Broker not releasing the Ledger balance

I am having a e-brokerage account with M/s Motilal Oswal Securities Ltd. For last few days after market steep fall, the broker has been refusing to pay me Rs. 92,000/- out of my ledger balance with them showing their inability to pay in view of market volatility and asking me to send the request again for payment.
Is the broker right in replying especially when my balance account is lying with them unutilised for last more than 10 days ?


anil palan

same is the problem with sharekhan. I havnt traded since last 9 days. They are not ready to release the money in my account .

Even sharekhan seems to be doing the same thng...Maybe after tuesday they will release it...

Reliance Money also is not releasing my balance.

Some more speciality about Reliance money:
(1) My Ledger Balance changes everyday wheather trade or not. What a great Broker.

(2) Reliance Money debits money from my Ledger Balance wheater I make profit or loss. What a great calculation.

I also have an account with ICICI Direct. They have never made such wrong calculations despite their high brokerages.

does this mean i have all my savings in religare or sharekhan or motilal and then i dont trade for a week(no positions and i have say 10 laks in account),suddenly market collapses to 2500 or so,then my money is at their mercy?
please confirm.

Hey Guys......!

Avoid the FEAR [and the greed]. Look at this all this POSITIVELY.

Bottom of the market is near and markets may turn any time.

Do your homework and keep the list of the socks to be bought, when the market trend turns up.

Use this money to buy. Once the stocks are in your Demat account, that the money shall be relatively safe, as the stocks could be transferred to other safe Demat account.

Cheers & Good Luck!
SS

NB : Below 3300 Nifty, I have already started with Systematic Investment Plan for buying of stocks

it is not right on the part of broker to block ur money , if u do not have any open positions , they have to release ur money and cannot block it..

I agree with you!

If your money is not being released, could this be the first time you are asking for money to be released?

I'm asking because they may claim "first time technical errors". Secondly, have you checked their time-frame? Requests for money, if received by XYZ o'clock are processed after X days, and after that in X+1 days?

Anilpalana and vijayshivkumar...........

If you have not received the monies after giving request for payout within time then what steps you have taken....have you not emailed to the greivance cell of your broker ? Have you not complaint about the same and if U did complaint what reply they gave..........

If my broker do not release payout within time then I will write to their greiavnce cell and take required actions......

One should write to NSE/BSE, with the copy to the broker to get the money. It had once happened to me with Religare when they realised that I am closing a/c. with them due poor customer service and s/w. Then I wrote to NSE with copy to Religare and got my money.