Sharekhan System Issue

[IndianBoy]

Hi,

I am using sharekhan for last 4 months. One day suddenly in my DP Account all the shares showing double quantites, for example I took L&T - 50 Quanitity and that day it was showing 100, then I thought the company may have alloted more shares(I am new trading user) then I sold it all for less than the amount which I bought, becasue 50 extra shares cover the loss and I will get more profit.

Then Sharekhan not debited full 100 amount, insted they went for auction and buy 50 more on market rate and settled remaing amount. There is hell lot of amount was lost in this process.

So shall I complain this to SEBI, I called customer care of sharekhan they said that day their system is having some problem and it was rectified next trading day, but before that my shares were executed. And customer care people also not responding properly and they said if you sold moer than what you have bought then we will considered your case was short sell and went for auction for remaining quantities.

Is this the right process that sharekhan did? Did any one tell me what action I can take againt Sharekhan.

Indianboy.

 

[pkamalesh]

Hi,

I am using sharekhan for last 4 months. One day suddenly in my DP Account all the shares showing double quantites, for example I took L&T - 50 Quanitity and that day it was showing 100, then I thought the company may have alloted more shares(I am new trading user) then I sold it all for less than the amount which I bought, becasue 50 extra shares cover the loss and I will get more profit.

Then Sharekhan not debited full 100 amount, insted they went for auction and buy 50 more on market rate and settled remaing amount. There is hell lot of amount was lost in this process.

So shall I complain this to SEBI, I called customer care of sharekhan they said that day their system is having some problem and it was rectified next trading day, but before that my shares were executed. And customer care people also not responding properly and they said if you sold moer than what you have bought then we will considered your case was short sell and went for auction for remaining quantities.

Is this the right process that sharekhan did? Did any one tell me what action I can take againt Sharekhan.

Indianboy.

hi indian boy...I remember there was a issue not only with sharekhan but i think many brokers about 4 months back...i remember it because i was doing my internship in th PMS department of Indiainfoline and i was the one who put up the message across the server that day...it was a issue with the exchange...so i guess sharekhan would also have put up a message to u regarding the same...if the message was not given then may be u can try complaining to sharekhan first and if nothing happens then u can go to the consumer grevience cell of nse....hope this helps

 

[AW10]

If you read your contract that you have signed with Sharekhan, you will notice that u have already accepted this risk of wrong info/ wrong trade etc due to any technical problem in their system.. So going to SEBI will not solve yr problem.

In my view, there is no option available to correct this issue now. But you can take preventive measure. As a trader, one of the most basic record that we have to maintain is the log of our trades.. and current open position. (I am surprised that how many people depend on their broker for this info). And if you see any mismatch between your record and your online trading account, then first resolve the discrepancy before executing any trade.

We have to take responsibility of our trading actions. Trading is a seriuos business and it can't be run casually and depending on other people.

Better luck next time..
Happy trading.

 

[TraderInTheZONE]

I think ShareKhan people are one of the biggest frauds available in India... Moreover, their website as well as Trade Tiger is pathetic system to say the least
TIZ