will be generated at the earliest and you will be intimated accordingly. Sincerely, Ravi Chandrika Bade Customer Service ManagerICICI Bank Limited -----Original Message-----From: N Anand ([protected]@gmail.com)Date: Sunday, February 03, 2008 08:24 PMTo: Helpdesk ([protected]@icicidirect.com)Subject: Re: RE: Dear Sir, Thanks for the information.. I am having relationship with ICICI for a period of 8 years plus, I know little bit about ICICI about their dedicated Customer focus as well as their weekness.. I have confident with your management on commitment... Best RegardsAnand N ----- Original Message ----- From: Helpdesk To: N Anand Sent: Sunday, February 03, 2008 12:39 PMSubject: RE:'ICICICARE=[protected]' Dear Customer, Your ICICI Direct Account opening form is rejected and we have already escalated your concerns to arrange for rectification of the same on priority. We assure that we are looking into the matter on priority and shall get back to you at the earliest. We urge you to treat this as an exceptional occurrence and not as an indicator of our commitment to Quality Customer Service. Sincerely, Ravi Chandrika Bade Customer Service ManagerICICI Bank Limited -----Original Message-----From: N Anand ([protected]@gmail.com)Date: Saturday, February 02, 2008 06:25 PMTo: Helpdesk ([protected]@icicidirect.com)Subject: Re: Sir, Seems to be more delay at ur end.. Please, provide the status atleast.. Anand N[protected] On 30/1/08, N Anand <[protected]@gmail.comwrote: Dear Sir May i Konw the Status.. Anand N On Jan 28, 2008 2:00 AM, Helpdesk <[protected]@icicidirect.comwrote: Dear Customer, Having looked into your concerns, we find that we would require some more time to resolve your query. We regret the delay, however, we ensure that your concerns are looked on priority and will reply you with the details at the earliest. Sincerely, Ravi Chandrika Bade Customer Service ManagerICICI Bank Limited -----Original Message----- From: N Anand ([protected]@gmail.com) Date: Friday, January 25, 2008 09:26 PMTo: Helpdesk ([protected]@icicidirect.com) Subject: Re: Dear Sir, May i Know the Status, please. Anand N On Jan 20, 2008 3:00 AM, Helpdesk <[protected]@icicidirect.comwrote: Dear Mr. Anand, We have taken a request to arrange for rectification of your ICICI Direct Account form [protected]. We will reply you with the details by January 26, 2008. Sincerely, Ravi Chandrika Bade Customer Service Manager ICICI Bank Limited -----Original Message----- From: N Anand ([protected]@gmail.com) Date: Saturday, January 19, 2008 11:22 AMTo: Helpdesk ([protected]@icicidirect.com) Subject: Re: Sir I reached kolkata on 16 Jan 08 and I am free now. Please depute your person to do rectificastion.. Anand N On Jan 8, 2008 1:27 AM, Helpdesk < [protected]@icicidirect.comwrote: Dear Customer, We aplogize for the inconvenience caused. We request you to confirm us on your availability, so that we will arrange for rectification of your ICICI Direct Account opening form on priority. However. we focus considerable effort on training our staff to ensure high levels of service and we shall further strengthen our initiatives in this direction based on your feedback. We earnestly hope that the negative experience you had will not come in the way of your availing our facility. Sincerely, Ravi Chandrika Bade Customer Service ManagerICICI Bank Limited -----Original Message----- From: N Anand ([protected]@gmail.com) Date: Friday, January 04, 2008 01:54 PMTo: Helpdesk ([protected]@icicidirect.com)Subject: Re:SirI have already informed before submitting my application in your ICICIdirect, Salt lake centre as i will not be availble for short period.Hence, I have asked them to double ensure the form in person and givefeedback with in a week if any..However, they said everything is fine..after scrutinise.. now ???Anyway, service is not satisfactory..regardsAnand NOn 17/12/07, Helpdesk <[protected]@icicidirect.comwrote:Dear Sir, Our team concerned has confirmed that you are out of station andwould be coming back after 10 days. Hence, your ICICI Direct Account openingform [protected] would be rectified once you back. Sincerely, Pooja Ramteke Customer Service Officer ICICI Bank Limited -----Original Message-----From: N Anand ([protected]@gmail.com) <%[protected]@gmail.com%29Date: Thursday, December 13, 2007 12:40 PMTo: Helpdesk([protected]@icicidirect.com)<%[protected]@icicidirect.com%29Subject: Re:Any progress.. Anand N On 10/12/07, Helpdesk <[protected]@icicidirect.comwrote:Dear Mr. Anand, We have looked into your concerns and realise that we will need afew more days to revert to you. Please accept our apologies for the delay.We will definitely have a response for you within the next days.Looking forward to your co-operation. Sincerely, Nayantara Gadekar Customer Service Officer ICICI Bank Limited -----Original Message-----From: N Anand ([protected]@gmail.com) <%[protected]@gmail.com%29Date: Friday, December 07, 2007 06:49 PMTo: Helpdesk ([protected]@icicidirect.com)<[protected]@icicidirect.com%29Subject: Re:Any responce.. Anand N [protected] On 4/12/07, Helpdesk <[protected]@icicidirect.com wrote:Dear Mr. Anand, We have looked into your concerns and realise that we will need afew moredays to revert to you. Please accept our apologies for the delay.We will definitely have a response for you within the next days.Looking forward to your co-operation. Sincerely, Smitha GopiCustomer Service Officer ICICI Bank Limited