[Resolved]  Motilal Oswal Securities Limited, Mumbai — SHARES SOLD ON INTRADAY WERE NOT SQUARED OFF

Address:

Guntur, Andhra Pradesh

NAME : SRAVAN KUMAR R
ADDRESS : DCRB, DISTRICT POLICE OFFICE, GUNTUR, GUNTUR DISTRICT, A.P.
BROKER : MOTILAL OSWAL SECURITIES LIMITED, MUMBAI
CLIENT ID : ESBI 218388
EMAIL ID: [protected]@yahoo.co.in
COMPLAINT:
SIR,

ON 18.05.10, I HAVE SOLD 150 SHARES OF BANK OF RAJASTAN ON INTRADAY TRADING AT AN AVERAGE PRICE OF 97.77 AND THEY MUST BE SQUARE OFF AT THE END OF THE DAY. BUT SURPRISINGLLY, WHEN, I SAW THE CLIENT MARGIN FILE THROUGH MAIL, IT WAS SHOWN AS DELIVERY SELL. THE BROKER DID NOT INFORM ABOUT DELIVERY SELL AND IT WAS NOT SHOWN I THE TRADING WINDOW. IN THE TRADING WINDOW, WHILE I WAS SELLING THEM, IT WAS SHOWN AS COMMONLY AS "INTRADAY" AND IT WAS NOT SQUARE-OFF. WHEN, I CONTACTED ONE OF THE CUSTOMER CARE EXECUTIVE, IT WAS REPLIED THAT, I CANNOT SQUARE IT OFF AND IT WILL BE AUTOMATICALLY SQUARE OFF ON MONDAY AND I HAVE TO BARE LOSS, AS THE BANK OF RAJASTAN SHARE IS RISING. IT WAS NOT INFORMED THAT, BANK OF RAJASTAN SHARE CANNOT BE TRADE ON INTRADAY SELL AND THEN BUY ON THE SAME DAY. IT WAS NOT MY FAULT DOING INTRADAY SELL. I CAN BARE THE LOSS IF IT WAS SQUARE OFF ON THE SAME DAY EVEN IF THE PRICE RISES. IT IS NOT FAIR TO PUT ME IN LOSS FOR NO FAULT OF MINE. THE SAME WAS HAPPENED WITH TAKE SOLUTIONS SHARES ON 19.05.10, IN WHICH, I HAVE SOLD 200 SHARES OF ' TAKE SOLUTIONS' AT RS.28.65 AND THEY WERE ALSO NOT SQUARE OFF. ON 21.05.10, WHEN, I SAW THE MARGIN AMOUNT, IT WAS SHOWN THAT THE AVAILABLE MARGIN IS -26,000/- AND IT IS NOT FAIR. CONSIDER THE CIRCUMSTANCES AND DO JUSTICE TO ME TO REFUND MY AMOUNT.

THANKING YOU,

YOURS FAITHFULLY,

R.SRAVAN KUMAR
CLIENT ID : ESBI 218388