Broker Squareoff

A

annamalai19

New Member
#1
#1
Hi.,

I had NIFTY futures DEC position, on 21st DEC broker had squared off (liquidated). When I approached broker, they say there was margin shortfall of Rs 6500 and saying they sent SMS. My SIM had issues so I didn't receive the SMS.

Broker didn't send email about the shortfall of funds.
There were no alert on their mobile app about shortage or squared off execution trade
I had shares worth more than shortage (after haircut) in the same account but broker didn't initiate pledge request.
Is it SMS the only communication method? or EMAIL is mandatory?

Has anyone faced similar issue? What steps can be taken about it?
 
M

marimuthu13

Well-Known Member
#2
#2
annamalai19 said:
Hi.,

I had NIFTY futures DEC position, on 21st DEC broker had squared off (liquidated). When I approached broker, they say there was margin shortfall of Rs 6500 and saying they sent SMS. My SIM had issues so I didn't receive the SMS.

Broker didn't send email about the shortfall of funds.
There were no alert on their mobile app about shortage or squared off execution trade
I had shares worth more than shortage (after haircut) in the same account but broker didn't initiate pledge request.
Is it SMS the only communication method? or EMAIL is mandatory?

Has anyone faced similar issue? What steps can be taken about it?
Click to expand...
Hi
Past is past.. you are not going to get back your liquidated position at any cost..

Also broker part not much issues as they seems to sent SMS..
Also broker cannot pledge your shares holding as demat holding needs TPIN from you...( If broker doing pledge in your account without your knowledge then it's biggest crime).

Best thing is keep extra margin required while carrying leveraged products and keep checking margin required for your open positions by EOD, everyday, and allocate if any margin shortfall..

We can only change which is under our control.
 
N

newtrader101

Well-Known Member
#3
#3
Yes. Happens. They should email also. If you register a strong complaint and make it public here and in social media with the name of the broker, it is less likely to repeat.
Rest assured, the exchange isn't going to do anything against them.
And you do risk some harassment.
 
You must log in or register to reply here.
Thread starter Similar threads Forum Replies Date
Chaiset Amibroker Astrology Does anyone have a code and how to trade? AmiBroker 0
P Amibroker AFL AmiBroker 5
O How to select a regulated broker? Forex 4
R Amibroker Data for 5 years AmiBroker 0
B Brokers API for feeding data to amibroker Data Feeds 6

Similar threads