Zubeda Khorasi filed complaint against ICICI Direct on Nov 19, 2021
I had placed an order on **th September **** to buy one lot of Opt-Pirent-** sept-**** call at Rs ***.** and trade got executed at **:** hours. However in the evening I received my trade and order confirmation where I noticed that my executed option was squared off by ICICI direct systems at **:** hours at Rs **.** without any intimation to me. This resulted in a loss of around Rs ****/- on the Trade over and above the notional loss of unable to trade in said option till expiry which would have brought substantial gains to me if held to expiry. I approached the next day at their ICICI direct office situated at Poonam Sagar, Mira Road and they connected me to their back office team. Back office team informed me that the trade was squared off citing reason of margin requirement as option was in-the-money. I asked them to justify their claim that option was in-the-money post my purchase. They checked and informed me that they shall get back to me later. Since I did not hear within ** days, I escalated the complaint as per the laid process of grievance redressals. After a couple of escalations to headservicequality@icicidirect.com and coo@icicidirect.com, almost after a month, I got an ambiguous reply from head service quality desk citing some SEBI guidelines and circulars on margin maintenance for options trade. I digged deeper into all relevant SEBI circulars and there was no case for squaring off an out-of-money call option or requirement of margin for such out-of-money call option. I wrote back to all above named email id's citing SEBI circulars and re-explanation of my case more than ** days back. However they are not bothered to make any reply and are understood to try and avoid the complaint.
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