ICICI Direct — Unauthorized Square-Off - Futures Position - SR[protected]- Customer ID - manoj2819

Address:

Mumbai City, Maharashtra

Dear Sir, I am writing this email since the customer care are unable to provide me resolution I have purchased 2 Lots of Glenmark Pharma keeping my shares as Margin The value of the shares pledged are more than enough to meet the contract value. In addition to the same, i have also consistently maintained high cash balance in the liquid ICICI savings account to meet M2M margin requirements I-Direct customer care advised me that the allocated funds were not enough to meet the M2M as a result it may have been squared off. No surety or clear resolution was given on the same. Please find the extract from your I-Direct F&O Terms and Conditions that states as follows What happens if cash is not made available for any settlement dues ? Pay-in is normally made from your allocation to Equity and F&O from your bank account. In case this allocation is insufficient, ICICI Securities reserves the right to debit even unallocated clear funds available in your linked bank account. In case the allocation and clear funds from your bank account is not sufficient to meet the pay-in obligations for Equity and F&O, ICICI Securities can sell appropriate quantity of securities deposited as margin. The proceeds of the securities sold will then be utilized to meet the pay-in obligations for Equity and F&O. I have suffered a massive loss due to your operational error in conjunction with mental agony I will certainly not settle for anything less than a clear resolution considering that my EOD balance as on that day was > 90000 INR and the M2M on 1 Lot and loss on the squared off lot has also been debited to my account