Hello,
So what happened is that Axis Securities gave me a relationship manager who was taking trades on my behalf as their web-based platform is unusable. The relationship manager naturally has a dealer terminal and manages 4-5 other accounts. He would tell me about every trade he would take and I just went along with him thinking that he was an expert who knew what he was doing. This happened on November 26th, Thursday, on expiry day. He took a lot of leverage which was approved by me so I don't blame him on that aspect. The real problem is that he was supposed to keep track of whether I was making a profit or a loss and also executing my orders to square off my positions as they were in a loss. At 2:53pm I called him that we are making a slight profit, what do we do? He said to continue to hold the positions so that we can make more profit. I told him that we are very close to our breakeven point and any move higher will cause me to lose a lot of money. He told me to wait. At exactly 3 pm I called him telling him that I was losing money. At that point I was only losing about 1-2 lakhs. He was clueless that I was making a loss and then he said lets square off. I was begging him on the phone to please square off my positions. This conversation lasted 3 minutes and I kept telling him what he was waiting for and to square off my positions. He finally squared off the last of my positions at 3:24pm. He didn't square off even a single one of my positions between 3:00 and 3:10pm. It took him from 3:10pm to 3:24pm to square off all of my trades. These are all based on the timestamps in the contract note. In the end I lost approximately 11.5 lakhs.
I asked the RM to tell me why he didn't execute the order. He said that he had to manage 4 other accounts so it took time. He also said that his system didn't allow him to square off more than 300 quantity at a time and he had to square off thousands of quantity. I have been since asking them to provide me in writing exactly what the reason was why the trades weren't executed. I have written emails to North India boss of Axis Securities. Is it really realistic to take 24 minutes to square off trades?
To the folks here, I want to ask whether I have a case to recover my loss due to the non execution of the square off orders. If I do have a case to recover the loss, who should I complain to? Apparently non-execution of orders is not a type of complaint NSE accepts for redressal. So who should I complain to? Sebi (using SCORES)? Nice Plus? Please help. I will be very grateful if anybody can help me regarding this issue.
AJ
So what happened is that Axis Securities gave me a relationship manager who was taking trades on my behalf as their web-based platform is unusable. The relationship manager naturally has a dealer terminal and manages 4-5 other accounts. He would tell me about every trade he would take and I just went along with him thinking that he was an expert who knew what he was doing. This happened on November 26th, Thursday, on expiry day. He took a lot of leverage which was approved by me so I don't blame him on that aspect. The real problem is that he was supposed to keep track of whether I was making a profit or a loss and also executing my orders to square off my positions as they were in a loss. At 2:53pm I called him that we are making a slight profit, what do we do? He said to continue to hold the positions so that we can make more profit. I told him that we are very close to our breakeven point and any move higher will cause me to lose a lot of money. He told me to wait. At exactly 3 pm I called him telling him that I was losing money. At that point I was only losing about 1-2 lakhs. He was clueless that I was making a loss and then he said lets square off. I was begging him on the phone to please square off my positions. This conversation lasted 3 minutes and I kept telling him what he was waiting for and to square off my positions. He finally squared off the last of my positions at 3:24pm. He didn't square off even a single one of my positions between 3:00 and 3:10pm. It took him from 3:10pm to 3:24pm to square off all of my trades. These are all based on the timestamps in the contract note. In the end I lost approximately 11.5 lakhs.
I asked the RM to tell me why he didn't execute the order. He said that he had to manage 4 other accounts so it took time. He also said that his system didn't allow him to square off more than 300 quantity at a time and he had to square off thousands of quantity. I have been since asking them to provide me in writing exactly what the reason was why the trades weren't executed. I have written emails to North India boss of Axis Securities. Is it really realistic to take 24 minutes to square off trades?
To the folks here, I want to ask whether I have a case to recover my loss due to the non execution of the square off orders. If I do have a case to recover the loss, who should I complain to? Apparently non-execution of orders is not a type of complaint NSE accepts for redressal. So who should I complain to? Sebi (using SCORES)? Nice Plus? Please help. I will be very grateful if anybody can help me regarding this issue.
AJ
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