Received a mail from my broker HDFC .what actually it means i cant understand
Dear Customer,
This is in reference to the power of attorney granted in favour of HDFC Bank Limited (HDFC Bank) with respect to the designated bank and depositories account (herein and therein referred to as the Associated Accounts) in relation to the stock broking and other services being provided to you by HDFC Securities Limited (HDFC Securities) pursuant to the Client Agreement signed by you with HDFC Securities (hereinafter referred to as the said agreement).
1. As you may be aware, the Securities and Exchange Board of India (SEBI) vide its circular dated April 23, 2010 in relation to the execution of power of attorney by the client in favour of the Stock Broker / Stock Broker and Depository Participant has mandated that the power of attorney issued by the client in favour of the Stock Broker and the Depository Participant should be restrictive / limited to the scope of activities as set out therein.
2 In light of the foregoing and as mandated by SEBI, HDFC Bank hereby undertakes that the funds and securities transferred from your Associated Accounts to the accounts of HDFC Securities and / or HDFC Bank shall only be transferred to the accounts specified in the schedule to this letter and / or as may be specified from time to time on the website of HDFC Securities and / or as may be communicated by electronic mail or otherwise, for the following purposes
a) towards stock exchange related margin / delivery and / or settlement obligations arising out of trades executed by you on the stock exchange through HDFC Securities;
b) for the recovery of any outstanding amounts due from you arising out of your trading activities on the stock exchanges through HDFC Securities;
c) for meeting obligations arising out of your subscription to securities of all kinds, whether listed or unlisted, including units of Unit Trust of India or other mutual funds, government securities, negotiable instruments, certificates of deposits, participation certificates, commercial paper, money market instruments or such other products/facilities/services offered by HDFC Securities from time to time or in connection with any transaction effected or entered into or proposed to be effected or entered into by HDFC Securities pursuant to the said Agreement;
d) towards monies / fees / charges, etc. due to HDFC Bank and / or HDFC Securities payable by virtue of your use of / subscription to any of the facilities / services offered by HDFC Bank and / or HDFC Securities pursuant to the said agreement and availed by you;
Provided that no securities and / or monies or funds shall be transferred for any off-market trades.
Provided further that any funds or monies and / or securities that have been erroneously transferred to HDFC Securities / received by HDFC Bank and / or which HDFC Bank and / or HDFC Securities were not entitled to receive, shall be re-transferred / returned / reversed to the designated Associated Account, as may be applicable, from which the same was erroneously transferred.
3. A consolidated summary of your scrip-wise buy and sell positions taken with average rates may be sent to you by HDFC Securities and / or HDFC Bank by short message service or through email on a daily basis.
4. The POA may be terminated by you with other donors (if any) at any time without any notice period and in the event of your or other donors demise, the POA shall cease upon HDFC Bank receiving actual written notice of such revocation / termination. Such revocation or termination shall in no way affect the validity of the POA with reference to any transaction(s) initiated by you with other donors (if any) or HDFC Securities, prior to the actual receipt by HDFC Bank of a written notice of revocation or termination. However, such revocation of the Power of Attorney shall become effective only after all your pending obligations and dues towards HDFC Securities and / or HDFC Bank have been fulfilled to the satisfaction of HDFC Securities / HDFC Bank respectively.
5. You may note that in the event you elect to revoke the POA, HDFC Securities / HDFC Bank shall be in a position to offer only limited services to you
6. In the event of any merger / demerger of HDFC Securities or HDFC Bank with any other entity or into another entity, you shall be given a prior intimation of such corporate restructuring, not less than one month in advance of any such restructuring taking effect, which intimation may be inter alia given over the phone, through the internet, website of the companies or electronically.
This limitation of authority under the power of attorney will have no effect on your existing relationship with HDFC Securities and/or HDFC Bank, and the same will continue to be in full force and effect.
Please click here to view the Schedule of Associated Accounts where your securities / funds shall be transferred by HDFC Bank from time to time to facilitate your sale / purchase transactions through HDFC Securities.You may save the details for future reference.
In case you need any further clarifications, please contact the Customer Care desk at HDFC Securities on the following numbers - 022 61411700 (Mumbai) OR 1800 209 9700 (Toll free) OR you may also write to [email protected]
We thank you for your patronage and look forward to a long association with you.
