I have mentioned the problem in Zerodha's thread. It went through various channels and the verdict has gone against me. There are further options available and I have not yet decided whether to follow them.
Here I will recount only the facts.
On 28th Sept, a series of bracket orders were executed in my account which resulted in me being left over with an overnight position in BoB futures. At that time I had a pending bracket order which should have been cancelled after 3:20.
Anyway, the position was carried on overnight and squared off by them on Monday morning at a loss of 12,400. Then I was charged call-n-trade charges both the ways, and a short margin penalty.
Here is the order book of the three orders.
I complained to SEBI about it, who passed it to NSE, Vadodara, who handled it. Zerodha offered me a compensation of Rs. 2800 which I refused. Then the matter was passed to IGRP, which met on 31st October at Vadodara. I was unable to attend it in person due to family issues but participated in a limited way through telephone.
My position was that I had not bought the scrip, I had not sold it, so I there is no liability on me.
Zerodha's representative said that I was an experienced trader and should've squared off the position on Monday morning for minimum loss. They also said that I modified the order multiple times which caused a technical glitch and caused multiple bracket orders to happen.
The IGRP passed the following order.
NSE has sent me forms for the next level, if I want to escalate it. This is called Arbitration and is a quasi judicial process.
If anyone here knows about the arbitration proceedings, please tell us all about it. How often does it meet ? How does one choose the arbitrator ? How much does it cost ? How binding are its orders etc...
Here I will recount only the facts.
On 28th Sept, a series of bracket orders were executed in my account which resulted in me being left over with an overnight position in BoB futures. At that time I had a pending bracket order which should have been cancelled after 3:20.
Anyway, the position was carried on overnight and squared off by them on Monday morning at a loss of 12,400. Then I was charged call-n-trade charges both the ways, and a short margin penalty.
Here is the order book of the three orders.
I complained to SEBI about it, who passed it to NSE, Vadodara, who handled it. Zerodha offered me a compensation of Rs. 2800 which I refused. Then the matter was passed to IGRP, which met on 31st October at Vadodara. I was unable to attend it in person due to family issues but participated in a limited way through telephone.
My position was that I had not bought the scrip, I had not sold it, so I there is no liability on me.
Zerodha's representative said that I was an experienced trader and should've squared off the position on Monday morning for minimum loss. They also said that I modified the order multiple times which caused a technical glitch and caused multiple bracket orders to happen.
The IGRP passed the following order.
NSE has sent me forms for the next level, if I want to escalate it. This is called Arbitration and is a quasi judicial process.
If anyone here knows about the arbitration proceedings, please tell us all about it. How often does it meet ? How does one choose the arbitrator ? How much does it cost ? How binding are its orders etc...
