A similar drama unfolded last week while trying to sign Tina up for a demat account for online trading. An ICICI bank salesperson named Ranjit Singh from their Thakur Village branch immediately initiated the process of setting up an account etc. We were about to leave for Singapore, and were keen that the account be up and running, so that we could act on some tips and invest. Amazingly, this guy would call back every day with some or the other requirement that he had forgotten to mention to us, which kept delaying the process!! This document, that original etc etc. And of course his goal was only to claim a commission on starting a new account before 31st March! Needless to say we never heard from him since, despite promises that he would courier the documents to us, “Even if you are in America, sir!” It was only yesterday, a full 22 days later, that the account was activated; meanwhile, that tip we had — the shares rose 50%, which means that we cd have doubled our money! In all fairness, I must say that the ICICI Direct representative who ran us through the activation process, Lalit Sharma, was as efficient as he was courteous, and did much to repair the damage that the inept before him had caused.
I feel that we lack in the training department. For instance, in a country like South Africa, there is so much emphasis in the corporate sector to constantly upgrade the skills of workers at this level; not to mention countries like Japan and Singapore, where the entire consumer experience is made so pleasant and addictive that one becomes a loyal customer for life. In India its still as though the salesperson is doing you a favour by serving you, and is not bothered to learn the basics of his/her job. Also, more than consumer redressal, I feel that consumer education is the need of the day.
I don’t want this blog to turn into a repository of rants against “the system” but I do feel that we could share tips which could help all of us be smarter consumers. What do you say?
Anand Jage says
Keep writing Bhaiyaa.. Make us smart consumers 🙂
ICICI Direct is one of the most expensive online broking sites!! You cd try shrekhan or reliance money
Thats actually the need of the hour ! To BE Smart consumers 🙂
Are you aware of insider trading? You cd be convicted and remanded to serve time… Make sure the “tips” are safe to act upon 🙂
Love,Swapnil :-) says
Change in Yourself..I believe a change in ourself and a more detailed study before buying anything or taking avail of any service will help us become smarter consumers….
I think Bhaiya if we are exploring a field for any purpose( for example Banking for having a demat account.)a proper study frm people who already have undergone the procedure may help us to identify what things to do or not to do and may help infact surely will help to become good consumers.This doesnt mean necessarily u nd to approach for all matters but for a cause which is involving major expenses or leading to transactions of major expenses…
Hmmm…thats what we need to do…
Love,Jai Gurudeva 🙂
Thanx dada for sharing such things and am very happy, how v in real life can implement the knowledge points, great,
Thanx dada for posting such an information and sahi mein this is how v should implement the knowledge points.
Vikram Hazra says
For a moment there i felt like Charlie Sheen in Wall Street!
heheheheheh i wish! perhaps you wd be more comfortable reading “tips” as “sage advice from experienced well-wishers and siblings”?
People do many unethical things to earn money … you talk abt proper training .. I think if a person has the simple will to serve another human being , in this case a customer , then they wont resort to all this.
Very true bhaya .. education for consumers has to be imparted
Having been a broker myself I know that it isn’t easy opening accounts. That Ranjeet fellow must’ve been new and that is why he bungled up the acct opening process. God knows how many times I’ve had to meet up with clients during my first 2 months to get this document and that form and also get a dirty look from them as a freebie.
Also from past experience please do not keep your shares with your broker. A lot of companies insist that they will be your DP and that you cannot keep your shares elsewhere(lots of scope for malpractice). Open up a depository acct with a reputable co like HDFC and ENSURE that your broker transfers the shares to your acct after they have been purchased.
Bidisha Guha says
I am glad to see this post. I feel that a lot of this has to do with the attitude with which people approach “jobs that they to for others just to earn money”. I feel there is a lack of ownership of the job. Which normally come with enjoying and loving your work. When this attitude shifts I believe the whole customer experience will go through a tremendous shift. Hope that made sense 🙂
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