Harassment by my broker

S

Set Alight

New Member
#1
#1
On Friday ODIN was not working due to technical problems with my broker Religare, as such I lost 7K as I could not trade in normal way of selling in morning and buying when markets close, thus had Odin worked I could have lessed the loss from 7K to 1-2K only. When I asked my broker that they should pay me the 5K which I lost because non functioning of the ODIN software they charge me for, they said its not their fault and I should have squared my delivery on phone. Is there weightage in my case, do I have a strong case or I will be wasting my time.
I know many would have lost because non of private ODINs from Religare were working on Friday 27th Feb. but I guess not all have courage to fight for their rights.

Please advice

Kind Regards

Set Alight
 
SavantGarde

SavantGarde

Well-Known Member
#2
#2
I Think Your Broker Will Most Probably Be Protected Under Disclaimer For Use Of The Software.

Broker Is Right In Their Stand That You Could Have Called Them For Squaring Up Or Whatever The Case Maybe.

Since ODIN Is A .exe You Should Also Have Web Based Platform, Where You Can Login & Carry On Trading.

In My Opinion, Nothing Much Can Come In Your Favour, But Henceforth You Should Be Prepared For Such Deficiencies & Have Alternatives In Place For Back-Up.

Happy & Safe Trading

SavantGarde

Set Alight said:
On Friday ODIN was not working due to technical problems with my broker Religare, as such I lost 7K as I could not trade in normal way of selling in morning and buying when markets close, thus had Odin worked I could have lessed the loss from 7K to 1-2K only. When I asked my broker that they should pay me the 5K which I lost because non functioning of the ODIN software they charge me for, they said its not their fault and I should have squared my delivery on phone. Is there weightage in my case, do I have a strong case or I will be wasting my time.
I know many would have lost because non of private ODINs from Religare were working on Friday 27th Feb. but I guess not all have courage to fight for their rights.

Please advice

Kind Regards

Set Alight
Click to expand...
 
FlowTrader

FlowTrader

Active Member
#4
#4
Hello

Whever there is a problem with trading software, the first thing one should do is call up the trade desk and cancle all pending orders (intraday) then if you are not comfortable trading on phone (like me) square off the intraday positions without worrying what will happen.

After that make sure the stops for positional trades are in place all this takes a minute or two.

Have all the relavent phone numbers handy and once in a way do call n trade just to be familiar with the process. Its a business we are involved in, so pays to be professional.

Regards
PK
 
K

kapil123

Well-Known Member
#8
#8
Set Alight said:
Because I called Religare branch and customer care and they said they were fixing the problem and it will be in their IVR system:mad:
Click to expand...
It does not matter whether the ODIN was working or not. When you fill up the application, you sign on a clause that for any loss arising out of circumstances like failure of systems/software etc, the brokerage will not be responsible. Moreover, in such cases it is for the client to call up the Relationship manager or the call center to square up the position.

So, there is not much that can be done in this case.
 
S

Set Alight

New Member
#9
#9
kapil123 said:
It does not matter whether the ODIN was working or not. When you fill up the application, you sign on a clause that for any loss arising out of circumstances like failure of systems/software etc, the brokerage will not be responsible. Moreover, in such cases it is for the client to call up the Relationship manager or the call center to square up the position.

So, there is not much that can be done in this case.
Click to expand...


But is it fair, in other countries I can sue them, then why Indian Industry overlooks consumer rights, can I appeal to RTI or SEBI NSE
 
M

Mowgli

Member
#10
#10
Set Alight said:
On Friday ODIN was not working due to technical problems with my broker Religare, as such I lost 7K as I could not trade in normal way of selling in morning and buying when markets close, thus had Odin worked I could have lessed the loss from 7K to 1-2K only. When I asked my broker that they should pay me the 5K which I lost because non functioning of the ODIN software they charge me for, they said its not their fault and I should have squared my delivery on phone. Is there weightage in my case, do I have a strong case or I will be wasting my time.
I know many would have lost because non of private ODINs from Religare were working on Friday 27th Feb. but I guess not all have courage to fight for their rights.

Please advice

Kind Regards

Set Alight
Click to expand...
Sorry to hear that.

I suffered similarly with Sharekhan. My stop loss for nifty future was not executed (price went past the SL and my order remained pending). Worse, I canceled the order and placed a new order and that too was nt executed causing me big loss.

I do not know if we can go against the broker... I believe, it will not be useful.

Interactive Brokers is in India now but they are so costly...

Regards
 
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