I recently decided to enter the world of stocks and trading, quite buoyed by a recent spurt in wealth and hoping to store away a nest egg for when I am old and doddering. In short, I am the investor type.
Having thus reached this momentous decision, I looked around and finally in a haze of confusion, settled on the most comfortable option, i.e. ICICIDirect, for opening a demat and trading account.
And true to the stock market, the process started with a bang, went well for a while and then took a dive. ICICIDirect was quick enough to respond to my request and sent someone over to fill up a form.
However, I am still to receive the particulars of my account, a full 18 days after applying for an account. All I know is that my request was rejected 14 days ago since I had apparently not attached a "scheme proof". Considering I never applied for a scheme, I am still to understand what proof they required. At length and post much running after the relevant executive, all I was told was that he had put me under the wrong scheme, all for my benefit of course. However, that would be easily rectified, all I had to do was write ANOTHER cheque and write a letter asking for a refund of the previous cheque.
However, the same evening I received a call from the executive saying that I was not eligible for that scheme either, they would simply go ahead and send my form off under the first scheme (the one it was initially rejected under) anyway. If you’re confused by now, I empathise with you. So am I.
All I now know is, that my cheque for Rs.750 has been credited from my account, yet I have received neither goods nor service for the same from ICICI Web trade. I have also asked them repeatedly to return a cheque which they took from me in addition to the one for Rs.750 as well as a letter which their executive made me sign. Neither request has been responded to. I have also written to their service centre/ helpdesk several times. Please notice how helpful they are; they sent me a mail telling me that my form had indeed been rejected (which is what I wrote in my mail) and that they would send an executive to rectify my issues (which they did not). They also promised to respond to me in four working days (which, obviously, they did not).
Their call centre, true to nature is equally helpful. Yes Ma’am, they croon, your form indeed has been rejected.
Yes I know, I say. I want to know what has happened post that.
It was returned to your centre madam.
Yes, yes, I say, but what next?
Next madam? Not to worry, we will get in touch with you in the next 3 to 4 working days to sort this out.
That’s what you said three days ago.
No no Madam, I assure you, you have not spoken to me prior to this.
I am now unsure whether I will be receiving an ICICIDirect account for the money I have paid them, or whether I should consider it donated to an unworthy charity. I believe I will live uneasily for the rest of my life knowing that I have signed on a letter which still floats in the open market. I do not even know when I can expect my account to be opened. The ICICIDirect website claims a week; obviously that is a running joke in their organisation.
I always thought that no service could top Reliance in being awful. I believe ICICIDirect not only gives them a run for their money, it runs them out of town (and I lived with Reliance during their initial teething problems!!!).
All I can say is, look elsewhere.