[Resolved]  ICICI Securities Limited — For ATS, no full info before purchase- Exposure

Address:

Karnataka

For ATS, they monitor our stock market. the issue was reported to ICICI securities 2 years back. (Wednesday, July 20, 2011 2:03 PM)

But no action from your side.



1) I’ve called you many times; there was no response back from your side.

2) I’ve visited ICICI direct in Jayanagar branch, last month.

3) There was mistake from your employee Mr. Vivek. He didn’t inform me about exposure while purchasing, and gave some wrong suggestions like removing stop loss etc. and now, he is absconding.

4) Same in case of check bounce case (refer trailing email)



My request to you is- Kindly close my ATS account with the refund cheque from Jayanagar branch

I opened my ICICI ATS account in May, 2011 for trading through Mr. Suresh from ICICI bank, BTM layout 2nd stage (Mob: [protected], [protected]). I handed him INR 1,50,000/- cheque.



Then, after a week, Mr. Lakshmikant from ICICI securities (Mob: [protected]) came on Sunday, saying from Monday onwards, we will start trading.





1) Next day on 16/05/2011, Lakshmikant transferred INR 75,000/- from my ICICI saving account, without informing ICICI bank or Suresh.



After this event, Mr. Suresh sent the cheque for realization and due to insufficient funds, I was charged INR 386/-.



2) Lakshmikant left the job, and they assigned one new person Mr. Vivek (Landline:[protected] for trading through telephone.



For Ambuja Cement, we purchased 500 shares, and sold it within a week. It was fantastically done.



Even, one intra day share we purchased and he saved me from the loss.





But, considering Jet airways, delivery call was- Purchase at 467, stop loss 460, 490 is the target. When I asked him to purchase 500 Qty, he neither told me- its crossing 75,000/- INR, nor he has told me the option of exposure.





The very next day, I got sms from ICICI securities that- my ledger balance & collateral value is around INR 1,50,000/-. I was shocked. I instantly called Mr. Vivek, then he was explaining me about exposure option & limitation of 5 or 7 days, after which excess shares will be sold at current value. He suggested me to sell share by that time only; but at that time, share value was already down and down.





Then, Mr. Vivek told me to remove stop loss. I told him to go ahead. He was assuring me, that within a week, price will go up.





After 5 days, Jet airways 360 shares got sold (as per exposure rule).And I was in big loss





Now the things are-



1) Due to lack of communication between ICICI bank and ICICI securities, I was charged INR 387. I should get refund amount fully.



2) While purchasing shares, Mr. Vivek should have told me about exposure option or should have told- the total value is crossing INR 75,000/-. On the other hand, why he told to remove stop loss??



Ideally, I should get my loss back.