[Resolved]  Icici Direct — Complaint regarding ATS customer service

I had subscribed for Active Trader service provided by ICICI Direct from January, 2013. It is a offline service wherein ICICI Direct authorises a relationship banker to transact on my behalf through my Demat account. The total amount paid by me was Rs 2 lakhs out of which Rs.2500 was towards brokerage and the rest of the money for trading. I had only the viewing rights on the Demat account. Transactions were made in consultation with me by my relationship banker, based on the recommendations received by them.. But, we ended making a lot of losses. Till end of July 20133, I made losses to the extent of Rs 128857. I decided to stop the service with immediate effect and hence, requested ICICI Direct ATS helpdesk to stop the ATS service with immediate effect and transfer the balance available on my account. This request was for conversion of the offline account to Online account. After sending 2 reminders, ATS helpdesk responded to me on 12th August, 2013 requesting me to complete the request form attached to the email and to submit it to the nearest ICICI Bank that offers demat services/ ICICI Direct office. I had submitted the request form on the same day i.e (12th August, 2013) in the ICICI Direct branch in Sector 14, Gurgaon and I was told that the request will be closed within 7 working days. As there was no response from ATS helpdesk till 20th August, I wrote a mail to them requesting the status of my request on 21st August. I received a response only on 28th August, mentioning that the request cannot be completed as there is a balance on the brokerage amount of Rs. 240. I was told that the brokerage amount should either be utilised by trading through the ATS service or can be transferred to my account and can be paid back to me only on a condition that I have to take the same brokerage plan, post conversion of my account from offline to online. I had given my consent to transfer the brokerage balance to my account on 30th August, 2013 and still have not received any update on the status of my request. ICICI Direct has been holding an unutilised amount of Rs 75000 (balance after losses made on the Rs. 2 lakhs paid by me) & also the brokerage amount since 26th July. No action is being taken by them to convert my account into online. Not only has ICICI bank been making profits on brokerage while I had to suffer the losses, now by their inaction for such a long time, they have been enjoying my funds also. I need my account converted immediately and the balance on ATS account transferred along with interest and compensation for enjoying my funds.