Parse String To Date?

I have date in string ex: 2014-08-08T17:38:58.316+05:30 and want to convert into 2014/08/08 17:38:58. I am using below code :

String date1="2014-08-08T17:38:58.316+05:30";
SimpleDateFormat formatter, FORMATTER;
formatter = new SimpleDateFormat("yyyy-MM-dd'T'HH:mm:ss.SSS'Z'");
String oldDate = "2011-03-10T11:54:30.207Z";
Date date = formatter.parse(oldDate.substring(0, 24));
FORMATTER = new SimpleDateFormat("dd-MMM-yyyy HH:mm:ss.SSS");
System.out.println("OldDate-->"+oldDate);
System.out.println("NewDate-->"+FORMATTER.format(date));

this giving me required value, but when i replace oldDate with date1 it shows me exception that not parse to date. Actually i am getting date in string of 2014-08-08T17:38:58.316+05:30 which i need to convert into date 2014/08/08 17:38:58. To convert into date i am using below code :

SimpleDateFormat simpleDateFormat = new SimpleDateFormat("dd/M/yyyy hh:mm:ss");
Date datecomp1 = simpleDateFormat.parse(String );

The issue is to convert 2014-08-08T17:38:58.316+05:30 into 2014/08/08 17:38:58.