ICICI Direct — Option product fraud

Address:	Vadodara, Gujarat
Website:	secure.icicidirect.com

Hi There, I am customer of icici direct since last 11 months & had a very bad experience when I came to know that this firm is not working for customers profit Interest but instead it's working for registered companies in NSE & BSE. Example given below: Example: You need to know 3 term first 1) Limit Price :- price @ which you buy your contract 2) Target price :- price at which you are selling your contract 3) Stop-loss :- price which will be the lower limit to sell your contract Now, suppose you buy any contract in 'option' segment whose lot size is 1000 shares with premium price of Rs 2 (i.e. 1000*2=2000). So when you buy this contract you investment was 2000 rs & you expect that particular share price will move up (call option) it's premium will become 4(i.e. 1000*4=4000) you earn 2000rs. Let suppose that you're not sure of the movement or if also you are sure you still need to protect your money you have to keep Stop-loss price. Present premium price of that same contract is 3rs so you should be allowed to put 2.5rs as Stop-loss so that you can at least earn 500rs but this portal doesn't allow to do so. When I raised this with icici direct officials face to face i was stunned with the reply that i got. They said that I am allowed to keep Stop-loss less than limit price which means anything below 2 which is again logically not right because when I kept 1.5rs as my stoploss my position will get square off(sold out) because there is already some buyers in the market who has kept there bid at 1.5rs. Technically when you go through the above situation you will see it is very unfair portal and a complete fraud to loot common men money. Please take action as soon as possible so that others don't lose their money. I was new in market due to which it took lot much of time to rectify the problem. After losing more than 3lac rs I managed to deep dive & was able to find out the root cause. I can present this practically anytime. Thanks