Location/place: New Delhi
Name of company/service: ICICI Direct
Hi,
I am the user of ICICI direct from quiet long time and used to do some trading occasionally . Used to follow ICICI direct’s recommendations and take decisions of investments based on that as well. Used to look my portfolio to check for any opportunities for selling or buying.
User ID – PASCJ001
Based on some recommendations , I purchased shares of Gujarat Sidhee Cements as below
600 shares @17.75 on 21st Jan 2010
300 shares @16.50 on 27th Jan 2010
Opposed to my expectation , price of this company’s shares keep falling and falling. With the views of ICICI direct’s expert, that shares give the profits in long terms , I was carrying this shares in my portfolios from more than last three years. Some days back I checked my shares prices and felt happier to see a good price increase and seeing a profit of arround 10%+. With the views that it should increase more in near future days , I kept watching the price increase in my portfolio for this share. After some 3-4 days I found prices increased by significant amount and it was showing a good profit of arround 39% in my portfolio. Later after one days, it was showing arround 42 %.
With this much profit showing in my portfolio for this Gujarat Sidhee cement by the system, thought of booking profit quickly before the prices fall. When I tried to put the order of SELL for 900 of my shares , the system was not allowing me to put the order but prompted me to check the demat allocation, which on further checking, it was showing, only 225 of shares instead of 900 to my shock.
I thought of first placing the order of 200 only , whatever is available for now , to book the profit quickly and for the remaining 700, I thought of contacting customer care to place the order or to know the process by which it will start showing me the remaining 700 such that I can place order for sell for remaining shares.
By the time I contacted the customer care to get the shocking information , my order got executed . The customer care representative informed that the respective company has made one share for 4 shares and has increased it’s face value.
Due to the wrong information shown by the ICICI direct’s portfolios system/software, I placed the SELL order for my shares which I was carrying from last 3 years to see the price increase.This SELL order in actual created a loss of arround 17500/Rs.I have attached the screen shot of my portfolio where the system was showing wrong information.
ICICI direct has the information that the Gujrat Sidhee Cement has made one share instead of 4 and it has increased it’s face value but ICICI direct didn’t show the proper information but wrongly kept showing 42% profit . It didn’t either prompted me for any price change or any warning message, while placing the order, even it was aware of that the respective company has changes it’s share’s face value.
Due to the wrong information shown by the ICICI direct syste/software , I suffered a loss of arround more than 17500/Rs of my hard earned money. So it’s my kind request that the order should be reverted back or some other means ,should ICICI direct do to nullify the loss.
Will be grateful to ICICI direct for nullifying the loss.
For any queries/clarifications please call me at 9654578579.
Yours Sincerelyincerely
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