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| Discuss Short Selling at the Brokers & Demat Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; What happens if you short sell a stock in sharekhan and fail to buy it ... |
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#2
9th August 2007, 11:28 AM
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Re: Short Selling
I tried that quite some time back. And i would suggest you dont even think about it. there will be auction to get the required number os shares and the shares will be given to buyer from the auction. You will have to pay huge price thats the participants in auction quote. then you will also be charged for the cost of auction plus fine. At least thats what happened with me in 2000. I you still want to try, let us know the results
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#4
9th August 2007, 05:42 PM
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Re: Short Selling
If a short sell is performed with broker with auto square off, will it go for auction?
I hope Indiabulls has auto square off and we can short sell in Indiabulls! Is Sharekhan having no auto square off facility? If i am wrong please correct me with the idea of auto square off!
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#5
9th August 2007, 06:00 PM
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Re: Short Selling
Dear Gokul,
I have a icicidirect.com a/c. In this a/c if you short sell in margin trading and not able to square off before deadline i.e. 1445 hrs thereafter they will square off automatically thru system. I think most of the trading portal has the same system. Only deadline is different for different trading portals. You have check with your broker about the same. However, if their system does not work and square off not take place it will go for auction and it will attact penalities. Hope it clarifies your query.
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#6
9th August 2007, 09:47 PM
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Re: Short Selling
Quote:
Thanks
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#7
9th August 2007, 11:07 PM
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Re: Short Selling
Some times Auto Square Off fails!!! I had this experience with Religare which is supposed to have Auto Square. First time Open Buy Position was not squared. They converted it to Delivery & credited to BTST A/c. Next day I squared it. Another time Open Short Position was not squared till 3.30 PM. I was scared that it would go for Auction & what not!! Luckily Religare squared up at 3.50 PM, saved me from the ordeal. Now I have stopped relying on Auto Square. Even Religare have advanced their Auto Square Time from 3.20 PM to 3.10 PM.
Cheers PAKatil
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#8
14th August 2007, 10:59 PM
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Re: Short Selling
no sharekhan does not have autosquare off facility.
icicidirect does not have tele-trading hence if website is not working short goes for a mutton shop called auction. lol ( i have seen one losing 20% of trading value in auction, considering 25% margin rate he lost nearly all of his capital for no fault at all) vishal
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#9
15th August 2007, 12:25 AM
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Re: Short Selling
Quote:
 .........
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#10
15th August 2007, 10:01 AM
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Re: Short Selling
I think auto square off feature should not be forced upon users.
There should be an option during the placement of order - whether auto square off desired or not. Because just imagine, if the prices of scrips dip just after the auto square off time. Manually you still have time till the market closing.
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