Thread by @WantedSyed

#NSE #Refund #Complaint #Brokers
In this thread I am explaining how I got the refund (66k) from my broker, because of my order got rejected with Error code and msg of “16642 Options buy used limit exceeded the user limit” (1/n)

On 1st of Feb (Budget day), I sold 39800 CE at 387.75 with 200Q at 14:51:30, then I tried to close the sold position 14:52:00 with Price of 325.75, with Profit of 12400rs, but my order rejected, it is continuously rejecting for more than 5 mins with 15 times. (2/n)

Later at 15:01:26 my order executed with price of 721.05, because of that I occurred total loss of 79k (12 Profit missed and 66k loss).

I raised this complaint with my broker on same day and requested it refund of 79k, as usual my broker denied and saying that it is technical glitch, they said they wont refund the amount, I waited for 3 days, and saved my error screenshot, order rejection with loss amount 4/n

Then I raised the complaint in NSE(Investors Helpline - investorhelpline.nseindia.com/NICEPLUS/) & SEBI(SCORES - scores.gov.in/scores/Welcome…) with details of my issue, (Error screen shot, Order book, Computation of loss), then NSE requested my brokers for clarification, 5/n

then my broker called me and said that they will provide 50% refund and 15 days brokerage free plan at first proposal, Later after many discussion my broker accepted to refund the actual loss amount of 66k, (Total loss 79k, profits cant be considered for refund).

I am very happy finally I really want to thank brother @optionsexpert (he has already created a thread for complaint) and helped me for clearing my doubts, along with it @jaga4you, @OptionStones,@raavankr @itjegan sir @chandu @jafarsherif666 for sharing their experience 🙏🙏

Learnings from the Issue : Always have alternate account to buy options against sold position to avoid big loss, we cannot always get refund, we should have prepared for any kind of issue.

@BandiShreyas bro @kirubaakaran bro @PRSundar64 sir @saketh1998 bro Kindly share this info with your followers if you felt useful.