ICICI DIRECT TRADING - beginer

#1
Hi All,

I have developed a recent interest in trading and hence want to make a start. I am an NRI and have a dematerialise account with ICICI.

I have following queries where I am actually stuck. I do not want to do daily trading but want to invest in shares for long term. Just buy few shares and keep it there for say 5 years. Your help in getting me started will be much appreciated.

1. What does a DAY, IOC OR VTC Order Validity stands for and which should I select?
2. When I click submit button I get a message stating 'Please select your PINS account to purchase shares in the secondary market:In case you do not have PINS account please open an account.'

I am not sure what this stands for and not sure what to do next. What is PINS account?

3. While investing in Mutual Funds I keep getting a crazy message stating 'It appears that you and/or your joint holders are US person or have indicia as per your KYC record with us. Only redemption will be allowed'.

When I checked my KYC it says Not Applicable. Well, I am in London so not sure why it mentions me as a US person.

I have absolutely no idea how to proceed further hence requesting your help.

Thanks
Mansoor
 

vijkris

Learner and Follower
#2
Hi All,

I have developed a recent interest in trading and hence want to make a start. I am an NRI and have a dematerialise account with ICICI.

I have following queries where I am actually stuck. I do not want to do daily trading but want to invest in shares for long term. Just buy few shares and keep it there for say 5 years. Your help in getting me started will be much appreciated.

1. What does a DAY, IOC OR VTC Order Validity stands for and which should I select?
2. When I click submit button I get a message stating 'Please select your PINS account to purchase shares in the secondary market:In case you do not have PINS account please open an account.'

I am not sure what this stands for and not sure what to do next. What is PINS account?

3. While investing in Mutual Funds I keep getting a crazy message stating 'It appears that you and/or your joint holders are US person or have indicia as per your KYC record with us. Only redemption will be allowed'.

When I checked my KYC it says Not Applicable. Well, I am in London so not sure why it mentions me as a US person.

I have absolutely no idea how to proceed further hence requesting your help.

Thanks
Mansoor
hi,
1. What does a DAY, IOC OR VTC Order Validity stands for and which should I select?

ans: The above refers to the validity of ur buy/sell order placed.
ioc: immediate or cancel, i.e if u press submit and price moved beyond ur expected price , order wil not get executed and it wil be cancelled immediately. This type is not useful for investors.

day = ur order will be in orderbook until it is executed or the day ends( 3.30pm) whichever is earlier. commonly used by daily traders. investors can also use but if ur entry/exit price has not reached means tomorrow u have to repeat the process. It becomes tedious if u have large portfolio.

vtc = valid till cancelled, i.e price u entered wil stay in icici system until u cancel it manually or validity ends as specified by icici . that means u have to order once only and icici wil send fresh order to exchange on ur behalf everyday until it is executed or specified time period(maybe 1 month).
best suited for investors if they r waiting for particular price of entry/exit.


regarding pims,etc no idea sorry.

regards.