ICICI Direct is one the most expensive brokerage sites. It charges almost 1% as brokerage, and 500/- p.a. to maintain an account and then on that of it, although NSE and BSE work on T + 2 system (the payment/share transfer happens 2 working days after the transaction date) ICICI wants all the shares/money upfront (even before the actual transaction happens)
I was living to all this crap thinking that since I do not transact very often, this high brokerage should not reduce my profitability much. If you charge premium prices, then give service worth it. But all you will get from ICICI is either very slow website or website down. Market (esp the midcaps are up today, but ICICI website was down all day. Hence I could not make the sale on time. 🙁
here is the snapshot of the most familiar page on ICICI-direct.
Luckily I do not indulge in Day trade or did not have any open futures contract, otherwise i cannot even imagine how big a fortune i would have lost.
11 replies on “Website Down”
Very true some of my friends are started moving to reliance money/ religare which seems to be offering better service.
If somebody looses a large sum of money due to the technical problems of the broker is there any legal recourse available to the investor?
@anon
actually a reliance money agent did approach me and I was surprised the brokerage he demanded was 1/5 of what icici charges, but still i was too lazy to switch. a mistake which i wll regret.
@prerna
i am sure there must be atleast 1-2 clause in the 30 page long agreement which would have said that ICICI does not guarentee that the website would be functional all the time.
but yesterday’s situation was pathetic… market crossed 20k, midcaps (which i had bought during diwali were up 30% or so) and to add to my woes… i am traveling today.. so the next opportunity i will get to trade would be on monday… thats like 4 years for a trader.
well icici again this must be ur zillionth post
nyways i hated icici direct as both their ptcost and their maintainance and their service and interphase were pathetic
how r religare and reliance money ?
i wouldnt mind having an account
after dealing with 5 paisa (the worst brokerage)
finding the interphase of indiabulls irrritating
fireing the hell out of an icici person for poor cust service for my uk friends moms account
and still thinking of retaining sharekhan whose ac
i have but dont use often but seems attractive because of the rates
Personally i prefer KOTAK securities the most as they are not as pricy as icici but their service is unmatched and their book keeping immaculate
u could seriously think kotak for a long term pf
//well icici again this must be ur zillionth post//
you can now understand how much they have harmed me… indias largest private lender has one of the shittiest service on earth. and the irony is that i have always maintained a buy position on ICICI. even did a post encouraging people to buy its stock.
//how r religare and reliance money ?//
u tell me.. i have no exposure.. but reliance money can save me over 80% in transaction charges alone which is a small fortune in itself.
hey can u mail me the details and charges about kotak… i seriously think that i should take my business elsewhere.
on kotak
http://www.kotaksecurities.com/home/index.html
this is the basic website
this is the trading site
https://kstrade.kotaksecurities.com/
it gives u a general idea how menus are configured
types of acs
http://www.kotaksecurities.com/accountsection/index.html
the regular demat ac cgs apply say im billed like 35 bucks a mth trn cgs extra
if u send me ur no via email ill make someone calls u back
thanks prax 🙂
my email is ankur {at} enagar . com
u seriously want to open an ac wt kotak
i wanted ur phone no to give to them
i know ur email address as it is clearly stated in ur blog 🙂
thanks for the offer.
i have dropped my name on the website… lets hope they call me back
cool if u need ny help mail me
ill give ur email address to their call centre ppl
The reliance money platform is quite good and the use of reliance net connect, also makes it faster.