Friends,
I recently opened an account with Samco using the online process.
On Thursday, 02/8/18, I shorted one CrudeOilMAUGFUT and one CrudeOilMSEPFUT.
On Friday night, 03/08 both were showing profit of approximately 1000. As it was a weekend, I tried to square off with their
StockNotes Mobile application. But even after repeated attempts, the app wouldn't take the order. It didnt move forward from
that screen. All other functionalities were in tact. All other apps on my Android phone were also working.
It was around 11-11:30 pm and I was frustrated.
(I didn't call their support because the previous day (02/08) the same app had blocked my attempt to buy a long in Crudemini Sep
saying there was insufficient margin. There was sufficient margin and their cust care acknowledged it. I had taken the screenshot as well.
When I said I would make the matter public, I was able to place the order)
However, in this case, I had to wait till Monday. Crude gapped up, and I had to close it at a loss of around 2100/-
I have written them many times, and they're avoiding the issue. Atleast it would be reasonable to expect a compensation of the loss incurred because of the software malfunction. If it was a human intervention, that is a graver issue.
As there were no order reports, I do not think I can approach SEBI.
However, this should be a warning to all traders who plan to use them.
I have used Sharekhan and Zerodha and never had a situation like this.
I recently opened an account with Samco using the online process.
On Thursday, 02/8/18, I shorted one CrudeOilMAUGFUT and one CrudeOilMSEPFUT.
On Friday night, 03/08 both were showing profit of approximately 1000. As it was a weekend, I tried to square off with their
StockNotes Mobile application. But even after repeated attempts, the app wouldn't take the order. It didnt move forward from
that screen. All other functionalities were in tact. All other apps on my Android phone were also working.
It was around 11-11:30 pm and I was frustrated.
(I didn't call their support because the previous day (02/08) the same app had blocked my attempt to buy a long in Crudemini Sep
saying there was insufficient margin. There was sufficient margin and their cust care acknowledged it. I had taken the screenshot as well.
When I said I would make the matter public, I was able to place the order)
However, in this case, I had to wait till Monday. Crude gapped up, and I had to close it at a loss of around 2100/-
I have written them many times, and they're avoiding the issue. Atleast it would be reasonable to expect a compensation of the loss incurred because of the software malfunction. If it was a human intervention, that is a graver issue.
As there were no order reports, I do not think I can approach SEBI.
However, this should be a warning to all traders who plan to use them.
I have used Sharekhan and Zerodha and never had a situation like this.
