[Resolved]  ICICI Direct.com — Loss incurred due to miscommunication

Dear Sir/Madam,

I have incurred huge losses due to mis-communication by ICICI representative about margin maintenance on my currency trading account. I had sold some currency future contracts at different levels, and was maintaining more than enough margin in my currency trading account but still when I noticed margin amount mentioned in red under open positions tab, I immediately called ICICI Direct customer care and had a word with a lady representative in Trading. She clearly told me that I have enough funds available in the currency trading account, and so I need not worry about posting further margin or reallocating anything. I confirmed this with her several times, and also recorded the conversation on my blackberry so that I am doubly sure, as I wanted to hold the contracts till maturity. But soon after my conversation with the representative, I noticed that 5 of my contracts got automatically squared off due to insufficient margin, whereas the market didn't move any bit after my conversation with the lady rep. I immediately called ICICI Direct customer care again, and highlighted this issue to customer service supervisor (Ms. Smitha Jadhav) who told me that they will retrieve the conversations from back-end, and if a mis-communication has been given to me, all the losses incurred will be made good. After several days of back and forth communication with her, she has told me that even though it was found from retrieval of voice-recordings that I was given wrong information, they can not reverse the loss incurred. I told her that she had clearly mentioned that if it is found that I was mis-communicated, all the loss incurred will be made good, but she said that this decision is not in her hand, and she suggested that I send an email to higher authority at ICICI Direct regarding this. I immediately sent an email to the grievance redressal team at ICICI Direct (i.e. to [protected]@icicidirect.com and [protected]@icicibank.com) but I didn't hear back from them. I followed up again with them after a week, but still they didn't bother responding.

Today was the expiry date of the future contracts that I had sold, and if my positions weren't auto squared-off, I would have made some money, but instead I incurred a loss to the extent of approx. Rs. 15,000. I will really appreciate if you can try to resolve this issue, as this loss is too big for me to bear.

I will really hope to get a positive resolution to this matter.



Thanks & Regards
Kanchan
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Aug 13, 2020
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