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| Discuss ICICI Direct - System Placed Market order at the Equities within the Traderji.com - Discussion forum for Stocks Commodities & Forex; This Friday(17-Aug-2007) i had a problem while trading in icicidirect.com. The problem is : I ... |
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#1
18th August 2007, 08:00 PM
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ICICI Direct - System Placed Market order
This Friday(17-Aug-2007) i had a problem while trading in icicidirect.com.
The problem is : I bought shares of INDIABULLS FINANCIAL SERVICE on margin with following quantity and amount : 11:11 AM - 45 shares @ Rs. 481 11:26 AM - 40 shares @ Rs. 465 12:03 PM - 40 shares @ Rs. 448 When i further thought of buying same shares @ Rs.407, I got stuck. Then to find whether the order was placed or not, I checked my order book.On seeing the order book, I was shocked. There was a System Placed Market order : 12:15 PM - (System Placed Market order) 125 Shares @ Rs. 414 & executed @ Rs. 406.45. At the same time, my dad had shares of INDIABULLS FINANCIAL SERVICE @ margin. For which there wasn't a System Placed Market order. Why does this happen to me? I know that 12:15 PM is not a close down time for margin trade. As I usually buy shares in margin and convert it to delivery on or before 2:00 PM. This made a loss of nearly Rs. 7500. 
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#2
18th August 2007, 08:20 PM
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Re: ICICI Direct - System Placed Market order
first thing-was this a margin trade or margin plus trade?
Second this may be the reason ""In case of margin scrips which have a daily price band of (+ or -)20%, all the open buy positions will be squared off in case the last traded price on the Exchange crosses minus(-) 16% with respect to its previous trading day's closing price and all the open sell positions will be squared off in case the last traded price on the Exchange crosses plus(+) 16% with respect to its previous trading day's closing price. However, in case of margin scrips which do not have a price band (e.g. derivative scrips), if the mark to market loss on the open margin position exceeds 16% then an automated call will be made to recover the entire loss from the available trading limits of the customer. In case the entire amount is recovered then the position will not be squared off. In case the entire amount is not recoverable then the open positions will be squared off irrespective of the stock's % fall/gain with respect to its previous trading day's closing price."
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