Comment on Consequences of Short delivery - NSE/BSE

Deepak commented on 01 Jan 2015, 07:57 PM

My complaint is wrt to the trading session held today on my icicidirect account
I used marginplus trading for the following sharesw:
1. ) ABALLO (Aban offshore) Sell call for 75 shares @ Rs. 522.53 with stop loss @ Rs 540.60 @ 12:28 p.m.
2.) SUNFAS (Sundram Fasteners) Sell call for 1000 shares @ Rs.194.52 with SLTP @RS. 204.85 @12:30 p.m.
While trying to sqaure off at 3:14 p.m.; the system refused to accept my request to settle the deal at Rs. 515.35(ABALLO) & Rs. 190.75(SUNFAS)
last price reflected on system till 3:45 p.m.
I tried all possible ways of communicatimg with ICICI Securities team at local & IV mode but nobody could confirm if the settlement will be closed at the same price as mentioned above or will it be sqaured off at higher prices or at SLTP (ordered on marginplus as mandatory) ,which is anyways unacceptable given that the servers had some technical glitch.
Therefore, request you to shed light on such issues ..
As perNSE norms, the trading member has to close the settlement on marginplus trading on the same day or else the member has to provide for recovery of losses to the investor under the ‘settlement guarantee fund’ of NSCCL & the “Investor Protection Fund” as well.
As per NSCCL, all such unclosed settlements & the losses passed to the consumer/client due to the failure of the trading member(I-Sec in this case) must be borne by the TM.

Plz revert asap, Its realy unfortunate that at the time of helping out clients with resolutions & correct answers, bank representatives just fade away & refuse to pick up calls.

your advise will really help .thanks

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