iCharts Discussions

[rk_a2003]

We need not bother about Emkay losses. I read in several blogs that some retail traders experienced huge losses and they are bleeding. The NSE response for this is cold. They are neither reversing the trades nor compensating the losers.

NSE is filthy rich and they even don’t bother about retail traders .We are like dirt for them. It could be a miniscule amount for them, even if they compensated the losers during that time. They don’t want to create precedence and they don’t care.

Moreover they are saying there is no loss for retail investors in this case. Wow, they even don’t recognize the presence of retail traders….Long live crooks.

[vinay28]

for the last many days FIIs are buying in cash and selling in fut. I understand their av cost is 5550 but can't confirm. Also, don't forget that with index/scrip rally combined with INR becoming strong, they have made >15% in one month. They will book partially.

[apka]

yeh possibily, good point vinay.

[chandrujimrc]

Whether it was erroneous order or well planned order what is the ultimate remedy for the suffered retail investors.I think every one will remember what happened on 20/04/2012.Nf suddenly came down from5315 to 5000 immediately came back to 5310.As usual NSE has ordered for the probe.Even after 5 months no body knows about the outcome of the above probe.But mkt has reacted as per their game plan.NF came down upto 4767 after S&P degrade of our Indian mkt ratting in May 2012.Who has done in April and who has benefitted in May.If the NSE is really interested to protect the retail investors,why you are not declaring all the orders executed between Emkay order and circuit filter time as null and void.If 650cr is enough to do this then what is the future security of our mkt?Ambani brothers can any time capture our mkt.So be cautious somebody has smelt some thing at 5860 to 4880.

[chandrujimrc]

Dear friends,
Nse clarification on various times.



1.April 20, 2012



Press Release No. 1

Clarification



NSE clarifies that the trading systems worked normally and all the trade executions were within the price limits prescribed by SEBI. The Exchange is examining the causes for the sudden fall in the Nifty, as part of normal investigation procedure. NSE further clarified that no trades were cancelled or annulled by the Exchange.

2.May 18, 2009

Press Release no. 1

Circuit Breakers



SEBI vide their Circular No. SMDRPD/Policy/Cir-37 dated June 28, 2001 has stipulated that the index based market wide circuit breaker system shall apply at three stages of the index movement at 10%, 15% and 20%, irrespective of whether the market moves up or down. These percentages are translated into absolute points of index variations on a quarterly basis. For the current quarter, applicable Nifty points are 300 points for 10%, 450 points for 15% and 600 points for 20%. Similarly, applicable Sensex points are 975 points for 10%, 1450 points for 15% and 1950 points for 20%.



As such, on May 18, 2009, within a few seconds after markets opened, Nifty went up by 531.65 points and Sensex went up by 1789.88 points thereby crossing 450 points (15%) for Nifty & 1450 points (15%) for Sensex. Consequently equity and equity derivatives markets were closed for a period 2 hours as prescribed in the above mentioned circular. Subsequently after reopening at 11.55 am, Nifty further went up and closed 651.50 points higher. Similarly Sensex closed 2110.79 points higher, thereby crossing 600 points (20%) for Nifty and 1950 points (20%) for Sensex. As per the above-mentioned circular, equity and equity derivatives markets were closed for the rest of the day.



The existing policy will continue to govern trading on the exchanges. Accordingly, the first level of the circuit breaker at 10% will be triggered at 300 points for Nifty and 975 for Sensex over the respective closing level of the indices today. The second circuit breaker at 15% and the third circuit breaker at 20%, will be triggered at 450 points and 600 points for the NIFTY respectively and 1450 points and 1950 points for the Sensex respectively, over the closing levels of today.

3.October 05, 2012



Press Release No. 1

Clarification



Brief halt in trading in cash market due to erroneous orders because of erroneous quantity
Market resumed soon in the morning
Stringent action taken against member: Emkay global disabled and made to unwind positions completely
Matter being investigated thoroughly



The market opened normally today and Nifty opened at 5,815. At 9.50.58, the Nifty circuit filter got triggered, upon which the cash market was closed automatically. The Nifty fall was apparently on account of the entry of 59 erroneous orders, which resulted in multiple trades for an aggregate value of over Rs. 650 crore. These orders were entered by a trading member, Emkay Global Financial Services, on behalf of an institutional client. These non-algo market orders have been entered for an erroneous quantity which resulted in executing trades at multiple price points across the entire order book, thereby causing the circuit filter to be triggered. These orders have been identified to a specific dealer terminal.



While the Exchange systems functioned normally without any glitch, the above abnormal trades caused market closure automatically, due to the index circuit filter getting triggered. The market was reopened by the Exchange with a pre-open phase at 10.00.22 and trading resumed at 10.05.00 and the market functioned normally. The Exchange is investigating the matter.



Ravi Varanasi, Head-Business Development at NSE said,

“We have taken immediate action. Emkay Global Financial Services was asked to close out its positions arising out of erroneous trades, which they have done. The exchange then disabled the member from trading. There is no question of any glitch or malfunctioning in NSE’s systems. The broker’s dealer put in an erroneous quantity in the orders, which is being investigated.’’



Mr. Varanasi also said that the circuit filter was triggered at 10 per cent and the cash market was stopped. The orders that were already in the system were executed in the next few seconds. The market was reopened within a few minutes since the price movement was on account of erroneous trades.

[chandrujimrc]

As per NSE clarification on 18/05/2009,how the mkt gone below first circuit lvl?

[nareshusv]

I had maruti during that time, After I bought it and with in seconds MTM was showing a loss of around Rs.20000, I was wondering what happened, I underwent lot of stress during that 15 min. Then market recovered and I sold at my price.
After this incident I fear a lot to trade, Because The guy with money can manipulate entire market as per his desire. No technicals or anything else would work.
Am I trader or a Gambler I do not know now.
regards,
Naresh

[veerappan]

[Rahulsharmaat]

No idea about all these trades

I had --

1} Punj long from 49--- which was 58--n went to 55-- n back to 57

2} had short M&M at 882-- this circuit didnt do anything on there covered at 872

3} i had short Rel infra-- which i covered and went long at 542--

4} in that panic --yes i bought Jaicorp-- Arss-- Bharti ship { went 9% up }

Aptech ---- nifty i longed at 5750-- in hand--

so for me-- i had long as well short--so it was ok-- rest biggies know