Look at how poorly this whole issue was handled. If rbi position was that 100 mil exposure was always there and only genuine hedgers should be trading usdinr market andbot small retailers – then who in govt regulators rbi, sebi etc approved these brokers to open usdinr trading in first place without adequate declarations … then when at start of year the rbi notification came reiterating this position – then why didn’t all / any broker give a heads up to retailers and why did they expose traders to contracts beyond March end…this is sheer wilful ignorance or bad intent on brokers part for few extra crores of brokerage. How come all brokers forgot bout this regulation? Whatever brokers are saying is just covering their on legal bases now. Both regulators and brokers are to blame here given sequence of events – but there will be no accountability. Currency segment is effectively destroyed. Nd what guarantee is there some back dated regulation doesn’t turn up in commodity and equity markets…these guys both regulators nd brokers want brokerage but can’t ensure a fair ecosystem. If this was west then they would have been sued by now as a class action suit…but in India this just isn’t an option given justice system speed. I lost 31k.even when I had everything right in my trade both direction / time just because optiona were no longer liquid. Effectively for a trader in india there aren’t any good options left. Any one trading in equities is a losing proposition with the amount of crowding…other segments are illiquid…seriously considering Dubai or leaving trading all together…regulators and brokers are allowing only until they are making money…then some day if some crisis happens they ll come up with draconian rules to destroy the market with the babua understanding nothing of the impact there decisions lead to…really feeling despondent for indian traders overall
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Earlier no one really cased but now after RBI stressing on having exposure, guess brokers can’t take any chance now.