pls give assisstance

#1
hai..I opened a trading account with one brocker.i started my traing th 13000 rupees.only...but last weak i placed an order in currency options.the order amount is nearly 6 laks.,..but te o got executed due to the technical irror from my brocker..now iam suffering huge loss.and brocker comple meo pay them..i have only below 10000 as margin .wheni placed that order..what i do to cover loss?:(:(:(
 
#2
hai..I opened a trading account with one brocker.i started my traing th 13000 rupees.only...but last weak i placed an order in currency options.the order amount is nearly 6 laks.,..but te o got executed due to the technical irror from my brocker..now iam suffering huge loss.and brocker comple meo pay them..i have only below 10000 as margin .wheni placed that order..what i do to cover loss?:(:(:(
Options can't be traded like futures.

You can trade worth 13,000 rs of options only.

your broker is doing something fishy.

As soon as 6 lakhs worth order triggered, why you did not square up the positions next second.

totally unbeleivable what you posted.
 
#3
Hai...
I have opened a offline account with kotak.i deposited 13000 in my account.later i requested to online trading facility..as per they said submitted form for ODIN password and software. i am new trader i was not aware of F&O.when i was trading in currency options it was first time am trading in currecy I negligently entered 1000 in the space of quantity i didnt know that it was in lot size.but that order got executed totaly it cost near 6laks but i have only less than 10000 as margin.21/06/2013 two officials from kollam {kerala}branch came to my home and discussed about it.at that time i got information about the transaction.This made huge loss near 5 laks.they said that it was wrong from my side. i have to pay the money .And compelled threttend me and collect my 2 checks..After i searched details Its a clear violatio of all rules .. what i do resolve this issue.?many times contacted local branch bt they didnt give any right informatino...
 

VJAY

Well-Known Member
#4
:rofl:
Hai...
I have opened a offline account with kotak.i deposited 13000 in my account.later i requested to online trading facility..as per they said submitted form for ODIN password and software. i am new trader i was not aware of F&O.when i was trading in currency options it was first time am trading in currecy I negligently entered 1000 in the space of quantity i didnt know that it was in lot size.but that order got executed totaly it cost near 6laks but i have only less than 10000 as margin.21/06/2013 two officials from kollam {kerala}branch came to my home and discussed about it.at that time i got information about the transaction.This made huge loss near 5 laks.they said that it was wrong from my side. i have to pay the money .And compelled threttend me and collect my 2 checks..After i searched details Its a clear violatio of all rules .. what i do resolve this issue.?many times contacted local branch bt they didnt give any right informatino...
How can a broker give that much margin for online client?????????????????:confused: some thing fishyyyyyyyyyyyyyyyyy

These KOTAK guys always and everywhere make scams......:rofl:
 

VJAY

Well-Known Member
#6
Hai,,
i am planing to take new acount..can you suggest a good broker?
Dear shafeek,
Am too keralite...don't jump in to new well ...i can try to help you ...add me vjay.3333 at yahoo.in...
NB:Not any hidden agenda....just try to help my near one :)
 

bunny

Well-Known Member
#7
Clearly, there is a certain glitch with the brokers risk management system. Don''t pay them a penny. Ask them to explain in writing how they reached this figure of 6 lak!
 

VJAY

Well-Known Member
#8
Clearly, there is a certain glitch with the brokers risk management system. Don''t pay them a penny. Ask them to explain in writing how they reached this figure of 6 lak!
Yes bunny...I think they allready taken 2 cheques from him as he mentioned in his above post.Its looks clearly brokers fault.....I think allready recovered amount from him..:( Poor guy ...newbie so not know how to handle it....
 

bunny

Well-Known Member
#9
Yes bunny...I think they allready taken 2 cheques from him as he mentioned in his above post.Its looks clearly brokers fault.....I think allready recovered amount from him..:( Poor guy ...newbie so not know how to handle it....
Even if they have enchashed the cheques, he can get it back if he successfully proves that he was not at fault.

Now the question is - How did they directly land up at his home? No phone calls, emails?

And in the first place, how did they allow such an order to go through?

Assuming that they are asking for Rs. 2400 as initial margin per lot of USDINR futures, to incur a M2M loss of 6 lacks, he would need to short around 500 lots. With Rs. 10000 in clear balance/margin, he could trade only 4 lots at most, and even if his broker provided any "leverage", it is beyond understanding how he could acquire an exposure of 500 lots. At most, it would have been 10 lots, that too for intraday.

shefeek - Post your contract notes here. We will verify the trades from NSE's trade verification if possible. Please do not delay as records are available only for a few days.

In the back of my mind, I smell something fishy. I just hope this is not a fraud where the broker is trying to cover up some embezzled funds or trying to cover losses for another client using this person's money.

shafeek - if you are seriously interested in getting your money back, please keep us updated and post the contract notes here. We are sure you will get your money back!
 
#10
Thanks fo your advise...They didnt submitted those checks till now.And I already given stop payment request to my bank...But am afraid about those checks if they will do anything with those checks..I had send legal notice to them..but replied that it was my mistake and they requested to withdarw the complaint..
 

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