Sustained loss due to system failure
1) I trade online with Motilal Oswal Securities Ltd with A/c No. ESBI 159773. On 31.05.2011 I purchased 500 unit of NCC Eq. intraday and square off before 3.15pm (before square off suspension time). But because of their system failure as the net position and trade book did not reflected the actual position I sold 100 unit more and it should have been automatically square off by the system. Further, system did not allow for any intraday transaction during square off suspension period. Hence I had no scope to regularise the position. For this they purchased 100 nos. of share @ Rs.91.46 and charged me .5% i.e. Rs.45.73 as penalty. For this I sustained a loss of 886.73.
On 3.6.11 I was intimated by mail and in reply I requested them not to leavy any penalty. But they replied like
"With reference to the above mentioned subject, we would like to inform you that due to technical issue, your intraday position was not squared off on 31/05/2011.
We regret for the inconvenience caused to you.
Further, as per disclaimer updated on trading platform any loss due to technical issue can not be reimbursed." I may kindly be given justice.