ICICIDIRECT Beware - Cunning Foxes

This is something that happened in my Dad's ICICIDIRECT DEMAT account that i was managing.

We sold off all the shares we had in his account in June 2011. All shares got sold off properly except Genesys (423 Shares). We had then sold off Genesys at 240 Rs and everything was settled and we used up the cash for my marriage.

It seems like ICICI had problems with its back-end and had trouble delivering the shares to the exchange and 4 months later ICICI debited 10 thousand odd rupees in the name of auctioning with the below message.

01-Dec-2011
423 shares of GENESYS has been auctioned by BSE for sale done by you in sett. no. 201112061. Total auction amount is Rs. 101206.40 out of which we have recovered Rs. 92602.89 from your linked bank a/c no. 000901596xxx

Below's the snapshot of sett. no. 201112061 that was for sell order of Genesys way back in June.


This is atrocious. How in the world can ICICI punish the customer for its incapability to deliver shares to the exchange.

I have raised service requests with ICICI Customer care and waited for almost 20 days with no resolution. I am gonna have to battle more (Planning to step into a branch and not move until i get a resolution).

Just a piece of advise for everyone here. Watch your bank statements closely. ICICI can rip you off and wipe out your balances for no mistake of yours.