The ICICI Direct is the broking arm of ICICI bank. ICICI people encourage to open 3 in 1 account (bank account, trading account and demat account). They convince the clients enumerating the benefits of transaction at same platform.
If one desires to buy securities through ICICI Direct platform, he must allocate amount to trading account for this purpose. This simply means that the client must transfer money from ICICI bank account to his trading account in a fraction of second. But ICICI Direct charges for all such allocations and deallocations. Is it fair? They might say that the client has agreed for the same by signing on the dotted line, but the question is not of legality but of fairness in trade. Is it fair to charge for allocation and deallocation of money from ICICI bank account to trading ICICI Direct trading account?
Besides these, the ICICI direct trading platform doesn’t allow you to deallocate money from trading account on certain days and certain hours even if you have NIL position in trading account. Is it fair?
May be that other banking brokers are indulging in the same practice. But the question is of fairness. Given the popularity of ICICI Direct trading platform, this ‘other’ income must hundreds of crores. Would SEBI take cognizance of this?
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