ICICI Direct Complaints & Reviews

Owing to the totally irreliable web trading site icicidirect.com, I had lost as much as 40, 000INR today. I am trading on derivatives and square of my positions during the day. however, the ICICIDirect site was not placing orders to the exchange for a whole 1.5hrs during the trading hours. Due to this i was not able to square off my position in time (i.e. when the market was going down) and had to face a loss of Rs. 40000/-. This is not the first time it is happening with ICICIDirect. It is not unusual for ICICIDirect to close their website for hours during market trading hours. totally irresponsible service provision by a so-called reputed organization.

I am holding trading account with ICICI.Direct.com jointly with my daughter Vaijayanti S Belose since more than 4 years. In 2006 we received a notice from ICICI Direct requesting us to re-submit documents destroyed in the floods at Mumbai on 26th July 2005. We immediately submitted all documents at Thakur Complex Branch. However we again received a letter in early 2007 from them asking for documents. We again submitted documents at their Thakur Complex Branch and the name of concered officer who collected documents was VIVEK. However we were shocked when our DMAT account was locked in OCT 07 with a note that " Your account is suspended for non completion of the re-submission/re execution formalities for the documents which were destryoed in the floods. The suspension can be revoked after completion of the re-submission/re-execution. As we had no option, we again submitted all documents to their representative ( SANTOSH)- from Thakur complex who personally collected after checking from our residence on 01/12/2007. We would like to complain that till today ( 14th Mar 2008 ) our account is not yet activated and we have no clue WHY THIS IS STILL LOCKED. We have been regulary following up with SANTOSH and their manager ADESH but even they are not aware of the reason and they keep promising me that this matter will be resolved. I feel so helpless and feel we are penalised for no fault of ours. We fail to understand the lapse from ICICI Direct team and would like to discountinue our relationship with them.

Please confirm my Demat Status with respect to NOVARTIS INDIA LIMITED vide distinctive no[protected] to[protected]. I have already submitted this share Certificate for Dematerialisation with ICICI Demat but I have got the sms from ICICI Demat that the share of NOVARTIS INDIA LIMITED is NULL. I am hereby Submmit the following details for your kind consideration.

Name : Mangla Prasad Singh
Demat No. IN[protected]
Mobile No. [protected]

ICICIdirect.com has duped me of Rs.12000 with their clervalue deals. I joined their Rs.999/month value plan for a quarter Apr-June 2007. However they kept on charging me this amount every qtr, and I realized it only after a year. It is clearly mentioned in their website even now that a customer is joining for their value plan for a quarter. Some of my friend also lost money like this. I am sure thousands of customers all over India have fallen in this trap. I have captured screens from their website showing how they have presented it. Please have look at it at the following link. http://picasaweb.google.com/shaji0508/Cv_icicid

More over they do not allow me to discontinue the plan in between a quarter. They deliberately delay the receipts (in this case automatic withdrawals from the bank) beyond 10th of the first month of the quarter, after which I can not discontinue the plan even for the quarter. I have realized it only this time when the money had gone from my bank on 8th of February. They should have done it before 10th of Jan so that I could discontinue the plan for this quarter.

Their customer care agrees that the plan is misleading. However do not agree to refund the money. Please let me know if any body can help.

P C Shaji
[protected]@yahoo.com

Dera sir ,
i had talked to icicibank at delhi no as well as emailed them for my refund which is not given to me so for the contents of communication with icicidirect.com customer care is as follows.pls help me

i had applied for reliance power ipo on[protected] through
icicidirect.com for 225 shares by paying full amount of rs 96750. i
had been allotted 17shares of value rs 7310 . The balance amount of rs
89440 i have not received till date where as all other my friends who
applied through icicidirect.com got refund week ago.Other detais ara
as follows
application no 11086730
dp account 53380229
trading account [protected]
saving account[protected]with icicibank bathinda punjab0
my contact no [protected]
[protected]
kindly refund my amount at the earliest as i am need of this money badly

ashwani kumar

Respected Sir,

1. With due respect to you this is to inform you that I am the holder of ICICI Bank Demat Acct No 31512963 since 2003.

2. I am writing to you with lot of expectations and after my Service Provider ie. ICICI Direct has failed to give a satisfactory response to my complaint even after 3 months of continuous correspondence.

3. Sir I had been recieving a message on logging on to my Demat account for last few months saying that I had to resubmit some documents which had been lost in Mumbai flash floods by the ICICI Bank.

4. Since my husband, who is an Army Officer is at present posted in a remote place in North East it was not possible to submit the documents immediately. Therefore during our lve ie, in Jun 07 I went to the ICICI Direct Office in Dehradun and expressed my desire to submit the forms. On this I was told that no forms were available in the office and the bank would contact me as and when the forms are available. I rang up the bank twice to check if the forms were available, only to realise that the forms were not available and neither did the bank give me a call during my stay in Dehradun.

5. Three months later in Oct 07, after I came back to my place in North East, on logging on to my Account I realised that my acct had been suspended by ICICI Direct and I was told to resubmit the docus in a nearest branch.

