ICICIDirect doesnt send all the IPO bids to stock market

#1
Hi,

There is a rumour going around that although ICICIDirect accepts biddings for IPO's but they
do not process all the bids and donot send them to the stock exchange. As a result you never get IPO's alloted to you.

A lot of people seem to have complained that they do not get IPO's alloted to them when they apply through icicidirect.

Please give me some feedback on your experience with ICICIDirect?

How is Indiabull's or Sharekhan?

Thanks,
Nilendu
 
#3
I think,

Our Stock Exchages are very immature when it comes to IPO's. As for Equities and Derivaties, the provide us with a reference order number.

The same can be done for IPO's also. The best part of this will be every trader should be able to verify his bid in the NSE/BSE Website.

This way no DP (Depository Participicant) can cheat us

The flow goes like this

Investor - > DP -> NSE /BSE - > IPO Company (or to the Agent)....

When alloted the same reverses back.. This is one to ensure Transparency.

Anbody from NSE Listening?

Satya
 
#4
nilendud said:
Hi,

There is a rumour going around that although ICICIDirect accepts biddings for IPO's but they
do not process all the bids and donot send them to the stock exchange. As a result you never get IPO's alloted to you.

A lot of people seem to have complained that they do not get IPO's alloted to them when they apply through icicidirect.

Please give me some feedback on your experience with ICICIDirect?

How is Indiabull's or Sharekhan?

Thanks,
Nilendu
well i for one can say that since 3 i infotech have applied for every single one through Icici direct and never got an allotment. i was getting fatalistic. now that you mention this maybe i should talk and find out through Icici direct. But again why should i bother?
with all the bad flak Icici direct is recently getting in these forums, like being slow, not placing/executing orders at right time, not being able to place orders on stocks like Apollo sindhoori etc and now this IPO thing.
anybody know anything of Kotakstreet/Indiabulls etc?
 
#5
nilendud said:
Hi,

There is a rumour going around that although ICICIDirect accepts biddings for IPO's but they
do not process all the bids and donot send them to the stock exchange. As a result you never get IPO's alloted to you.

A lot of people seem to have complained that they do not get IPO's alloted to them when they apply through icicidirect.

Please give me some feedback on your experience with ICICIDirect?

How is Indiabull's or Sharekhan?

Thanks,
Nilendu
I agree with you. Just take the case of IDFC IPO, though I had applied at the cutoff rate, I have not got a single share. From the look of things and the bad reputation they are having with investors, like you said they accept our bidding but might not be sending it. SEBI and the authorities concerned should ensure that there is transparency by which once we apply through any broker we should be able to see it on BSE/NSE site. This way we will know whether our bid has reached the exchange or not.
 
#6
Hi,

Looking To The Seriousness Of Matter , Should Be Highlighted
With Sebi,controller Of Capital Issues , Min.of Finance.
 
#7
They might be investing our money for 1 whole month and simply returning us the principle amount after one month.

This is cheating!!!


- Nilendu
 
#8
The Thread Makes Interesting Reading! However, Icicidirect Generates An Application Number, Which Can Be Used To Check The Status Of Your Application With The Book Running Managers/syndicate Members Like Karvy/emam Securities Etc. And Thereby No Chance Icicidirect Could Meanwhile Misuse Ur Money.

However, I Wouldnt Say The Same About Other Mom-&-pop Dp's/finance Comp's Mushrooming Around The Country.
 
#9
ICICIdirect uploads each and every IPO bid received by it to the Exchange. The Exchange assigns a TRS no. i.e. Transaction Registration Slip No.(an unique no. assigned by the Exchange for each bid). This TRS no. is updated back on icicidirect.com The Investor can also cross verify the TRS no. either with the Exchange or the Registrar to the issue.

The allotment is totally dependent on the Post issue Lead manager and the Exchanges who decide the basis of allotment. ICICIDirect has no role to play in allotment or non-allotment of shares to a particular application
 

Traderji

Super Moderator
#10
ICICIdirect.com said:
ICICIdirect uploads each and every IPO bid received by it to the Exchange. The Exchange assigns a TRS no. i.e. Transaction Registration Slip No.(an unique no. assigned by the Exchange for each bid). This TRS no. is updated back on icicidirect.com The Investor can also cross verify the TRS no. either with the Exchange or the Registrar to the issue.

The allotment is totally dependent on the Post issue Lead manager and the Exchanges who decide the basis of allotment. ICICIDirect has no role to play in allotment or non-allotment of shares to a particular application
Thanks for clarifying to the members of this forum.

BTW are you the official representative of ICICIDirect.com?
 

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