Religare Enterprises — Wrong order placement

Website:

religareonline.com

Religare broking limited is the biggest fraud company of all time. Their agents and customer support are all corrupt, their trading software is faulty and they pay nse to close their eyes of all their misdeeds.

1. On 21 april 20, i placed an order on option call nifty opt 9550 at rs 0.2 limit for 750 qty. I also placed 2 more orders along with this. The amount in my account was rs58000 only. When market opened all 3 orders were placed. The order for nifty 9550 was showing profit/loss of 0 in my positions. But after sometime, it started showing -2, 64, 000 in my available margin and the position for nifty5500 order was showing buying price of 399.50. After deducting the amount of other 2 orders i was left with only 33000 (Appx) in my account then how a huge order was placed.
They gave me 1000% margin on delivery trade on their own without my knowledge or permission which is strictly violation of sebi rules. Their trading software is faulty which took my order in market and gave me 1000% margin. I have few screenshots which i took from their religare dynami app which can prove my point.

2. “as per upfront margin rules, how this order was executed if margin was not available?”. It clearly indicates that the firm religare is at fault and should bear the consequences (Loss/gain) arising out of this trade. I complaint it to nse and throughout my complaint religare executive kept on changing their statement in every reply and nse was always kept on supporting them. It was clearly visible that they have internal links with nse representatives also.

3. While placing and execution, why they (Religare) didn’t check my available balance and why they gave me such huge margins even when margins are not allowed in options buy call? It is the responsibility of broker to do risk management and check available margins while executing order. Whatever the case may be, their personnel and/or software must manage risk and should not place any order beyond available balance. The broker has to ensure that trading limits/ exposure limits/ position limits are set for all clients based on risk assessment, credit quality and available margins of the client (Refer section 1.1 (Iv), 1.2 (Iv), 2.6, 2.7, 5.1 (X) of sebi manual attached). Therefore, it is a great failure and clear violation of sebi rules by the religare firm.

4. People sitting in investor service cell of nse do not have sufficient knowledge about share market and they believe what broker tells them without even verifying it from some other expert. Same happened in my case, religare gave some meaningless explanation which was totally invalid and wrong. I request isc panel to verify it but isc didn't do it.

5. Therefore, i am applying for arbitration.