[Resolved]  ICICI Direct.com — POOR SERVICE

Address:

Maharashtra

This is to bring to your attention towards poor / deficiencies in services by ICICIDIRECT.COM, due to which I have been undergoing a lot of inconvenience and suffering financial loss as well.
1. I was an NRI and had NRI Dmat and trading accounts with broker, for trading in shares and Mutual funds.
2. My status got changed from NRI to RI (resident Indian) sometime back and as per the rules I was required to close my existing NRI Dmat trading account and open a new RI account and transfer all my shares and mutual fund holdings from NRI account to RI account.
3. To close my NRI account, I was asked by ICICIDIRECT.COM to give Transfer out applications for each AMC to broker. I gave application for each AMC. This process started in the first week of April 2010 and got completed in August, 2010 only. Normally it should have taken only 2 working weeks.
4. Once my all Mutual Fund holdings were transferred out, my NRI trading account was closed and new RI Dmat trading account was opened. I was then asked to give ‘Transfer In’ application via ICICIDIRECT.COM to transfer my mutual fund holdings to new RI account including change of my tax status from NRI to RI.
5. I gave Transfer In applications to broker on August 13, 2010.
6. Even after more than 2 months, only few mutual funds holding are transferred to my new RI account in spite of my close follow up with the company and management. As a gross negligence on part of ICICIDIRECT, tax status of these units was not changed.
CURRENT GRIEVANCE:
1. Since last 6 months (April 2010 to October 2010) I am not able carry out any transaction for my Mutual Funds.
2. As my tax status was not changed
My Redemption order for 20709 units of ICICI prudential Infrastructure fund-Dividend placed on Oct 13, 2010 got rejected by AMC resulting in financial loss to me.
My switch out order on Oct 13, 2010 for DSP black rock TIGER also got rejected.
3. My holdings of Birla sun Life Mutual fund, Franklin Tempelton still not transferred to my account till date nor my tax status changed.
4. My tax status of the holdings transferred to my account (Reliance Mutual Fund, DSP Black rock fund, ICICI Prudential fund, HDFC mutual fund, SBI mutual fund, Sundaram mutual fund, UTI mutual fund) still not changed. It’s a serious lapse on part of ICICIDIRECT.com.
My tax status must be changed immediately for my unit holdings.
I have made several representations to ICICIDIREC.COM personnel but in vain.
.

Thanks & Regards,

Ajai Kumar Bist


ICICIDIRECT A/C N; IN[protected][protected]