NSE Arbitration
Tripathi
(Querist) 15 November 2009
This query is : Resolved
I do trade in F&O from my own web based terminal provided by the broker. The broker, defied/ flaunted all standard (legal) /common (best) broking practices and carried my F&O positions inspite of margin/ ledger shortfall which is best (only) visible to him on his online/realtime risk management system.
Their delay in timely execution of trade (note - carried subsequently on their server/by their people and not by me on my terminal) has lead to losses in my ledger. Please note that with my best skills I could have not time it at my terminal because market was wildly volatile (seller circuit) and I can not compute the margin and M2M shortfall on the real time bases while the broker is equipped with RISK MANAGEMENT SYSTEM.
Now Arbitrator has awarded against me taking stand that I could also have closed my F&O position on my own and wants me to pay for the losses occurred in my A/C because of broker negligence and not abiding the agreement itself.
I am just left with 20 days to go to High court. PLEASE Suggest.
Raj Kumar Makkad
(Expert) 15 November 2009
As the arbitrator has already given its award against you so you have no other option but to go to High Court against his award. Any Person of prudent mind shall definitely shall come to the conclusion that it was th duty of the broker to consolidate the position but you should also not overlook the fact that you also failed to do your duty and could not closed your F & O so none to allege. Anyhow approach High court.
Tripathi
(Querist) 16 November 2009
Thanks, but it was not humanly possible to judge and take action in such voletile times. moreover, in past, in simmillar (margin shortfall) situations my F&O positions were squerred-up by same broker and that lead to loss of one lakh in ledger. But broker never asked for that money even for once!! and gave me new code to trade in. even another broker sold my all the share pledge with him as soon as margin goes below certain level. with this kind of experiance and knowledge that broker HAS to sell i left the clossing of the position on them.
