Zerodha RMS Failure

[superman]

This thread has done the trick.The matter is mutually settled with Zerodha with entire refund.I request moderator to kindly close this thread.Thank you all for the support.

Hope you learnt your lesson , You were just lucky enough to get back without going via NSE/SEBI - Many are not that lucky !
Do try other brokers but yes all can behave like Zerodha - Make sure you never leave a position like this- Check always before market close

 

[timepass]

This problem happened on Friday, 5th October ? They haven't charged you for margin shortfall, have they ?

In my case, the problem happened on Friday, 28th September, and on 9th October they debited Rs. 806 as margin shortfall penalty (for -69K balance)

 

[Smart_trade]

This thread has done the trick.The matter is mutually settled with Zerodha with entire refund.I request moderator to kindly close this thread.Thank you all for the support.

Good that the issue was resolved to mutual satisfaction, but I feel that in such cases someone senior from the brokerages should step in instead of the junior staff and the attempt should be to find out the reason and fix responsibility for such loss instead of being in denial mode and refusing the claim. If the claim is fair,they should honour it and earn goodwill of the customers which will go a long way in creating trust between the broker and the clients.

Smart_trade

 

[TraderGYO]

Good that the issue was resolved to mutual satisfaction, but I feel that in such cases someone senior from the brokerages should step in instead of the junior staff and the attempt should be to find out the reason and fix responsibility for such loss instead of being in denial mode and refusing the claim. If the claim is fair,they should honour it and earn goodwill of the customers which will go a long way in creating trust between the broker and the clients.

Smart_trade

Good to know that this particular broker has settled the problem.
Speaking of "someone senior from brokerage" house I would like to share a story which happened to me 3/4 months ago to me - a CEO, of a well known and very active broker here on traderji, once assured me of "personally investigating" a similar RMS failure which costed me over 13000 loss on over-night position in ICICIBANK. Although the CEO personally accepted their RMS failure on the private chart on traderji and apologized but refused to do anything or even acknowledge the same officially via email.
There were two mistakes on my part -
1. I did not lodge a SEBI complaint.
2. My personal respect due to this trader/broker/CEO 's earlier help got in the way of evaluating the business decisions properly. I ended up being taken advantage of.
The point of writing this is to let other traders, who might face similar problems, know that always lodge formal complaints first. I find this thread very instructive,and the insights from two moderators timepassji and smart_tradeji are as valuable as always.

 

[superman]

Good to know that this particular broker has settled the problem.
Speaking of "someone senior from brokerage" house I would like to share a story which happened to me 3/4 months ago to me - a CEO, of a well known and very active broker here on traderji, once assured me of "personally investigating" a similar RMS failure which costed me over 13000 loss on over-night position in ICICIBANK. Although the CEO personally accepted their RMS failure on the private chart on traderji and apologized but refused to do anything or even acknowledge the same officially via email.
There were two mistakes on my part -
1. I did not lodge a SEBI complaint.
2. My personal respect due to this trader/broker/CEO 's earlier help got in the way of evaluating the business decisions properly. I ended up being taken advantage of.
The point of writing this is to let other traders, who might face similar problems, know that always lodge formal complaints first. I find this thread very instructive,and the insights from two moderators timepassji and smart_tradeji are as valuable as always.

Its a business. No one is doing charity here so no matter who calls us we should not accept loss due to them !

Trading is the toughest business where everyone tries to snatch others money, govt also do this. Now even brokers due to their faults are causing loss to us. If this is the case we should quit trading and do some other business.

If I want to earn 13K via selling short strangles (2 lots NIFTY) i need to wait for 6+ months of good trades and 1.5-2 lakh margin amount !
Its that difficult to earn 13K via trading !!

I want everyone to think it like business. Most of you guys have your own jobs and other means of earning so 13 K might not matter but just think to earn NET 13K via trading how much risk you need to take and how much effort and margin will be required !

 

[Punter786]

This thread has done the trick.The matter is mutually settled with Zerodha with entire refund.I request moderator to kindly close this thread.Thank you all for the support.

Wow. So glad to hear this! The feelings which come when a David wins against a Goliath!

I think the Zero fellas realized that it is futile to pursue this case because if the case goes to SEBI then not only they will lose surely but may end up getting some very bad publicity and headlines - and at the end of day which business would like to damage its brand? Here Zero was facing some real danger in this regard. Prudent and well thought decision I think. Remember you are dealing with some very very cunning, canny and ruthless people at Zerodha.

@TP

Best luck to you as well. Do not remember the exact details of your case but if Zero does not compensate you then the SEBI will! Its record is so so bad, I would not be surprised if you win!

 

[pannet1]

This thread has done the trick.The matter is mutually settled with Zerodha with entire refund.I request moderator to kindly close this thread.Thank you all for the support.

Hi Mavala,

I am glad for you. Can you please explain to me on how it (this thread) helped you, step by step. Though I understand vaguely, you are talking about the actions you took after reading the info here. But cant you elaborate more on that.

 

[Mavala]

I was not aware where to raise complaint and all. I was about to let this go, but many members encouraged to take up the fight.I did not know how cumbersome and time consuming is complaint process with SEBI.
After raising complaint, SEBI forwarded it to NSE, NSE to regional office, regional office send notice to both parties for submission of documents.Belive me this all happened in less than two hours.
I agreed with opposite party not to malign more at least for this case so will not repeat details again which already discussed . Another thing is Traderji is very famous forum and it puts pressure in terms of brand.

 

[TraderGYO]

Its a business. No one is doing charity here so no matter who calls us we should not accept loss due to them !

Trading is the toughest business where everyone tries to snatch others money, govt also do this. Now even brokers due to their faults are causing loss to us. If this is the case we should quit trading and do some other business.

If I want to earn 13K via selling short strangles (2 lots NIFTY) i need to wait for 6+ months of good trades and 1.5-2 lakh margin amount !
Its that difficult to earn 13K via trading !!

I want everyone to think it like business. Most of you guys have your own jobs and other means of earning so 13 K might not matter but just think to earn NET 13K via trading how much risk you need to take and how much effort and margin will be required !

Gratitude can be stay seperate from a business decision - a life-lesson learned the hard way for me.

 

[timepass]

@Mavala , have you also informed NSE about the satisfactory resolution ? They will need a communication to that effect from you so that they can close the complaint.