Hi Rahul, I think ECS depends on the address of your Demat account. To be on the safer side, If you have the associated bank account address also in the same city, which has been listed in the RBI's Clearing list (15 cities), you would be getting ECS without any hassles.
I do not know, what is the process for ECS, if you have demat account with an address, which is different from your associated bank account address.
Now coming to MICR code, For Example: If you have your demat account address in a city like PUNE & if you have updated your MICR code, even the "YOU WILL NOT RECEIVE YOUR REFUND THROUGH ECS"......So the the criteria is you should have Demat account address & the related bank account address in one of the 15 cities, where the RBI has ECS clearing centers.
Please note, If you call up the ICICI bank's helpdesk or call center, they would say that it is something to do with the MICR code updation, which is not the case.
I hope I was able clear some doubts of retail investors regaring the IPO Refund.......
This forum is to facilitate and guide the small investors.In case some people are using this for making fun, I think something serious should be done to stop this. Chittorgard.com may pl do something to stop this.