Serious issues with IPO through Zerodha and ICICI ASBA

Zerodha
1

Observed this issue with one of my clients portfolio.

They applied through for Mrs Bectors IPO through Zerodha but using ICICI ASBA. When the allotment was successful, the Mrs Bectors showed up in both the portfolios - icici direct and zerodha. They sold all the Bectors through Zerodha but could not place any sell order through ICICI Direct - it gave message saying ‘not available - allocate first using demat allocation’ - blah blah !!

We checked the ICICI direct details and found that there were many such issues in ICICI Direct (or it may be zerodha issue? ) . There were many shares in ICICI Direct portfolio that were missing in ICICI Direct demat allocation.

This is alarming and frustrating to see how such basic things are not sorted out by ICICI Direct and Zerodha. What is SEBI, NSE doing ? How can we rely on these institutes for investment of our hard earned money?

Please check your ICICI Direct and zerodha account. May be we should tweet this and wake up these guys.

2

If your client used the Zerodha demat details while applying, the shares will only be available in the Zerodha account for selling.

It’s possible that ICICI Direct must be displaying these allotments as part of your portfolio to easily track them. You won’t receive allotment for the same IPO in two demat accounts if you’ve made one application with your PAN.

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