Respected Sir/Madam,
I am writing to bring to your attention an issue that has caused me significant distress and financial loss. I hope you can guide me on the next steps to resolve this matter, as I believe I have been wrongfully charged for services I did not request or use.
In 2019, I submitted a formal request to ICICI Securities to close my Demat account. Shortly after submitting this request, I received an email from ICICI Securities confirming that my trading account had been closed. However, there was no specific mention in the email regarding the status of my Demat account. Given the assumption that both accounts—trading and Demat—were linked and that my request for closure would apply to both, I did not seek any further clarification or communication from ICICI Securities. I believed that my request had been processed in its entirety and, thus, forgot about it, trusting that the necessary actions had been taken by the concerned department.
Recently, in April 2024, an executive from ICICI contacted me and informed me that my Demat account was still active. This information came as a complete shock to me because I had believed for all these years that the account was closed as per my initial request. Immediately after this conversation, I reviewed my bank statements, only to discover that I had been charged ₹826 per year from 2019 onward. This charge was applied annually, indicating that the Demat account had remained active despite my clear instructions to close it.
Understanding the gravity of the situation, I decided to file a formal complaint through the SEBI SCORES portal, seeking clarification and a refund of the charges that were levied against my account under the mistaken belief that it was closed. The initial response from ICICI Securities stated that my trading account had been closed, but the Demat account had remained active and was only closed in April 2024. They argued that the charges applied to my account were legitimate, as the Demat account was considered active during that period.
Feeling dissatisfied with this response, I decided to file an appeal on the same platform. I made it clear that my request in 2019 was to close both the trading and Demat accounts, and I provided evidence in the form of the email I received confirming the closure of my trading account, which I had understood to include the Demat account as well. In response to my appeal, ICICI Securities provided the following statement:
"This has reference to the complaint dated 09-05-2024 and 13-05-2024 of Complainant pertaining to the closure of the account for UCC: XXXX. As per our records, we would like to state that:
- The complainant's trading and Demat accounts were permanently closed on 21-JAN-19, with no funds/securities in these accounts.
- For bank account-related concerns, please contact the bank.
Yours faithfully,
ICICI Securities Limited."
The statement from ICICI Securities introduced more confusion into the matter. While they indicated that both the trading and Demat accounts were closed in January 2019, their actions and continued charges contradict this claim. They simultaneously maintained that the Demat account was only closed in April 2024. This contradiction is both frustrating and concerning, as it directly affects the validity of the charges that have been applied to my account since 2019.
Given the conflicting information, I decided to escalate the matter further by lodging a complaint on the SmartOD portal with the depository (NSDL) and ICICI Bank. I hoped that bringing in additional parties would help provide clarity and expedite a resolution. However, the responses from these entities did not address my concerns satisfactorily. The replies I received were as follows:
- The first response was from ICICI Securities (the same response provided on the SEBI SCORES portal) rather than ICICI Bank. ICICI Securities acknowledged that the account was closed but suggested that I include them as a party in a new appeal.
- Acting on their suggestion, I submitted a new complaint on the SmartOD portal, making NSE and ICICI Securities parties to the issue. However, the response stated that the Demat account falls under the jurisdiction of ICICI Bank, not ICICI Securities. As a result, ICICI Securities claimed they could not assist further in this matter.
This back-and-forth between different entities within the ICICI Group has been a source of immense frustration for me. Despite both ICICI Bank and ICICI Securities being part of the same corporate group, there seems to be a complete lack of coordination and communication between them. Instead of providing a coherent resolution to my problem, they have been redirecting me between different departments and entities without taking any responsibility. This has caused significant mental and emotional distress and financial harassment.
I believe that the annual charges applied to my account since 2019 are completely unjustified. I had clearly requested the closure of both the trading and Demat accounts in 2019, and it was reasonable for me to assume that my request had been fully honored. I did not receive any communication indicating that the Demat account remained active, nor did I consent to the annual charges being deducted from my bank account. Given this situation, I feel I have been unfairly treated and am entitled to a full refund of the charges applied to my account since 2019.
Therefore, I seek your guidance on how best to resolve this matter. Despite multiple attempts to escalate this issue through various channels, I have not received a satisfactory resolution. It appears that both ICICI Bank and ICICI Securities are unwilling to take responsibility for the discrepancies in their records and the resulting wrongful charges.
Could you please advise me on the appropriate steps to take next? Should I consider approaching the Banking Ombudsman, Consumer Court, or any other regulatory body? And who all should be made party? I am determined to resolve this issue fairly and promptly, and I would greatly appreciate any assistance or direction you could provide.
Thank you for your attention to this matter. I hope for a swift resolution to this issue and a full refund of the charges that were wrongly applied to my account. Your assistance and guidance in this matter would be invaluable to me.
Regards,
Vishwanath
