I am trading member of ICICI Direct and my unique number is [protected].
On 22nd February 2022 in the morning around 9.15 am had a credit balance of Rs.19707.30 in my trading account.
Placed an order to buy put option of Asian paints with strike price of 3340 at market., Of expiry on 24th February 2022.
The system picked the order at the market price of Rs 437.95, as my order was for market price.
The total value of the order was Rs.65692.50, and it was executed.
Immediately on the 22nd itself, ICICI customer care, help desk and subsequently compliance officer, coo was communicated but yet to resolve the issue.
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Now with the available trading limit of Rs.19707.30 how an order for Rs. 65692.50 can be approved, .
The SEBI's circular effective September 2021 states in orde to get an option order exeuted the customer should have 100% upfront margin, in his trading account, certainly it wasn't there in the above referred case, apparently there was a system error on that day/moment.
Further on going through the order book of my account it was noticed the buy orde was executed at Rs. 437.95 and the square off price (sale price) was shown as Rs.96.25( have already forwarded the snap shot to the concerned team).
Comming to the Trade book of my account the purchase price is correctly shown but the square off price ( the sales price) is shown as Rs.129.45 ( this snapshot is already forwarded) .The contract note and relevant account posting is done on Rs.129.45.
Generally the order book and the trade book should be showing the same figure for the completed order, but here there is huge difference of Rs.96.25 to Rs. 129.45 between order book and trade book, this again confirms that there was a system error on that day/moment.
On going through the historical contract wise price volume data of NSE, it shows as the opening price for the above referred order
Was Rs.437.95, and that was the day High, the day low Rs.129.45, now the question arises from where did my order book picked Rs 96.25 when the price never reached on that day. This also add to the confirmation that there was a system error on that day/moment.
One of the repersentative of the organisation had mentioned in one of his response that the system had taken the price of Rs.96.25 as last traded price and calculated/ compared the availability of my trading limit and placed the order in the execution platform, but while executing it picked up market price and executed the order.
Now as per the historical contract wise price volume data on that day price was never Rs.96.25, this is also adding to the confusion, further a system/computer/ technology would and can work from higher to lower and not the other way around, so the statement of the repersentative as it picked market price was not possible as the market price was higher than the so called last traded price on that day, my orde was for buy order at market price, unfortunately the price referred was of sales price in the sales order book.
All the snapshot are available with the recent communication made with coo /compliance officer of ICICI direct if you still need them please let me know shall provide.
Now from the above it is clear that the whole issue is full of annomolly, and hence would request ICICI direct to reverse the entire transaction and bring my trading account position status quo a of 22nd February morning 9.15 am, and save me from the penalizesation for no fault of mine.
I will be grateful, obliged for the kind consideration
Thanks
I
ICICI Bank customer support has been notified about the posted complaint.