Bug in Indiabulls which can make you go broke (Must read)

Hi,

I am trading with Indiabulls from past 2 years. But you have to be careful when using their margin trading facility. I want to describe how I suffered a huge loss just because of a bug in their system or the way margin is handled.

Once I purchased a stock and I had to pay 2000/- extra which I can pay within the next 7 days (T+7) but I thought of paying it by the 7th day.
On the sixth day markets fell heavily and I purchased shares for around 40,000/- which will obviously come in negative balance.

But the next day I got a margin call due to the unpaid 2000/- for 7 days, but along with the 40,000/- which I just traded the previous day (instead of only 2000/-) and they squared off happily all my long positions to get 42,000/- at very low price, creating a huge loss for me.



Also I was trying to transfer the money into indiabulls before 11 AM (but unfortunately the system had errors and trasfer did not happen).

So just make sure, that you dont fall into such traps and loose huge money.

--knag

sometimes Money transfer is a big thing in the indiabulls during market hours.....it happend several times with me...

they will sell ur position without any notice or a call if mkt fell down suddenly.....

I,ve always got a margin call on PIB, phone. They have never cut my positions without asking .

yes boss due to their auto squer off facility i lost alomost 120000/- in a day. i am going to close mu indiabulls account and planning to open with some other broking firm.

Rajsingh: I agree. They always call before squaring off the positions. That is not the
problem being discussed here.

A small margin payment can cause a bigger lose. That is what i am trying to say.

--knag

Freinds,

This margin trading is the main rat which has caused this carnage.
The brokers take your PAO and you are binded
SO please dont margin trade .trade only with your money Slow & Steady wins the race.
Those who ever have this margin trading facilty should opt to close this facilty and revoke the PAo or better close the particular a/c and open a new a/c without margin trading facilty. ATleast you will win the this game.

You all will be happy all way down or up markets.

-sanjayt