#1
On 21st Dec, With capital of 38,000, I placed 13800 Buy PE @ 120 for a brief movement It went up and I initiated an exit @ market from Fyers web system but it kept giving me message unable to exit and within few minutes brokers web trading platform was completely frozen and down. Tried calling helpdesk but phone was down. all communication was through twitter from Fyers mentioning it to be NSE order fault. To my surprise @ 4.30 when system was up & running I see position log with 6 Short PE, 3 Long PE ( all 13800 PE). Next day (22nd Dec) in the morning I squared off remaining 3 qty. Please find attached contract note for details:-

Shocking for me and question I had was, how can a system initiate High Leverage order with a capital of 38,000, also recently introduced Margin requirement was not considered, so was the RMS system of the broker did not stop any of it. In a way it was an open playground for unlimited qty to be trade and traders were exposed to unlimited risk. I went along with all of the question and they repeatedly blamed NSE for order issue bluntly ignoring their system issue, RMS and no customer support.

For RMS non functionality they said, we had to deactivate the RMS, since order rejection at NSE (Which does not make sense). Today I am in negative with a ledger balance of -90,000 (In total - 1,28,000 -> -90000(+38,000 my capital). It always haunt me with one question and many other traders of fyers, How can RMS be put off
and traders put to slaughter. I have raised a complaint with NSE on NICE and planning to do so with SEBI as well. Your advice in this matter would be appreciated. I just need my capital back, not even asking the compensation for the mental trauma I had and have been going through.

Thanks In Advance!!!


Contract note.JPG
 

lemondew

Well-Known Member
#2
I think you have repeatedly tried to close your open position. The system froze but the order has been repeatedly being registered. So I am assuming correct me if I am wrong you have tried to close the position but fyers web didnt respond so you again tried to close.
The first one closed it and the subsequent orders you put to close the open position kept on adding short positions. Is that what happened?

Now with 38K you shouldnt be allowed to short any options in first place.
 
#3
Not really, if repeated closing of my initial position did it, since nothing showed up in the dashboard for another 2-3 mins till the time system was up, more so it also had Intraday Short position, when I took the position it was just single lot Buy Margin (as I usually do) , Being aware of the margin requirement and broker need to adhere to it, a short option position being executed was a stupidity on brokers part
 

Mavala

Active Member
#4
You did good thing by raising complaint with NSE , just go ahead do same with SEBI. These kind of things like non functioning of RMS are risk not only to traders account but even to financial markets. I suggest you to put all these snapshots and contract notes on Twitter,Facebook handles of broker and wherever you could to publish your story.This will put pressure on them to settle the issue. Booking industry do not care about retailer traders and they will try to hide behind technical glitch and all . The only thing they worry about is their brand, and you know what I mean.I have similar case with so called largest broker of the country and I got my money back...mutually settled. Even they decide to pursue this with NSE, They do not have any hope if you present your case correctly.
 

ram2010

Well-Known Member
#5
If it was a cover order - what would have happened?

It would be automatically squared up - since the stoploss would reside at exchange server?

Pressing exit button of cover-order stoploss won't create multiple positions-?
 
Last edited:
#6
If it was a cover order - what would have happened?

It would be automatically squared up - since the stoploss would reside at exchange server?

Pressing exit button of cover-order stoploss won't create multiple positions-?
On 21st none of the product worked on Fyers web be it CO, BO, any SL placed or prior placed target. None of it triggered. I have come across many such traders on Twitter complaining about having a SL and still got a negative P&L. It was a combined effort to come up with a Big blunder by Fyers and its technology


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lemondew

Well-Known Member
#7
It's a very risky scenario. I said it because if the system freezes it isn't a good idea to keep on putting opposite orders to close it. Keep posting updates on how it's going with NSE.


On 21st none of the product worked on Fyers web be it CO, BO, any SL placed or prior placed target. None of it triggered. I have come across many such traders on Twitter complaining about having a SL and still got a negative P&L. It was a combined effort to come up with a Big blunder by Fyers and its technology


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#8
It's a very risky scenario. I said it because if the system freezes it isn't a good idea to keep on putting opposite orders to close it. Keep posting updates on how it's going with NSE.
Yes sure and if you guys get any ideas or point which can help me fight and expose this crooks at Fyers, please help me with it.
Also pass on the word of wisdom to your friends, family, relatives or acquaintance of not opening account with Fyers.


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lemondew

Well-Known Member
#9
Zerodha has had it in past. More than 1 source confirmed also upstox had this issue my friend said. Best is to have less number of open positions and restrict loss. In such scenarios open option buys should never be closed as it's the safest position max it can become 0.

Yes sure and if you guys get any ideas or point which can help me fight and expose this crooks at Fyers, please help me with it.
Also pass on the word of wisdom to your friends, family, relatives or acquaintance of not opening account with Fyers.


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Dr. Jan Itor

Well-Known Member
#10
Sandy sir, keep all communication wrt to this in writing (email) and maintain screenshots if you have any. Seek resolution from the broker first... but most likely he'll hide behind "force majeure" clauses in the fine print of your contract... then lodge a complaint on scores and nice along with all evidence... get other aggrieved parties to do the same... hope for the best... good luck...
 

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