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Future Margin overnight increased by Zerodha 3 times

This petition had 11 supporters


Respected sirs

On 25.10.17 1 lot of bank india future november series has only costed me 1.2 lakh indian rupees to take a position after i visited the zerodha margin calculator.
With sufficient margins zerodha has allowed me to take 4 lots of futures and overnight the margin requirement has changed to 3.5 lakhs indian rupees for 1 lot.
How a customer like me will know the margin requirements have tripled?

At the time of purchase zerodha margin calculator has shown only 1.2 lakhs.

I have purchased 4 lots as zerodha has allowed me to do it. If the margin requirement was 3.5 lakhs from the time of purchase I would have sold (selling order) only one lot.

Next day when i opened my account the overall margin has increased by 3.5 laks per lot and I was shocked to see I have to refill 8.5 lakhs to avoid square off.

I have trying to call zerodha multiple times and ended up with no response.

I am very disappointed that no calls (tried 100 times) are being attended and at the end of the day I am in huge huge loss due to auto square off of 3 lots.

I request zerodha to pay my losses that has been incurred due to auto square off 3 lots the next day.

From the morning 26.10.17 I was trying to call the zerodha customer service and no response there. Atleast I have tried around 100 times to call and nobody picks up the phone.

Please note the closing price of bankindia was 190.3 (26.10.17) and I have been squared off at a price of 194.6.

On 27.10.17 bank india november future closed around 180 rupees.

1. zerodha allowed me to purchase 4 lots each costing 1,2 lakhs and how can they increase margin to 3.5 lakhs per lot overnight?

2. I should have been given the same pricing at the time zerodha allowed me to purchase even if the exchange has changed the margin. 

3. Sudden change of margin requirement by 3 times and auto square off has put me in huge losses. I also experienced huge stress due to this.

4. No customer service was available as almost all the time the phone lines are not reachable.With 6 hrs of trading time, I have atleast tried 100 times.

I have trusted zerodha a lot, but now this happens.

I request a resolution on this subject please.

 I have also raised a ticket in zerodha support portal (ticket no: 145164) on 26.10.17 and waiting for a response.

Thanks

Yusuf.

 



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