KGSIPO
TF Premier
All banks have ASBA facility in their Netbanking to apply for Inital Public offer ( IPO ) and ICICI bank has also provided ASBA facility in Netbanking. From the last week, the ASBA facility in the ICICI Netbanking is disabled for unknown reasons. If we have a ICICI 3 in 1 trading account, the IPO can be applied through ICICI direct using the funds of ICICI saving account. The standard reply from ICICI bank was to apply IPO manually in the ASBA enabled branch ( only 180 ICICI branches asba enabled ) till ASBA in netbanking enabled and they have not given any time frame. Hence, ICICI bank forcing all its customers who want to apply IPO to open 3 in 1 account trading account which has very high brokerage. The so called ICICI bank ( One of the three biggest bank in India ) behaving very cheaply by adopting above tactics and denying us a basic facility in netbankng which other banks provide. We cannot shift the huge money to the another bank as the amounts are locked in linked Fixed deposits ( The money in this deposit can be utilized for applying IPO) and we have to break up losing a good amount of interest and the new interest rates are also become lower. Emails and twitter posting is not working as ICICI bank has disabled ASBA intentionally making us to open ICICI trading account or they want us to break the FDs to escape from paying higher interest. Although the RBI , finance ministry and Government want to go to digital for everything, ICICi bank forcing manual application which is against the government policy. The arm twisiting policy by ICICI bank to make cheap money by the monopoly behaviour. If the other banks like HDFC, SBI is also started saying that the application of ipo is possible through their demat accounts only, where RBI and goverment stands?. The Securities and Exchange Board of India (SEBI) formed the ASBA (Applications Supported by Blocked Amount) rules for IPOs and this policy of ICICI bank is against this. When conatcted SEBI, they are asking to complaint to RBI. Kindly advise how to proceed in this case strongly.
