icicidirect margin trading

hi!

i have faced a problem with icicidirect online trading account today and would like someone to help me figure out what's the matter.

i had sold some shares in the morning on margin (sold them short). the end of the settlement is usually run at 2:30 in the afternoon. but today they didn't...and so when i checked today i had a short position on those stocks. I called them up and explained and they said that it happens once in a while coz of some technical problems..and that they'll buy back the shares at the price in the morning.
I know i am at a risk of making a loss here if the markets open strong tomorrow morning. But other than that, how are they going to deliver the stocks that i had sold today (even if they buy them back tomorrow morning, they'll be 1 day late for the settlement period right?)

Faced the same problem on 21st July. Let me explain what happened & how ICICIDirect handled the problem then. Mine was a long position which was not squared off the same day even by closing hours as their server packed up. Their explanation for this "technical gilch" was because of upgradation of their servers, so they said then & so they say even now for any problems faced by clients. Well, my open Margin postion was squared off late the next day 22nd July at 22nd July's opening price. I received a message on 22nd July from ICICIDirect that all open Margin positions of 21st July would be squared off by end-of-day 22nd July at either closing price of 21st July or opening price of 22nd July, whichever was favourable to the client. In my case 22nd opening was favourable and that was my squared off price. So, if tomorrow's market opening is strong & obviously favourable to your today's short position, that will be your square off price. No problems for you then. At least that is what happened to all clients with your same problem on 21st July. There will be no question of any delivery so I feel you need not worry on that score. Another matter will be their brokerage charged; they may charge you cash segment brokerage rates but will later on (few days) refund the Margin segment differential. This is what happened to me.

Just for the record, ICICIDirect still is fiddling around with their servers it seems because the trading site is chock full of technical gilches still. They say they are seized of the situation & on the ball to get things up & running ASAP. It's anybody's guess now how much one reads into all these promises . Just for the record again, I have been with ICICIDirect now since Feb 2001 when there were less than 50,000 clients (as reported) & July 21st 2005 was the first instance of this kind of problem. That is 4.5 years down the line for me & today ICICIDirect has over 7,00,000 clients (also as reported). I for one would think that their systems do definitely need upgradation to handle this enormous daily traffic & am willing to wait & watch. This is a personal preference & as I've stated before in this august forum, no soliciting being done here please.

hi,

Is there any alternate to keep records of trades done on icicidirect if their
server got massively damaged by anything?????

thanks

This Has Happenned More Than Once To Me.
Margin And Margin Plus Trding In Icicidirect Is Manipulated By Either By The Company Or Individuals In Icici Direct.
When I Caught Them The Last Time, They Blocked Me From Accessing The Account.
If U Hv To Place Orders, Please Close Them At Market Prices By 2.00pm, Since They Freeze The Prices At 2.30pm.
The Frozen Prices Are Much Lower Than The Market Prices For Buy Orders, Lower For For Sell Orders. Always At Advantages Prices To Them.

See,

these ICICI play some gimmicks. General principle on Margin Trading is you can keep your position till T+1 days. But, these people close our positions as they dont want us to gamble more..

why T+1?, since delivery is always T+2, before that you can always close it.. this is a general market rule and right brokers use it very much.

I say, ICICI is not a good option to prefer Margin trading. I suffered through this. Also, today even regular ordinary cash segments orders were not going.. they show either in Qeue or in Requested Stage.

The same thing if happened in America, they would have sued ICICI for millions of $ for denial of Service.
They are not creative and they dont want to change.

their interface is such a lousy one..to make a order, it takes you through out the world...

Best Brokerage Companies provide a Desktop Trading Facility for Ease Of Use and Speed.
I dont understand, why ICICI sitting on Trillions of Rupees cant spend a few millions to pruchase best Trading Softwares for their Clients?

When it comes to deducting charges, demat charges, annual charges, they are very prompt.

What to write, if you dig more, you find more in them..

Satya