Mcx mtm debit loss- help
Rajesh
(Querist) 24 August 2013
This query is : Resolved
Dear sir/madam,
I was a client of 'Bonanza commodity Broker pvt ltd' of sub broker of Hosur Branch, within chennai region.
Hosur branch have been closed down before 6months and i was trading voluntarily under chennai branch.
My Client Code is MTX48R60.
On the day of july 7th 2013 i had the balance of Rs. 171883.95 as positive balance and had the carryover limit of more than 5lakh both mcx and ncdex.I was neither informed as i have no schedule contact with them that i have a margin shortfall nor they autosquare of the position to the level of my margin amount .And on the next day i.e., july 8th 2013 there was autosquare off when there was mtm loss of 3.3lakh(Approx) which created a margin debit of Rs.163518.54 they constantly tortured me on phone to pay me the amount which was their mistake.
By the last week two members from chennai came to HOSUR and threatened me to pay and taken from a cheque for 1.5lakh. I still had said manything that its not my mistake.
I need a help in this matter as i dont know what to do.
I await ur reply sir/Madam
thank you
with regards
Rajesh Kumar
ajay sethi
(Expert) 24 August 2013
you need to contact a local lawyer . if you did not maintain adequate margin as required by rules of the exchange then borker can square off your position to meet the shortfall . the amount of margin required for each contract are displayed when you purchase any contract .
Rajendra K Goyal
(Expert) 24 August 2013
Adequate margin has to be maintained as per rules. This is equally duty of the member. If the same was adhered to by you and feel there is no wrong on your part contact a local lawyer and issue legal notice.
