Fyers employees squaring off clients' positions without consent?

[newtrader101]

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"?

In their first response by mail, they claimed I'd squared off the position myself.
Now they are claiming it was MIS, so auto squared off (in their response to exchange).

 

[bkb]

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.

From a common man perspective, without much technical insights, there should be a internal order Id with broker with all details for order(s) punched. This is checked for margin, eligibility, etc. at broker level before being sent to the exchange. If rejected at broker level, no exchange order Id for the same. If otherwise found ok and released by Broker to the exchange, exchange sends back its order ID for the same. This ID is what we see on the contract note and use to verify trade(s).
Now, question arises will any broker provide these internal details as they were or how does client can be assured of integrity of internal logs which are maintained by broker for such details? I guess, there will be compliance directives for the same, but can we trust the technology to be fullproof and no loopholes?
Just my opinion as any one of us may face this type of issue.

 

[cinderblock]

In their first response by mail, they claimed I'd squared off the position myself.
Now they are claiming it was MIS, so auto squared off (in their response to exchange).

Which one did you receive first?
The email saying "you squared it" OR the contract note with call and trade debit charges?

Anyway, I couldn't find NRML/MIS trade mentioned anywhere in my reports. If I find it somewhere I will let you know.

 

[timepass]

In their first response by mail, they claimed I'd squared off the position myself.
Now they are claiming it was MIS, so auto squared off (in their response to exchange).

Which one did you receive first?
The email saying "you squared it" OR the contract note with call and trade debit charges?

Anyway, I couldn't find NRML/MIS trade mentioned anywhere in my reports. If I find it somewhere I will let you know.

Bingo @newtrader101 , You seem to have proof of contraction from their end. It takes time, but keep up the pressure. Communicate it in writing as much as possible. Record all phone calls.

Keep us updated.

From a common man perspective, without much technical insights, there should be a internal order Id with broker with all details for order(s) punched. This is checked for margin, eligibility, etc. at broker level before being sent to the exchange. If rejected at broker level, no exchange order Id for the same. If otherwise found ok and released by Broker to the exchange, exchange sends back its order ID for the same. This ID is what we see on the contract note and use to verify trade(s).
Now, question arises will any broker provide these internal details as they were or how does client can be assured of integrity of internal logs which are maintained by broker for such details? I guess, there will be compliance directives for the same, but can we trust the technology to be fullproof and no loopholes?
Just my opinion as any one of us may face this type of issue.

@bkb , all the information is mentioned in the contract note and the trade time mentioned.

 

[newtrader101]

Which one did you receive first?
The email saying "you squared it" OR the contract note with call and trade debit charges?

Email.

 

[Vmaster369]

Why the BS ?

change the broker
go with finvasia or zerodha or anyother broker ..it;s india you have opportunity
to go find motherof discount brokers ...

instead of wasting brain in complaint and bla move on change broker and focuson making more money
case close lol


and most probabaly i think you must have forgotten and it be a Mis trade .. it can happen u thought it was NRML but it be MIS

 

[newtrader101]

MCX gave six days for the broker to respond, while to me their cell asked to submit response within 24 hours. See screenshot.
Update:
Today an official from Hyderabad MCX office called. Their objective now is to have a conference call and mediate and settle the dispute. The call was from a private no. He talked about the Delhi MCX official who called earlier from MCX office.

 

[timepass]

MCX gave six days for the broker to respond, while to me their cell asked to submit response within 24 hours. See screenshot.
Update:
Today an official from Hyderabad MCX office called. Their objective now is to have a conference call and mediate and settle the dispute. The call was from a private no. He talked about the Delhi MCX official who called earlier from MCX office.

Ask for written communication, as the procedure is. Tell them that you have mentioned everything in your writings and have nothing new to add. That you are not good in verbal communication.

Re-state your case point by point and ask for point by point replies.

 

[newtrader101]

Ask for written communication, as the procedure is. Tell them that you have mentioned everything in your writings and have nothing new to add. That you are not good in verbal communication.

Re-state your case point by point and ask for point by point replies.

Funny. Today the official from Hyderabad MCX called and he was saying that Fyers had submitted response on 21 Jan itself! He was almost arguing for them.
Earlier the DELHI MCX employee called and argued that Fyers records clearly show that my order was MIS.

Wonder if they are employees of MCX or Fyers!

 

[timepass]

Funny. Today the official from Hyderabad MCX called and he was saying that Fyers had submitted response on 21 Jan itself! He was almost arguing for them.
Earlier the DELHI MCX employee called and argued that Fyers records clearly show that my order was MIS.

Wonder if they are employees of MCX or Fyers!

That is to be expected. If you have proper records of the timeline, in writing, then you can continue your case, despite their attempts to close it (in favor of the broker).

But it will take them a herculean effort to close it one-sidedly, without your approval. So keep very cool, and continue the dispute.

Whatever you have to communicate, do it in writing. Any verbal communication, record it. If there is any discrepancy from the MCX, point it out in writing.

Just by the way, ask them how to escalate the issue.