ICICI Diredt
Issues with ICICI Direct

I've been using ICICI Direct for my online share trading since 2005. I am writing this to inform you all about the discrepancies in the ICICI direct website due to which I had several problems in the past. Also, I am very unhappy with the support personnel's response.

I would like to quote couple of my past experiences

1) Sometime back, when I tried to buy "Cals refineries" stock, ICICI direct website did not allow me stating that penny stock trade is disallowed. I had to call my Relationship Manager in Mumbai, who bought the stocks for me.

My friends who have trading accounts in Geojit and Indiabulls have never faced any such problem for buying the same stock. As an investor/trader, I need the freedom to decide which stocks to buy/sell.

2) On 26-11, I tried to buy 'Core projects and Technologies' stock (which fell by 30% in an intra-day) in the cash market. ICICI direct rejected my buy order stating that I am not allowed to buy that stock at a price below 5% of the previous days close.

For your information, the stock is listed in derivatives and such stocks do not have any circuit breaker in the cash market. Again, I had to contact my relationship manager Abhishek Toshniwal in Mumbai, Since he was on leave on that day, I had to call him on his mobile to reach him. He directed me to lady called Bincy.she asked me my USER ID to put the buy order. But she too couldn't buy because of the same reason. So she told me that she needs to talk to the technical person to rectify this problem and would call me back. She called me after an hour without any solution and by that time, the stock moved to positive and I lost my trading opportunity.(I've faced similar problems while trading in other stocks also)

Again my friends who have accounts with Geojit and Indiabulls did not have this problem and could utilize this opportunity.

On 9-12, "A2Z Maintenance & Engineering" IPO opened and when I tried to apply for this IPO at 9.15 AM, ICICI Direct website didnt update the IPO link and the company name was not shown in the IPO list. Again I called Abhishek and he told me that the website will be updated by 10AM. Waiting till 10AM by leaving my other urgent work is causing Inconvenience. Other broking websites updated their IPO link before time.

I've sent many mails to the concerned persons in ICICI Direct. But didnt get any reply or phone call regarding this. Seems like they are least bothered.

Their brokerage fees are high compared to other brokers and provide worst service.

I am highly disappointed with these types of issues and regret to inform that I am no longer keen on continuing with this account.

Those who have plans to open online trading account, PLEASE NEVER EVER open account with ICICI Direct.

Company: ICICI Diredt
Country: India
State: Karnataka
City: Bangalore

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