Fyers employees squaring off clients' positions without consent?

[newtrader101]

The contract note that you received must have mentioned the time of order/trade.

Also, MCX should also have an option "Verify your trade"

The contract note mentions auto square off at 11:41 pm. They have also debited call and trade charges for the same! Everything at client's expense.
MCX s "Verify your trade"-the TRADE DETAILS XLS in the email that we receive everyday? Well it has the trade, trade no etc but no time. Also it does not specify MARGIN/INTRADAY.

FYERS argument: It was an intraday position and so auto squared off at EOD.
My response:
1. My default order setting in Fyers is NRML (margin). This I changed after a similar instance with a currency transaction. That time I didnt complain, thinking it was my error.
2. Even if it was intraday auto square off, how come Fyers delayed it till 11:41 pm? This was supposed to be done by 11:30 pm.

 

[bpr]

In its response FYERS says the position was autosquared off at 11:41 pm.

So first fyers told the order was executed by you and now they are saying to exchnage thats it is auto squered off admitting it was done by them?

Now it is simple ask them to prove the position was MIS

 

[bpr]

The contract note mentions auto square off at 11:41 pm. They have also debited call and trade charges for the same! Everything at client's expense.
MCX s "Verify your trade"-the TRADE DETAILS XLS in the email that we receive everyday? Well it has the trade, trade no etc but no time. Also it does not specify MARGIN/INTRADAY.

FYERS argument: It was an intraday position and so auto squared off at EOD.
My response:
1. My default order setting in Fyers is NRML (margin). This I changed after a similar instance with a currency transaction. That time I didnt complain, thinking it was my error.
2. Even if it was intraday auto square off, how come Fyers delayed it till 11:41 pm? This was supposed to be done by 11:30 pm.

ideally exchnage should not have MIS/NRML data AFAIK... to exchnage all trades are same
but why time stamp is missing that is odd...Ask exchnage why there is no timestamp something wrong ?

time of sqaure off upto broker don't waste time on wrong questions ..

the only thing is is the order MIS or not ?
ask broker to prove they have to produce some logs from application to prove u punched in MIS order

also make sure the phone calls are indeed from mcx and not from fyers posing as exchnage
your best bet written communication

 

[newtrader101]

So first fyers told the order was executed by you and now they are saying to exchnage thats it is auto squered off admitting it was done by them?

Now it is simple ask them to prove the position was MIS

Great. I totally forgot. Thankyou so much!

 

[timepass]

Also, you can see the details of the trade time, whether NRML or MIS etc in the tradebook in the reports.

 

[newtrader101]

ideally exchnage should not have MIS/NRML data AFAIK... to exchnage all trades are same
but why time stamp is missing that is odd...Ask exchnage why there is no timestamp something wrong ?

Now I checked the notes that MCX send every day for us to verify trades and found they dont give time and also trade date is wrong. This is for all brokers (Finvasia as well).

Mailing MCX about this now.

 

[cinderblock]

Like others have said, the entire case rests upon whether you can prove the trade was NRML and you had sufficient margin to carryfwd the trade.
All other issues (I said, you said) are secondary.

I don't know with whom (you or the broker) lies the "burden of proof"?

 

[cinderblock]

I am trying to search in the "reports" section on Zerodha and I can't find NRML/MIS mentioned anywhere.

Is there a way to know if a particular trade taken in the past was MIS or NRML? -- Of course, assuming the position was squared on the same day.

 

[timepass]

I am trying to search in the "reports" section on Zerodha and I can't find NRML/MIS mentioned anywhere.

Is there a way to know if a particular trade taken in the past was MIS or NRML? -- Of course, assuming the position was squared on the same day.

Yeah. Order type is not mentioned in Tradesmart's trade report either. But trade time and order number are mentioned. I guess the exchange would have the exact records.

 

[cinderblock]

I don't think MIS/NRML has anything to do with the exchange. Exchange is completely unaware of this.
MIS or NRML selection is purely a broker's "internal matter" how to allocate funds in the trader's account and whether the broker needs to square the position.

I could be wrong.

Also, what is the position with the new stringent margin rules? Maybe exchange now has a greater role to play?