Warm Regards,
HDFC Bank Limited
This is in reference to the power of attorney granted in favour of HDFC Bank Limited (HDFC Bank) with respect to the designated bank and depositories account (herein and therein referred to as the Associated Accounts) in relation to the stock broking and other services being provided to you by HDFC Securities Limited (HDFC Securities) pursuant to the Client Agreement signed by you with HDFC Securities (hereinafter referred to as the said agreement).
1. As you may be aware, the Securities and Exchange Board of India (SEBI) vide its circular dated April 23, 2010 in relation to the execution of power of attorney by the client in favour of the Stock Broker / Stock Broker and Depository Participant has mandated that the power of attorney issued by the client in favour of the Stock Broker and the Depository Participant should be restrictive / limited to the scope of activities as set out therein.
2 In light of the foregoing and as mandated by SEBI, HDFC Bank hereby undertakes that the funds and securities transferred from your Associated Accounts to the accounts of HDFC Securities and / or HDFC Bank shall only be transferred to the accounts specified in the schedule to this letter and / or as may be specified from time to time on the website of HDFC Securities and / or as may be communicated by electronic mail or otherwise, for the following purposes
a) towards stock exchange related margin / delivery and / or settlement obligations arising out of trades executed by you on the stock exchange through HDFC Securities;
b) for the recovery of any outstanding amounts due from you arising out of your trading activities on the stock exchanges through HDFC Securities;
c) for meeting obligations arising out of your subscription to securities of all kinds, whether listed or unlisted, including units of Unit Trust of India or other mutual funds, government securities, negotiable instruments, certificates of deposits, participation certificates, commercial paper, money market instruments or such other products/facilities/services offered by HDFC Securities from time to time or in connection with any transaction effected or entered into or proposed to be effected or entered into by HDFC Securities pursuant to the said Agreement;
d) towards monies / fees / charges, etc. due to HDFC Bank and / or HDFC Securities payable by virtue of your use of / subscription to any of the facilities / services offered by HDFC Bank and / or HDFC Securities pursuant to the said agreement and availed by you;
Provided that no securities and / or monies or funds shall be transferred for any off-market trades.
Provided further that any funds or monies and / or securities that have been erroneously transferred to HDFC Securities / received by HDFC Bank and / or which HDFC Bank and / or HDFC Securities were not entitled to receive, shall be re-transferred / returned / reversed to the designated Associated Account, as may be applicable, from which the same was erroneously transferred.
3. A consolidated summary of your scrip-wise buy and sell positions taken with average rates may be sent to you by HDFC Securities and / or HDFC Bank by short message service or through email on a daily basis.
4. The POA may be terminated by you with other donors (if any) at any time without any notice period and in the event of your or other donors demise, the POA shall cease upon HDFC Bank receiving actual written notice of such revocation / termination. Such revocation or termination shall in no way affect the validity of the POA with reference to any transaction(s) initiated by you with other donors (if any) or HDFC Securities, prior to the actual receipt by HDFC Bank of a written notice of revocation or termination. However, such revocation of the Power of Attorney shall become effective only after all your pending obligations and dues towards HDFC Securities and / or HDFC Bank have been fulfilled to the satisfaction of HDFC Securities / HDFC Bank respectively.
5. You may note that in the event you elect to revoke the POA, HDFC Securities / HDFC Bank shall be in a position to offer only limited services to you
6. In the event of any merger / demerger of HDFC Securities or HDFC Bank with any other entity or into another entity, you shall be given a prior intimation of such corporate restructuring, not less than one month in advance of any such restructuring taking effect, which intimation may be inter alia given over the phone, through the internet, website of the companies or electronically.
This limitation of authority under the power of attorney will have no effect on your existing relationship with HDFC Securities and/or HDFC Bank, and the same will continue to be in full force and effect.
Please click here to view the Schedule of Associated Accounts where your securities / funds shall be transferred by HDFC Bank from time to time to facilitate your sale / purchase transactions through HDFC Securities.You may save the details for future reference.
In case you need any further clarifications, please contact the Customer Care desk at HDFC Securities on the following numbers - 022 61411700 (Mumbai) OR 1800 209 9700 (Toll free) OR you may also write to [email protected]
We thank you for your patronage and look forward to a long association with you.
Warm Regards,
HDFC Bank Limited