10 Nov 2016
The escalation mentioned in post below, is still pending with SEBI. A ridiculous response befitting only to the likes of ICICI group, thick skin is in whose DNA, is that "this statement is issued for information only". A financial institution cannot issue a factually wrong statement and get away saying this is "for information only". Let’s see whether SEBI acts on this. Or else the only option is courts.
24 Oct 2016
In yet another display of unprofessional behavior, which has now become synonym of the word icici, the AMC messed up my statement due to a computational error in their system. Not only that, despite writing to them several times, they have not even once replid to the complaint about it.
I finally filed a complaint to SEBI. These people understand only one language - escalation to regulators, without which they don’t even respond.
This is my second SEBI escalation. The last one was needed to retrieve money that they had stolen without allotting units to me.
Be careful with your transactions and examine your statement if you are dealing with these careless folks.
Update on 03 Feb 2016
As mentioned before the fund people were simply ignoring my mails and going on deducting money from my accout which was going nowhere, until I filed a complaint with the regulators.(Thankfully regulators exist in our country. Otherwise we’d have been looted day in day out by these white collared robbers.)
Things moved after logging a complaint with SEBI. However their arrogance continued as they hastily closed the SEBI complaint claiming that the subscriber has accepted the resolution.
A lady called me to resolve the matter and I very categorically told her that I can treat the issue as closed only when further debits from my account stop. The lady agreed to that. However I got a mail from them saying "as agreed with you over telephone" the complaint is closed. Even SEBI closed the complaint accepting this.
They had no business putting words in my mouth and closing the complaint.
Time will tell whether they have corrected the mistake in their system. As of date I have no evidence of they having corrected their stupid system. But they have quite unprofessionally and falsely put words in my mouth and closed the complaint.
I’ll never invest with them again. Can’ entrust hard earned money with people with such poor systems and poorest standard of professional conduct. But no surprises given their first name.
15 Jan 2016
Thick skin, being careless about customer complaint is in the DNA of certain brand names.
Half name of this fund is "ICICI" and it’s no surprise that they are keeping up with the tradition of hopeless customer service and least regard to customer grievance.(Reader may also like to read my reviews on ICICI Bank).
I canceled some of my SIPs in Dec 2015. The AMC still kept on deducting SIP amount from my savings account. Worse, they were not adding any units for this amount to my folio.
Further worse part is I wrote to them several times till now about this and only got stereotype replies that they are looking into the issue.
I told them the matter will be taken to regulators if yet another installment gets cut. They ignored this. I reminded one more time on the prior day of an illegitimate installment cut. They ignored that as well.
Today my patience is over and I am taking the matter to regulators.
Please don’t trust these people, cross check your statements etc. They are cheats and have no shame whatsoever of what they are doing just like ICICI Bank.
If you find discrepancies, please do report those to the regulators. Please do not show leniency to financial institutions with whom you are entrusting your hard earned money.