I have a bad experience with ICICI Direct too. On Nov-4, I placed orders to SELL RIL @ Rs 1440. The stock went over that price but still it was showing as “Status = Ordered” and not “Executed”. During this time the Modify / Cancel links were very much active and their poor IT systems could let me do that as well.

I called local bank and they told -E’thing was fine at their end and asked me to call ICICi Direct helpline on 98455 78000 and after 5 minutes someone by name Rakesh Keshwatkar answers. I tell him about my difficulty and he says, Sir, Please Call after 3:30. WTF ? Then he puts me on a long hold time and tells me their IT systems are having problems and he can only tell me what has happened after markets close at 3:30. When I ask him if order is not executed who will be responsible, he had no sense of customer responsiblity and arrogantly said, ICICI will not compensate anything.

Now what I am suspicious is, did ICICI Queue my order for selling RIL @ Rs 1440 and executed it at a price when it was over 1440 ? Why I am saying this is, the Trade ID and the Order ID which ICICI Gave, I tried to see Trade Matches on NSE website but I didn’t find anything.

Our Country’s watchdog SEBI must be asleep. Does SEBI Audit these trading systems before they are given a go ahead for live trading ? If not, SEBI should immediately suspend brokers such as ICICI Stock Direct who do not even have the courtesy to talk to customers and apart from this they are doing all sorts of non-sense. Aren’t these online share brokers taking investors for a ride ?