Selling Before T+2 settlement

aksoni · #1 22nd April 2008, 09:17 AM

I had purchased some shares, and sold then the next day. But the broker called me up after 5 days that there was on pay-in for the shares which I had purchased, and as I had sold the same before pay-in, the amount would be deducted from my a/c till the pay-in is there, and afterwards credited back.

Can anyone explain this

Previously many time I have bought and sold before T+2 settlements but never come across this type of problem.

suba_stocks · #2 22nd April 2008, 09:34 AM

well, you...should tell,..... what type of shares ...btst or something else.
type of trasaction ...is it ....cash or f&o

if it is cash and not btst type ...you will be made to shell out hefty amount as fine for going short before having shares in your dp account..

regards
suba

aksoni · #3 22nd April 2008, 09:43 AM

share were Essaroil.

raosrinivas · #4 22nd April 2008, 09:49 AM

not sure what the rules are in NSE,BSE but free riding attracts penalties in US and other countries

http://invest-faq.com/cbc/trade-free-ride.html

for sure you have to settle with "real money"

vasa1 · #5 22nd April 2008, 02:43 PM

Quote:

Originally Posted by suba_stocks

well, some share....should tell,..... what type of shares ...btst or something else.
type of trasaction ...is it ....cast or f&o

if it is cash and not btst type ...you will be made to shell out hefty amount as fine for going short before having shares in your dp account..

regards
suba

Yes, you should check with your broker whether the BTST scheme is offered, for which scrips, and with what sort of conditions. Otherwise, you'll get hit badly.

Geojit has a list of about 300 most common stocks available for BTST (actually even till the day after). They take delivery rate brokerage, STT, etc. as well as "demat" charges of Rs. 11 per scrip sold

.

ccmb420 · #6 22nd April 2008, 03:23 PM

Quote:

Originally Posted by raosrinivas

not sure what the rules are in NSE,BSE but free riding attracts penalties in US and other countries

http://invest-faq.com/cbc/trade-free-ride.html

for sure you have to settle with "real money"

I dont think any penalties are involved as the Broker did not tell him anything about the shares getting auctioned.
All the broker has told him is that he has to pay the amount of essar oil shares bought and the same shall be credited to him after the settlement of the clearing in which the shares were sold.
If he bought on wednesday he is liable to pay on next day or latest on friday, and if he sells on thursday his pay in shall only be on Tuesday.

mahesh2007 · #7 31st May 2008, 02:23 PM

Quote:

Originally Posted by suba_stocks

well, you...should tell,..... what type of shares ...btst or something else.
type of trasaction ...is it ....cash or f&o

if it is cash and not btst type ...you will be made to shell out hefty amount as fine for going short before having shares in your dp account..

regards
suba

in India settlement of F&O is done in cash and not by delivery of shares.

suba_stocks · #8 31st May 2008, 07:11 PM

Quote:

Originally Posted by mahesh2007

in India settlement of F&O is done in cash and not by delivery of shares.

did you read question what he wrote...ok,let me ask you one question...can you sell cash (equity) shares next day of purchase...if yes,how and if no why not...

regards
suba

mahesh2007 · #9 31st May 2008, 09:28 PM

Quote:

Originally Posted by suba_stocks

did you read question what he wrote...ok,let me ask you one question...can you sell cash (equity) shares next day of purchase...if yes,how and if no why not...

regards
suba

BTST,ATST

Raju · #10 1st June 2008, 07:33 AM

I have a query regards futures..

If u buy futures today u can sell anytime before expiry .Is my assumption correct ?
(Even before < than 3 days)

As I have already got the bad experience of Auction

in Cash market I am learning futures for the same.

Raju