ICICI Securities — Deposit to Block migration, Change of mode of settlement

ICICI Securities — Deposit to Block migration, Change of mode of settlement

R Ratan Nangalia Mar 1, 2022 Dec 19, 2022 This thread was updated on Dec 19, 2022

Dear Sirs Thanks for your response. In the past my account has always been on Bill to Bill settlement; I have never given mandate for running account settlement. Every time I redeemed a mutual fund or equity share held with ICICI Securities, the redemption/ sale proceeds have been directly credited to my linked ICICI bank account. You may verify this from earlier trades. Please advise why the mode of settlement was changed from Bill to Bill to running settlement. Because of this unauthorised action on your part I did not receive funds urgently required by me. I had redeemed my MF only because I needed funds urgently. Moreover, even after several emails, ICICI Securities were not able to trace the funds. I had to write urgent mails to the AMC and its Registrar and SEBI. Only after calling my RM (Krishna Nagendra) I was able to find out that the funds were credited to my trading account instead of crediting to my linked ICICI Bank account. Thus, I suffered lot of mental agony because of your unauthorised action. Please advise how you are going to compensate me for this. I am quite anguished on your action and feel like escalating this matter to SEBI. Was this information helpful? No (0) Yes (4)
ICICI Securities customer support has been notified about the posted complaint. Mar 01, 2022 Updated by Ratan Nangalia ICICI Securities — Deposit to Block migration, Change of mode of settlement R Ratan Nangalia Mar 1, 2022 Mark as Resolved Dear Sirs Thanks for your response. In the past my account has always been on Bill to Bill settlement; I have never given mandate for running account settlement. Every time I redeemed a mutual fund or equity share held with ICICI Securities, the redemption/ sale proceeds have been directly credited to my linked ICICI bank account. You may verify this from earlier trades. Please advise why the mode of settlement was changed from Bill to Bill to running settlement. Because of this unauthorised action on your part I did not receive funds urgently required by me. I had redeemed my MF only because I needed funds urgently. Moreover, even after several emails, ICICI Securities were not able to trace the funds. I had to write urgent mails to the AMC and its Registrar and SEBI. Only after calling my RM (Krishna Nagendra) I was able to find out that the funds were credited to my trading account instead of crediting to my linked ICICI Bank account. Thus, I suffered lot of mental agony because of your unauthorised action. Please advise how you are going to compensate me for this. I am quite anguished on your action and feel like escalating this matter to SEBI.
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kumar304012031

Dec 19, 2022

Without my intervention, .. how ICICIdirect team changes my trading account from bill to bill settlement to running account to be settled on quarterly basis????

We have received request for migration of your ICICIdirect.com trading account from Bill to Bill settlement to Running Account to be settled on quarterly basis. We have processed the above request and the same is effective from today.
Please note that under Running Account Authorisation / settlement, you may choose to withdraw the surplus funds lying in your trading account any time by logging in your ICICIdirect.com. Please note that you have authorized ICICI Securities Ltd. to make payment of funds on such request, by crediting the bank account opened with ICICI Bank for this purpose and no physical cheque would be issued to you.
Please note that you can revoke the Running Account Authorisation by giving written notice of the same to ICICI Securities, which notice shall bear an acknowledgment of receipt by ICICI Securities.
Thank you for using ICICIdirect.com.
In case of any further clarification or assistance kindly write back to us at [protected]@icicidirect.com or contact ICICIdirect.com Customer Care Centre.
Regards,
ICICIdirect.com

kumar304012031's reply, Dec 19, 2022

this is the worse thing, .. and did not expected such email from ICICIDirect team. Incase if this is how it works by icicidirect side then I will stop using ICICIDirect trading account and go for HDFC Securities.