5. On this I made an endeavour to travel 600 kms to Guwahati in Nov 07 and submitted the required documents in ICICI Bank, Fancy Bazar, Guwahati with Mr Pankaj Datta (Mob No [protected]) on 17 Nov 07. On asking a receipt of the application I was refused one and was told that the account would be activated in 15 days.

7. On not being able to log on to my account even after a month I rang up the ICICI Direct personnel to include Mr Datta and Mr Biswajit ([protected]) at Fancy Bazar, Guwahati , time and again, but they expressed their inability to do anything and advised me to contact the ICICI helpdesk. I have a SMS from Mr Dutta mobile no [protected] on 24/12/07 time 13:10 on my mobile No [protected] saying that he had despatched the forms on 17 Nov and that I should contact ICICI helpdesk

8. On this highly unappreciative response from the bank, I tried to contact the helpdesk but due to non availability of internet services in my place was left stranded by the bank till Jan 08. When I went on leave again, I went to the Dehradun branch and re-re-submitted the required documents on 10 Jan 08.

9. On again not being able to log on to the acct after 15 days I contacted the helpdesk on Jan complaint no SR[protected] Printed E mail attached for ref) I was told that the docus which I had submitted in Dehradun were incomplete and somebody would soon be speaking to me. While no mention of my previous submission of documents was made, nobody till date has contacted me. I even gave them my new contact no but for no outcome.
.
8. I have given a number of E mails to the helpdesk ie, [protected]@icicidirect.com and [protected]@icicidirect.com but till date the account has not been activated. I am enclosing the copy of all the correspondence for your ready reference.

9. The Market has undergone a big turmoil and due to the sheer fact that I have not been able to operate my account during all this period I have suffered huge losses due to the sheer negligence of the Service Provider. As far as I am concerned I have deposited the documents twice. If at all at any point the documents have been incomplete, it is the responsibility of the Bank staff who has got the documents filled, checked and sent them to their Head Office, and I can’t be blamed for it. I am really shocked at this kind of behaviour of the Service Provider. At both the places where I submitted the documents I was flatly refused for a receipt of my submission which again reflects poor work system and approach of the bank to customer related aspects.

10. Having suffered both monetarily and mentally over a period of 05 months I want the Service Provider to pay for BOTH .Therefore I humbly request you to kindly advice me about how best can I deal with this situation. I am a housewife and a small scale investor investing in IPO’s with limited knowledge of the Market as would have been evident from the way I have handled this case. Therefore it is my sincere request to you to guide me in this case. I shall ever be grateful to you for this help of yours.

11. My E mail ID is [protected]@yahoo.com and the present Tel No is[protected].

12. May I request you to kindly acknowledge so that I can be at mental peace that there is someone looking into the matter.

Thanking you in anticipation,

Yours sincerely

Date13 Feb08 Priyanka

43 Hemkunj Colony
Lane No 2 ,Vijay Park Extension
1 Ballupur Road
Dehradun, Uttrakhand.

The trading site is extremely slow. when you compalint about the site being slow, the customer services people are audacious enought to say that if this is the state of the infrastructure, how can they help the customers.

Must say that this guy should be sacked.
very recently I was travelling to ludhiana, and had a great opportunity to pick up a low cost issue, but could not do that becos of the slow speed of the site.

Fortunately now I have started logging in to one such mobile service from reliance money which tells me the stock quotes on the go too.... finally kisi ney toh kuch socha ek aam small investor key baarey mey... now am planning to buy a laptop, so that when i travel i can manage to log-in,,, or if nothing else, servics such as the this stock update on the mobile will help me... i will call my broker and he will buy for me...am so happy with these ppl at reliance money....they must be very good ....

Hi,

I asked ICICI direct people to update the MICR code for my bank account in my demat account so that I can have direct refunds for IPO etc through ECS facility.
At first, they asked me to provide a cancelled and fill up a form. I did the same and then started the series of going to bank branch to confirm the status of my request. After a long time I lodged a complaint at customer care on call -- no action, then in written by e-mail -- they responded positively saying that the details have been updated. But to my knowledge it was a great lie to me as I still am receiving refunds by cheques.
I have a email from ICICI customer care confirming the MICR code updation as proof.
I then made a complaint again -- no response, then I escalated the issue to [protected]@icicidirect.com -- till now to response.

I don't know what help can I get through this site, but I hope to get through this situation. Looking forward for a positive reply.

Thanks & Regards,
Ravi Manghnani.

