Rs.10K reward for anyone who can help me icici direct FNO working (problem 3).
Disclaimer: I have been an employee of ICICI Securities and retired from their after 12 years of employment. (80% of my work career). I am by default a customer of icici direct for 14 years as employees of icici securities can only use icici direct for investing.
Problem 1: The backend cares a damn about customers; the front end is not trained enough to respond to queries of changes done by the back end.
Situation: Being an active market investor – I park my surplus fund in liquid funds (HDFC AMC), so that I don’t miss any opportunity. these funds are generally available at 24 hours’ notice and I am doing this for the last 10+ years. However, since last, 1 month time taken to withdraw is 5-10 days. The reason being attributed is “pending for processing at the Registrar’s end. This is a new development as customers have to select the mode of payment.
I only use the OLD icici direct website (the new one is shitty) and the option to select the mode of payment is only on the new site. Also, the 2 options to select the mode of investment/payment are given as – PHYSICAL FORM and DEMAT FORMAT. Now common sense will say that the better option to select is the Demat form. BUT icici direct likes to challenge common sense- demat form will ensure delayed payout, whereas physical from actually means electronic units. Big round of applause for nomenclature selection by ICICI direct. PHYSICAL from is the new IN thing. Now the sums I am talking about are decently large and nobody at icici direct cared to inform me or their front-end team of the changes. Also, I have learned a lesson – always use the new site – the old site may be better – but mgmt. will ensure the shift to new adding such bugs.
I needed the money to do the HNI application in Nykaa. Lost opportunity. I had applied for redemption on 26th October and reapplied on 2nd Nov as instructed by people at icici direct. Still not got my money.
Problem 2: The namesake business of RM and equity advisors.
When I log in to icici direct account there are 2 people who are mapped to my account. An RM and an equity advisor. The RM while mapped – when contacted informs me he/she is not the RM. This mapping (BIG SURPRISE) is done by icici bank. Why the hell is icici bank – mapping customer of icici direct??? Maybe it is to make the customer feel good. While in effect he cannot actually get any priority help. Also, with icici bank doing the mapping, icicidirect blames icici bank for the wrong mapping and icici direct absolves itself from responsibility. I cannot of course reach out to icici bank for my problems with icici direct. I should not be reaching out to the president of India if my MTNL connection is not working.
However, what is interesting is that the RM of icici bank is aware of all my investments via icici direct and is continuously asking me to do the MF investments via icici bank. this will help him personally. Really appreciate the enterprising nature of icici bank, but please don’t compete with icici direct, and even if you do – please remember the convenience of the customer.
The equity advisor only calls you once in 6 months to make his presence known. He is otherwise of no help.
Problem 3: Impossible to file tax returns using a report from ICICI direct.
Now that I have left icici securities – I can trade in futures. However, for tax purposes, it’s nearly impossible to calculate your annual F&O profits from reports provided by icici direct. This is definitely a problem for people who have unexpired options and futures at the end of the year.
In the F&O p&L, icici direct gives you your profit based on MTM and inflows but does not adjust for premium on options bought or sold last year ( which is fine). In the F&O section – portfolio – it is not possible to know P&L based on dates but only based on contract month. So even if you select April to march – the trades are done for next year’s April contract in March will be missing. And they do not allow you to select based on dates.
Just to highlight what discrepancy it can cause – as per the F&O bill I incurred a loss of 10L last year, whereas as per the F&O portfolio I incurred a profit of 12L. the reality is that I actually did a profit of Rs 10L. But the only way to figure out to do the right tax reporting is to download and enter everyday contract notes and bill details. And icici direct will not oblige in providing them in excel format – even if you ask/beg to the senior mgmt.
Why am I still continuing with ICICI direct and complaining?
Well, I have shifted 95% of my transactions to Zerodha. However, after leaving ICICI direct – in a moment of heightened brand/company loyalty, I opted for the 3L prepaid brokerage plan. I have exhausted 80% of it. Need to exhaust the remaining before I say goodbye.