ICICI DIRECT.COM SERVICES

Dear Sir,

At present I am in potential loss of Rs. 18 lacs. It seems there is some major system errors are there in ICICIDIRECT services and many customers are loosing money.

I am follwing up with ICICI for the last 1 month but still problem is not resolved. Also all the time I am getting feedback from differenct customer service representative but nobody is giving clear solution.

Requst you to intervene and advise forward path.

My detail correspondence with ICICI is as below.Also if required I am ready to provide order/trade details.

From:

PRAYAG RAVAL <prayag1 AT yahoo.com> | Add to Address Book | This is spam

To: Customer Care <customercare AT icicibank.com>

Subject: RE:'ICICICARE=026-682-251' Fwd: Fwd: FUTURE ORDER PROBLEM

Date: Sat, 05 Jan 2008 19:14:15 IST

Cc: sebi AT sebi.gov.in

Note: To help protect your privacy, images from this message have been blocked.View images | What is this?

REMINDER 2

Dear Sir,

Till date I have not received any clarification from your end.

Request you to expedite the matter for the forward path.

At present the January Month Essar Oil future price is trading at Rs. 340. I would like to square off all the quantities to close the open positions.

Best regards

Prayag Raval

Customer Care <customercare AT icicibank.com> wrote:

Dear Mr. Raval,

Having looked into your concerns, we require few more days to resolve the issues raised by you.

We would confirm thedetails within 4 working days.

Sincerely,

Sandeep Gade

Customer Service Manager

ICICI Bank Limited

"iCLICK-2-GAIN"

"You now have access to real time trading tips on our site, this feature is "iCLICK-2-gain" & it is available on right hand side of the equity page"

Register your request for Demat Account Holding / Transaction statements / bills or query for the status of any form submitted at the branch by selecting the 'Create Service Request' option under the 'Demat' menu on Internet Banking.

If you have changed your mailing address or your telephone number(s), please obtain the Address Change Request Form from our website

http://www.icicibank.com/pfsuser/channels/anywhere.htm or from any ICICI Bank branch or ATM.

DISCLAIMER:

This e-mail message may contain confidential, proprietary or legally privileged information. It should not be accessed by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender.

You will appreciate that e-mail transmission cannot be guaranteed to be secure or error-free as its contents are susceptible to loss, damage, interception, destruction, etc. Before opening any attachments please check them for viruses and defects.

The notice appended to the e-mails is not intended to prejudice the interests of our customers in any manner or to evade responsibility for any act of done with the endorsement of ICICI Bank.

-----Original Message-----

From: PRAYAG RAVAL (prayag1 AT yahoo.com)

Date: Thursday, December 27, 2007 12:44 PM

To: Customer Care (customercare AT icicibank.com)

Cc: sebi AT sebi.gov.in (sebi AT sebi.gov.in)

Subject: RE: Fwd: Fwd: FUTURE ORDER PROBLEM

Dear Sir,

In addition to the data in appended mail, pls. find future price charts of all the open position during period 01.11.2007 to 15.11.2007.

As mentioned in appended mail by Mr. Dipankar Sarkar

" Note: As checked, you had more than one contract open on that particular day. Hence there is a possibility of requirement of margin."

Pls. check the charts, they are clearly shows increase in price for all the futures during period 12.11.2007 to 14.11.2007.

Treat the matter as most urgent as of now I am in potential loss of 18 lacs.

Pls. clarify this as early as possible.

Best regards

Prayag Raval

Customer Care <customercare AT icicibank.com> wrote:

Dear Mr. Raval,

Your query is being attended to. Having looked into your concerns, we find that it will take 7 more working days to respond.

Sincerely,

Sarita Panda

Customer Service Manager

ICICI Bank Limited

"iCLICK-2-GAIN"

"You now have access to real time trading tips on our site, this feature is "iCLICK-2-gain" & it is available on right hand side of the equity page"

Register your request for Demat Account Holding / Transaction statements / bills or query for the status of any form submitted at the branch by selecting the 'Create Service Request' option under the 'Demat' menu on Internet Banking. We would like to know whether you were satisfied with this e-mail interaction.

If you have changed your mailing address or your telephone number(s), please obtain the Address Change Request Form from our website

http://www.icicibank.com/pfsuser/channels/anywhere.htm or from any ICICI Bank branch or ATM.

CONFIDENTIALITY INFORMATION AND DISCLAIMER

This e-mail message may contain confidential, proprietary or legally privileged information. It should not be accessed by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender.

You will appreciate that e-mail transmission cannot be guaranteed to be secure or error-free as its contents are susceptible to loss, damage, interception, destruction, etc. Before opening any attachments please check them for viruses and defects.

The notice appended to the e-mails is not intended to prejudice the interests of our customers in any manner or to evade responsibility for any act of done with the endorsement of ICICI Bank.

-----Original Message-----

From: PRAYAG RAVAL (prayag1 AT yahoo.com)

Date: Tuesday, December 25, 2007 12:20 AM

To: Customer Care (customercare AT icicibank.com)

Cc: sebi AT sebi.gov.in (sebi AT sebi.gov.in)

Subject: RE: Fwd: Fwd: FUTURE ORDER PROBLEM

Hi,

Thank you vry much for your clarification but I would like to add that on that day all the Open positions were in PROFIT.

Pls. find attached file showing CASH PROJECTION from dt.12.11.2007 to 14.11.2007.

Pls. note that during this perion, my margin script wise posion was,

RELCOM NOV 2007 : -7490 + 8470 + 11725 = 12705 +

ZEETEL NOV 2007 : 140 + 2065 + 6230 = 8435 +

RELCOM DEC 2007 : -7140 +8855 + 11655 = 13370 +

ESSOIL JAN 2008 : 11300 + 6497.5 + 8192.5 = 25990+

As per above, my all positions were in positive margin during this period.

