I use ICICI Direct platform. They have modified their trading platform a lot. It looks interesting, however what is dangerous is
When you opt for selling a stock which you already have in your demat, the sell quantity get auto populated with your total quantity that you hold. Example, if I have Tata Steel of 56 shares in my demat, and when I click on sell option, the Quantity for sale options get auto populated with the entire quantity of 56 shares. This was never the case in their previous version. This field was blank and the user had to input the quantity we wished to sell.
The second field is the Limit Price or Market price. If by oversight you do not edit the Quantity field and press on market, your entire quantity will be sold.
This was never the case in their earlier site. Hence any user using icici direct please be warned and be extra careful when you sell. Also would like icici direct users to write to them so that there would be pressure on them to leave the quantity field blank and should be user input and not auto populated.
I think that is better that way, as you don’t have to go back to check how many shares you have or by mistake sell more than what you have. However, I wish that would happen when I want to square off my options. They never auto-fill the no. of lots that I have in the sell quantity field.
It could be better for option traders but for me when I deal in cash segment and all through the years, this field was empty, and we had to input the quantity ourself. When this was the norm, all of a sudden the entire quantity gets populated into the sell field. This is unnerving. I do understand that I should have checked everything, but such mistake can happen and it happened to me. Luckily for me, Tata steel fell in the last two days and I bought it back.
Not to be disparaging about the broker I use since a long time, but It is of no use. Write to their COO under grievance, even this does not elicit a response. RM and his boss, too never responds.
The issue is with people who were used to the old platform, the quantity was never populated and hence we had to input it manually. In the new platform it gets auto populated. It is like when you are doing a RTGS or NEFT to a beneficiary, in the amount column, the entire available balance gets populated instead of blank.
Hope better sense prevails and just wanted others to know who are users of the platform.
Committed the error twice, sold the entire quantity that I had twice. As they say once bitten twice shy, I am being very careful.
In the new platform, the quantity field is NOT getting auto populated.
Although this topic was not related to this forum, I think somehow, someone at Icici direct must have read this and corrected it. (all assumption), but feeling elated that this issue is sorted out and you guys being patient with this post although it was not relevant for you.