ICICIDirect - black spot on ICICI name

I have had several complaints against ICICI Direct, but because of inertia, have continued to trade with them. But this morning, the site is down, and I haven't even been able to login!

Any one else facing this problem?

It is quite bad that India's largest Private Bank has such a shameful operation - they blatantly encourage wild speculation with their commission structures - by charging zero commissions for "Bullet Trades" that are closed within 5 minutes, and charge lesser for Intraday trades. Whereas, for Overnight positions, they charge way higher rates.

The list of such ridiculous things done by ICICI Direct is almost endless - I wonder when they will pay the price for this bull ****.

Same here, they will pay heavily. I fought with them just before i shifted to Zerodha. They were reluctant to acknowledge what problems people have with them.

You go to a casino , play and lose and blame the casino that they encourage speculation. Who asked you to play ?

Bullet Trades/zero commissions or any other product are designed for a purpose/category of traders. If you don't fit in that group, you have to stop using those features.

Zerodha came up with 20 rs/order. And now discount brokers are almost doing it for free. What are they doing ? Controlling Speculation ?

people get attracted by the big name and then trapped in three-in-one account offers.

you can keep ICICI Direct for mutual funds, bonds, IPO etc but shift trading activity to any discount broker

If you even notice my posts, all my ideas are for long term fundamental investing. Or in specific cases, rerating of stocks like ICICI because of specific events like the ICICI Pru IPO. I never look at intraday trading, etc.

I just think a responsible broker has no business encouraging irresponsible speculation, by offering zero commission for 5 minute trades. If you don't see that as being irreponsible, then that's your view point, got it.

The list of such things indulged in by ICICI Direct is quite limitless. And believe me, even inside ICICI people aren't very happy with ICICI Direct functioning. God only knows why they don't do anything about it, though. Probably the lure of the easy money is hard to resist.

Of all the entities in the ICICI group, this is by far the most shameful.

Lot of banks missell for commissions, this is established long term behaviour so it should not surprise.

I would say shift to discount brokers like zerodha/rksv/sasonline etc. I use zeordha for demat, No misselling by them ever. They dont even charge brokerage for delivery now.

Miss-selling for commissions is one thing - it is a one time loss to the person who is the victim of the miss-selling.

This is not miss-selling. This is much worse.

This is akin to a drug dealer giving initial supply of drugs free, to get the person addicted to something that is not healthy. And once the person is addicted, then he will want the drug, even if it is no longer free! And will only be able to shake off the drug after a painful de-addiction process that is triggered only after lot of pain and loss.

Zerodha on the other hand is way more responsible - what they are offering for free is delivery based investment. That is encouraging responsible behavior in customers. What ICICI is doing is encouraging irresponsible behavior.

Bro, don't trade with them. You know very well about the product and still trade there and complain. Traders will have different requirements and products will be designed based on that. In this case,that product is not for you. You are saying that you are basically a investor. Why did u use a intraday product with them. You understand your trading/investing pattern and then choose your broker and their product accordingly.
I trade through zerodha. and invest through hdfc sec. I think brokerage am paying at hdfc is 0.5. But still I do it with them because I can never take a risk to keep 15 lakhs portfolio with a discount broker.
Icici is biggest stock broker in India. You think they can manage this status if they so bad.
One big problem is, as traders we will have a mindset against brokers. No broker is doing public service. They are running business. Don't expect any kindness from them.
And fyi if zerodha is proving free delivery trades, don't assume they are doing service. It is a strategy to attract investors and increase their concerned DP book.