I use ICICIDirect as my stock-broker, and recently received a mail from BSE indicating a negative balance of 1.6 lakhs.
I am a buy-and-hold investor, and only do delivery-based transactions. Never used F&O or margin trading. The strange thing is:
- There never should have been a negative balance, because ICICI blocks cash before it allows a Buy order.
- Its been many months since I did any transaction through BSE.
Looking through my past transactions, I found one with a matching amount:
It seems that ICICI used the cash float from my NSE transactions for some invisible transaction on BSE. The problem is that they did it under my account and I am being held liable for transactions I cannot see and never authorized.
I forwarded the email to headservicequality@icicidirect (mentioned in BSE's mail) last Friday, and sent a reminder today early morning. I also contacted my relationship manager and the compliance officer at ICICI yesterday. It's been atleast two full working days and I have not heard back from anyone.
What are the options open to me? Any advice/suggestions would be greatly appreciated.