fate of day trading in a t2t stock

Discussion in 'Investors Grievances' started by meenakshee, Aug 11, 2005.

  1. meenakshee

    meenakshee New Member

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    dear friends,
    my account had been debited by a big amount on account of auction square up of a stock in t2t category, with which I unknowingly engaged in daytrading.But my broker has not given me any auction bill till today after 4 months of the transaction day, though they first said that auction was being held.Now they are saying that my share has been squared off by nse at 20% above the rate that existed on the day of the auction. What should i do, please help me.
    meenakshee
     
  2. ivanboesky

    ivanboesky Active Member

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    Four months is too long a time frame. Ask your broker for proof that no shares were recieved in the auction. If the broker does have proof, NSE does square off trades at 20% higher than the closing rate of that day, if no shares are received in the auction. You should also think of changing your broker, first for not letting you know that the stock was in T2T, and second for the long time delay in informing you about the debit.
     
  3. meenakshee

    meenakshee New Member

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    thank you for yor reply.
     
  4. jaideep

    jaideep Member

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    One clarification requested please. This 20% higher square-off at auction by NSE, is it applicable to shares in both T2T as well as Rolling settlement segments? Also, is it possible that shares could be received at the auction & by whom?

    Thanks in advance.
     
  5. jaideep

    jaideep Member

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    May I know who your broker is, if you don't mind? Just want to be on the safe side while choosing another broker for myself.
     
  6. zen_monk

    zen_monk New Member

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    Hi Traderji,

    I am very new to the market of Stocks. I have a question in my mind, if during any time of the day I "SHORT SELL" a scrip and then due to any reason I could not "BUY TO COVER" the same script, what could happen in this case.

    1. Is the person not allowed to day trade then.
    2. Is there any penaly chaged by the brocker or the Exchange.
    3. What are the effects on the persons trading account with the brocker.

    Thanx
    zen
     

  7. aca_trader

    aca_trader Active Member

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    Zen,

    Your broker will cover the transaction on your behalf at the time of closing of market. There is no other impact except that it may cause you huge losses if the position has moved against you.

    Best Regards,
     
  8. ashokg

    ashokg New Member

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    may not be always true.. hdfc squares it off.. sharekhan send to the auction on non-delievry of shares till t+2, it depends on the business logic they have put in their softwares..
     
  9. ashokg

    ashokg New Member

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    however in T category scrips you can not square off on the same day.. so never short shell T category scrips..
     
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