[Resolved]  ICICI Securities — Continued Delay in Demat Account Opening & Non Responsive Management.

Address:New Delhi, Delhi

I'm Stephen R Narayanan from New Delhi and have had a very good relations Banking with ICICI Bank now for the last 15 years in Gujarat, Chennai & currently Delhi. I had requested on the Helpline for Opening of Demat Account for Trading as I had several Shares in Paper form and also I wanted to actively pursue the share market. At my request an executive called for appointment and promptly visited me in June end, 24th June and taking all necessary documents copies he informed me that in 2 days time there would be phone and physical verification by their Team which also took place on 27th June. During the visit, having verified all details the Executive gave me a " Account Opening KIT " which had a Log-In ID and password would be provided once the activation is done... However the activation was held up for some or other reason which was not told to me... I spoke with the executive who had visited me in first place to take document copies and he informed me that there is some problem in the office and the same would be resolved in a couple of days...a week passed nothing happened. I got 2 SMSes informing me that the account opening is held up and I have to speak to the Sales Manager. Again I rang up the executive and he gave me the Email Id of his Senior Incharge. My mail did not get any response even after a week. I then asked for some responsible senior official's ID which was provided and I wrote to him as well...with same result. It was then that I decided to escalate the matter with Customer Service and wrote to them toward end of July...I was given assurance that matter would be resolved in a few days..which didn't happen, I then wrote to the Nodal Officer from the mail Id provided in the website and though a prompt response came assuring that matter would be resolved by 1st August, the deadline was missed. I followed up again and wrote a couple of more mails. In the meantime, the executive from ICICI Securities who first visited and who was in regular touch with me as he too was concerned about his client, told me that the account is held up as my residence proof ( a nationalized bank's passbook & Aadhar Card ) were not valid in ICICI... now here lies a peculiar problem... . I stay in NCERT Campus where my wife works in the organization...I work in a private B-School and stay with my family as is the Indian Custom. Now ICICI Securities wants proof that I am my wife's husband and have her permission to stay with her in her residence by producing a copy of my Marriage Certificate as proof of relation...and also that I am authorized to live with her in the campus and use the address. I told them that a Nationalized bank would not allow Account Opening without verification but still just to harass me they are sticking and quoting some SEBI guidelines and have not co-operated in Opening of Account. The Nodal Officials too don't seem to have either authority in the matter and so they are dilly-dallying for time with a junior official replying to my mail giving time limits for resolving which hasn't materialized so far. July to September ( 3 Months ) I haven't been able to do any trading nor convert my paper shares to Electronic ones. Seems ICICI's services are now just like a common Nationalized Banks service with everyone passing the buck to the other and coming up with some or other lame excuses. Can they be pulled up for deficiency of services? Stephen R Narayanan NCERT Campus, New Delhi. Mob.: [protected]
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Aug 14, 2020
Complaint marked as Resolved 
ICICI Securities customer support has been notified about the posted complaint.
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