I AM A CUSTOMER OF ICICIDIRECT.I BOUGHT SOME EQUITY FUNDS OF SBI AMC THROUGH ICICIDIRECT.COM.I MADE SOME SWTCH TRANSACTIONS IN THE SAME FUNDS, BUT MY ORDERS ARE PENDING SINCE LAST 4 MONTHS.I GAVE HUNDREDS OF CALLS TO ICICIDIRECT BUT THEY ARE INERT TO IT.THE TRANSACTION NOS. AND COMPLAINT NOS. ARE AS MENTIONED BELOW.PLEASE HELP ME ,I DONT KNOW WHERE MY MONEY IS.THANKS

[protected]:00:04 5366328 R SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N 0.00 ALL Under Process WEB
[protected]:55:30 5366326 R SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N 0.00 ALL Under Process WEB
[protected]:32:50 5328774 R SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N 0.00 ALL Rejected WEB
[protected]:25:26 5128387 SO SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N NA ALL Under Process WEB
[protected]:25:26 5128387 SI SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM MULTIPLIER PLUS SCHEME - 93 GROWTH NA NA N NA Under Process WEB
[protected]:47:23 5055861 SO SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N NA ALL Under Process WEB
[protected]:47:23 5055861 SI SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM MULTIPLIER PLUS SCHEME - 93 GROWTH NA NA N NA Under Process WEB
[protected]:50:03 4984269 SO SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N NA ALL Under Process WEB
[protected]:50:03 4984269 SI SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM MULTIPLIER PLUS SCHEME - 93 GROWTH NA NA N NA Under Process WEB
[protected]:58:15 4690511 SO SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N NA ALL Rejected WEB
[protected]:58:15 4690511 SI SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM MULTIPLIER PLUS SCHEME - 93 NA NA N NA Rejected WEB
[protected]:59:02 4653093 R SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N 0.00 ALL Rejected WEB
[protected]:04:39 4616311 SO SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N 5,500.00 0.0000 Rejected WEB
[protected]:04:39 4616311 SI SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM MULTIPLIER PLUS SCHEME - 93 GROWTH NA NA N NA Rejected WEB
[protected]:58:22 4616302 SO SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N 5,000.00 0.0000 Rejected WEB
[protected]:58:22 4616302 SI SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM SECTOR FUNDS UMBRELLA CONTRA -GROWTH NA NA N NA Rejected WEB
[protected]:51:23 4616294 SO SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM INSTA CASH FUND - CASH OPTION NA NA N 2,000.00 0.0000 Rejected WEB
[protected]:51:23 4616294 SI SBI FUNDS MANAGEMENT PVT LTD SBI MAGNUM GLOBAL FUND-GROWTH NA NA N NA Rejected WEB
AND THE COMPLAINT NOS. ARE SR50137539,SR48988943,SR48915252 WHICH ARE UNRESOLVED SINCE 4 MONTHS

SIR,
OPENING ONLINE TRADING ACCOUNT FROM CALICUT BRANCH
I did everything as per your manager,in calicut.If anything wrong occurd is due to your mistake.You are the one suppose to tell any thing wrong I filled or submitted.If you cannot complete my formalities next 5working days I dont want your service.The money I suppose to invest in your bank RS500000/-i am not depositing.Anyhow you people not guided me properly.I lost much time and money due to your managers laziness.

if I gave wrong cheque means your manager who received is not suitable for that post.Take care of him.



If any delay better cancel my account.

mohd basheer

copy to managing director

On 30 Nov. 2007 , I received a phone call . The person, who called, told me that I can pick up my Debit card from the base branch ( ICICI, Civil Lines , Raipur). When I went there to have my Debit card, the officials there told me that the courier has not delivered the documents and the A.T.M. card. The same shall be made available to us in 1 day.

The ICICI is no better than State Bank of India. It is a mocking thing to even think that ICICI can ever be a six-sigma company.

i have a demat account with icici bank which is deactivated by icici due to misplaced the documents by them in mumbai flood & they have deactivated by account after that i have submitted the document in the month of may'2007 with icici nehru place branch & they active my account after that in the month of October'2007 icici bank against deactivce my demat account & i am not able to do the trading in icici direct.com. i have complaint regarding this to icici customer care & they have sent a person to pickup the documents agian. icici people pickup the documents from me on 24th October'2007 & assuring that my account will active within 5 to 6 days but it didn't. after that i have complaints so many time to icici customer care every time they assuring me that my account will active with 24 hrs & 48 hrs but till now it is deactive. i am very upset due to this i am not able to do the transction in this account. kindly help me.

Dear Team,
I have failed to receive below mentioned courier from your bank. And I doubt whether it has not reached to a wrong person.

Please intervene and help to resolve my complaint.

Further, today I have resubmitted new request for password reset as I am facing business losses due to non- availability of my demat account.

Feedback recieved from Bank - "Helpdesk" <[protected]@icicidirect.com>
11/07/2007 09:29 PM
Dear Mr. Gaonkar,

Pinmailer containing user ID and Password of your ICICI Direct Account has been dispatched through speed post at your registered address mentioned below on November 02, 2007. The AWB (Airway Bill) number is EM[protected]IN.

But till date I have failed to receive the same.

This is not acceptable from such a renouned bank. Now I am going to take this matter very seriously and also look forward for financial compensation because my Online Transaction work is hamperred from September 14, 2007 to till date. You people dont bothered to take any action.

I have given sufficient time to your bank for fulfilling my request.

I am looking out for redressel of grievances.

sir, im srinivas and i know little bit english, my complaint:
im doing share trading with icicidirect sub broker(DBC). he is cheating me 20 lakhs in share trading. Mostly he is given falls promise and he lead me to face losses.I have strong evidence of his activities.,he will not give proper response regarding this,. i very wounded and my life tottaly turn into wrong way, and im standing blind to face my life.
I see this...