Bt one day and sold the next and am in a soup!

ferret · #1 15th April 2007, 09:50 AM

I need help in demystifying the BTST procedures followed by the brokers please. I bought 900 shares of ICICI on the 4th on delivery and sold them on the 5th. I got the contract notes for both transactions and happily forgot about it. A few days later I got a call from my broker that 102 shares were being auctioned out. I couldn't make head or tail of what he was saying and told him that I had already sold the shares on BTST. To my shock I found my ledger balance short by nearly 88000! The customer service said something like there could have been a default by the seller or the exchange. I have lodged a complaint with the broker but am too anxious to wait. Can somebody tell me what is happening and if the amount will be recredited to my account? Isn't it the defaulting seller or the exchange who should be penalised? I would be grateful for any help. Thanks.

anjanr · #2 15th April 2007, 11:22 AM

it depends on the broker. in kotak for btst, u can sell only 75% of the total. in reliance u can sell all.

ferret · #3 15th April 2007, 12:17 PM

Quote:

Originally Posted by anjanr

it depends on the broker. in kotak for btst, u can sell only 75% of the total. in reliance u can sell all.

I had sold all. But that's not the point. When the buy, sell trades had been executed and contract notes issued, isn't it a breach to debit from my account for someone else's failure to deliver (in this case probably the exchange's)?

swagat86 · #4 15th April 2007, 12:21 PM

Quote:

Originally Posted by ferret

I need help in demystifying the BTST procedures followed by the brokers please. I bought 900 shares of ICICI on the 4th on delivery and sold them on the 5th. I got the contract notes for both transactions and happily forgot about it. A few days later I got a call from my broker that 102 shares were being auctioned out. I couldn't make head or tail of what he was saying and told him that I had already sold the shares on BTST. To my shock I found my ledger balance short by nearly 88000! The customer service said something like there could have been a default by the seller or the exchange. I have lodged a complaint with the broker but am too anxious to wait. Can somebody tell me what is happening and if the amount will be recredited to my account? Isn't it the defaulting seller or the exchange who should be penalised? I would be grateful for any help. Thanks.

When u bought there were ppl who sold ryt. They defulated delivering the shares. Now that on 5th u sold off u become liable to deliver the shares on time to the person whom u sold. but since the seller above u defaulted u got choppped. pls read the TErms and conditions and Risks associated with BTST the help section of icici direct.

Thanks

swagat86 · #5 15th April 2007, 12:23 PM

Quote:

Originally Posted by ferret

I had sold all. But that's not the point. When the buy, sell trades had been executed and contract notes issued, isn't it a breach to debit from my account for someone else's failure to deliver (in this case probably the exchange's)?

Sory brother, its mentioned in RISK disclosure as well as in the POA(if im not wrong).

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