[Resolved]  ICICI Securities — losses due to locking funds in NRE account

Address:

Mumbai City, Maharashtra

I had a 3 in 1 trading account with ICICI for 10 years. I became an NRI and had to open a new account. All old equity and MFs were supposed to be transferred into this new account. ICICI could not transfer the MFs and FDs due to some stupid system they have. Despite calling daily, it took 3 years before I could resolve this matter and had to physcially transfer all the Mfs from DEMAT form to physical. Because this requires immense amount of paperwork, changes of KYC, changes of address, banking info etc. After all this, they again goofed it up due to an oversight that i needed to give cancelled cheques for all AMCs, who redeemed the MFs but couldnt transfer the money to me. Another loss of 3-4 lakhs. DO NOT TRUST ICICI's trading system.