I am repeatedly asking why my position was automatically squared off when I was in profit ?

I request you to clarify this as early as possible. Otherwise I would like to go for consumer protection court for final resolution.

Best regards

Prayag Raval

Customer Care <customercare AT icicibank.com> wrote:

Dear Customer,

We have tried contacting you for speedy resolution of your query at 9328110825 on December 24, 2007 at 14.24 but we were unable to contact you.

As confirmed earlier, your position squared off because there was a storage of additional margin requirement of Rs. 21,252.78.

Note: As checked, you had more than one contract open on that particular day. Hence there is a possibility of requirement of margin.

Sincerely,

Dipankar Sarkar

Customer Service Officer

ICICI Bank Limited

Register your request for Demat Account Holding / Transaction statements / bills or query for the status of any form submitted at the branch by selecting the 'Create Service Request' option under the 'Demat' menu on Internet Banking.

DISCLAIMER:

This e-mail message may contain confidential, proprietary or legally privileged information. It should not be accessed by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender.

You will appreciate that e-mail transmission cannot be guaranteed to be secure or error-free as its contents are susceptible to loss, damage, interception, destruction, etc. Before opening any attachments please check them for viruses and defects.

The notice appended to the e-mails is not intended to prejudice the interests of our customers in any manner or to evade responsibility for any act of done with the endorsement of ICICI Bank.

-----Original Message-----

From: PRAYAG RAVAL (prayag1 AT yahoo.com)

Date: Monday, December 03, 2007 04:47 PM

To: Customer Care (customercare AT icicibank.com)

Cc: prayag1 AT rediffmail.com (prayag1 AT rediffmail.com); sebi AT sebi.gov.in (sebi AT sebi.gov.in)

Subject: RE: Fwd: Fwd: FUTURE ORDER PROBLEM

Hi,

I would like to clarify that,

1. I know the rules and margin allocation. Everyday I am checking the min. margin and the current margin.

2.The Future will be automatically squared off if the margin falls below the min. margin. But here I was always in profit, and on the order execution date it was up by 9 Rs. hence I was in profit of Rs. 5650 X 9 = 50850.

I am not convinced with the argument.

Request you to provide the proofs, otherwise I have to go for legal authorities.

You can check my account details, always I am maintaining more amount then required in FUTURES.

Note : Respected SEBI,

Pls. record the correspondence for offical purpose.

Best regards

Prayag

Customer Care <customercare AT icicibank.com> wrote:

Dear Customer,

The system had squared off your order as the additional margin was short of Rs. 21,252.78.

Whenever the margin amount goes below the minimum margin required the system squares-off the order.

We would like to explain to you that Minimum Margin is the margin amount, you should have to maintain with us at all times. Once the available margin with us goes below the required minimum margin, our system would block additional margin required from the limit available. Available margin is calculated by deducting MTM (Mark to Mark)loss from margin blocked at position level. Once the available margin falls below the minimum margin required, our system would block additional margin required out of the limits available. if limits are not sufficient to meet the additional margin requirements then our risk monitoring system can place a square off order at market rate to close the position. While making an online check for available additional margin, our system would restrict itself only to the extent of limits available in your allocation and would not absorb any amount out of un-allocated funds. This is to keep your normal banking operations undisturbed. It is, therefore, advisable to have sufficient funds allocated for trading when you have open margin positions.

We would also like to inform you that always allocate additional margin by clicking on the Add Margin on the "Open Position - Futures and Options" page by specifying the margin amount to be allocated further. However, you should keep in mind that whatever margin you add during the day will remain there only till the end of day Mark to Market (EOD MTM) is run or up to the time you square off your position in that underlying and group completely. If you want to add some more margins on the next day towards the same open position, you will have to follow the â??Add Marginâ?? process again.

Sincerely,

Preeti Puthran

Customer Service Officer

ICICI Bank Limited

"iCLICK-2-GAIN"

"You now have access to real time trading tips on our site, this feature is "iCLICK-2-gain" & it is available on right hand side of the equity page"

Register your request for Demat Account Holding / Transaction statements / bills or query for the status of any form submitted at the branch by selecting the 'Create Service Request' option under the 'Demat' menu on Internet Banking. We would like to know whether you were satisfied with this e-mail interaction.

If you have changed your mailing address or your telephone number(s), please obtain the Address Change Request Form from our website

http://www.icicibank.com/pfsuser/channels/anywhere.htm or from any ICICI Bank branch or ATM.

ICICI Bank reserves the right to use its customers' comments/criticism/compliments in any manner or media and will exercise discretion in such use."

CONFIDENTIALITY INFORMATION AND DISCLAIMER

This e-mail message may contain confidential, proprietary or legally privileged information. It should not be accessed by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender.

You will appreciate that e-mail transmission cannot be guaranteed to be secure or error-free as its contents are susceptible to loss, damage, interception, destruction, etc. Before opening any attachments please check them for viruses and defects.

The notice appended to the e-mails is not intended to prejudice the interests of our customers in any manner or to evade responsibility for any act of done with the endorsement of ICICI Bank.

--------------------------------------------------------------------------------

Never miss a thing. Make Yahoo your homepage.

--------------------------------------------------------------------------------

Never miss a thing. Make Yahoo your homepage.

<<cash projection essar oil.doc>>

--------------------------------------------------------------------------------

Be a better friend, newshound, and know-it-all with Yahoo! Mobile. Try it now.

<<ESSAR OIL CHART.doc>> <<RCOM NOV CHART.doc>> <<RCOM DEC CHART.doc>> <<ZEETELE NOV CHART.doc>>