The woman accused ICICI Bank of a data‑entry error that reduced her IPO allotment, claiming a ₹42,142 loss and alleging physical and mental harassment.
She first turned to the Ahmedabad District Consumer Commission, which dismissed her complaint on the basis that IPO investment is a commercial activity and she did not qualify as a consumer.
ICICI’s counsel maintained that the transaction was intended to facilitate a profit‑seeking investment, reinforcing the commercial nature of the dispute.
Unwilling to accept the ruling, the woman elevated the case to the Gujarat State Consumer Disputes Redressal Commission, where the panel weighed the consumer status of a bank client benefiting from share‑market services.
The commission, after reviewing the evidence, rejected the ₹40 lakh compensation claim as excessive but awarded ₹20,000 for service deficiency, ₹10,000 for mental agony, and ₹7,000 for the costs of the original proceedings, for a total of ₹37,000.
ICICI Bank has been ordered to pay the amount within 30 days, with the woman poised to pursue further action if the payment is not made on schedule.