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| Discuss Never heard before at the Brokers & Demat Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi friends, need ur help. Recently opened an account with Reliance Money. on 6th june ... |
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#1
11th June 2007, 12:30 AM
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Never heard before
Hi friends, need ur help. Recently opened an account with Reliance Money. on 6th june did the first ever trading on Rmoney, purchased 100 shares of IFCI in a simple deliverey order. Order was executed at 48.25 and I received contract note also.
Today on sunday, 10th june i got a call from Reliance money to inform that my stocks can not be delivered to me because of "Buyer shortage". I've never heard this term and such a phenomena before. There will be a auction on 13th and I may receive my shares, otherwise my money will be refunded. They explained that this is because another trader has done short selling.....i just don't know how is it related to me. Even they are silent about compensation towards the loss to me that may happen incase I don;t get the shares. Please throw some light.....Thanks in advance. 
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#4
11th June 2007, 11:21 AM
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Re: Never heard before
Quote:
No fines borne by buyer. Only seller. Tnx
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#5
11th June 2007, 12:03 PM
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Re: Never heard before
Quote:
Abnormal - What do you mean refund the money to you? Once the order is executed in an exchange it cant be extinguished like that. They have to buy it in auction and give the shares to you.
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#6
11th June 2007, 01:01 PM
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Re: Never heard before
Quote:
Quote:
2. Is the penalty imposed by the exchange or the broker? 3. What will happen to the penalty amount which is being charged from the seller. To whom does it go - the exchange or broker or buyer? Thanks in advance, Praveen.
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#7
11th June 2007, 01:35 PM
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Re: Never heard before
Quote:
well, to my knowlege the penalty is same for all stks, and penalty is imposed by Exchnge. Penalty goes to exchenge of course. and yes the value of ur shares have to be paid by the short seller to the exchange. Thnaks
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