Charging for non square off Intraday

Discussion in 'Investors Grievances' started by BHANUSAMA123, Jan 26, 2010.

  1. BHANUSAMA123

    BHANUSAMA123 New Member

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    Hi I got Trading account with Indiabulls.I sold it at 103rs on 19/01/2010.I squared it off on the same day using PIB software which said succesful.
    Later broker called me and said it is not successful because no one is to sell shares for me at that time.on that day it gone to upper circuit.
    Now even if goes to upper circuit it is the responsiblility of broker to square it off as it shows on indiabulls trading UI that,sqaure off will change every day with short notice.
    I squared off which showed me sucessful.But it didn't gone through.
    next broker is supposed to squared off which he said coudn't bcz gone to upper circuit.
    Now they said gone to SEBI for auction.will said the summary amount will come in 2 days.It took a week for me for that saying for 3000 shares shortage is 136000 rs.
    Now whose fault is this.How should i deal with this.
    It is huge amount which i won't be able to pay.
    please advice what to do with this.
     
    Last edited: Jan 26, 2010
  2. bunny

    bunny Well-Known Member

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    Broker's responsibility is only to put an order to cover the short. If the stock has hit upper or buyer circuit, then broker is not responsible because the order will not be executed by the stock exchange's system.

    If the amount is too huge for you, then ask the broker if he can sell those shares after taking the delivery and recover a good part of the money. The remaining part would have to be done good by you.
     
  3. dp111

    dp111 Member

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    sadly u cant do any thing .. u will have to pay:(

    and always remember in india u cannot short sell as u cant carry forward u can only do intraday so never short in huge quantities.

    or else sell through futures
     
  4. BHANUSAMA123

    BHANUSAMA123 New Member

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    Dear all,
    My point is the max of share national fertilizers ltd was some where around 130 rs my share auction was done on 22/01/2010.On that day it was 124.65 is the max.
    Now i got a mail saying it was auctioned at 146.94.
    How this is reasonable.the very trading of shares is auctioning continuously.
    Then how it is 146.94
    I sold 3000 shares on that day.
    Please help.
    Thanks
     
  5. dp111

    dp111 Member

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    as per the rules and sebi guidelines the auction price is 20% above the price traded so the price decided by aution process is decided during auction trading by exchanges , hence the price rs 146
     
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  6. netman

    netman Active Member

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    DP111 is correct Auction price is always higher and is set by SEBI.

    if you are into such big volumes, why not trade in futures, it saves you from circuit panic.
     

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