Money not in tading account

#1
I have an account with Achiievers equity ltd, they gave me shock early morning, they took my money from my trading account.
I called customer care and no one is answered the call, i called to Arindam Bhattacharjee, Associate Vice President he said the money will be transferred to the bank account due to quarterly running account settlement.i asked why they wanna do that when i did not ask for the payout request, he said "norms".

I checked my bank account money was nt thr.

I called customer care and they said the money will be thr in my trading account at 10:00 am.

Waiting for my money...
 

soft_trader

Well-Known Member
#3
I have an account with Achiievers equity ltd, they gave me shock early morning, they took my money from my trading account.
I called customer care and no one is answered the call, i called to Arindam Bhattacharjee, Associate Vice President he said the money will be transferred to the bank account due to quarterly running account settlement.i asked why they wanna do that when i did not ask for the payout request, he said "norms".

I checked my bank account money was nt thr.

I called customer care and they said the money will be thr in my trading account at 10:00 am.

Waiting for my money...
this is bad very bad ..............:mad:
This happens to everyone of Achiievers. It is infact the SEBI rule. As per the rule the funds must be send to the clients bank account at the end of every quarter/month whichever the client chooses at the time of account opening. Remember signing a form called "Quarterly settlement of funds" in that page there are two options; Monthly and quarterly. We sign this page with every broker.

This is regulatory rule but the thing is most brokers is not following it.
 
#4
My money is not in my bank account also and today i hv nt started my trading bcoz of this. if they follow the norms its fine, but it should nt interrupt trading like this...
 

carnot11

Active Member
#5
this is bad very bad ..............:mad:

bharath5346; said:
I have an account with Achiievers equity ltd, they gave me shock early morning, they took my money from my trading account.
I called customer care and no one is answered the call, i called to Arindam Bhattacharjee, Associate Vice President he said the money will be transferred to the bank account due to quarterly running account settlement.i asked why they wanna do that when i did not ask for the payout request, he said "norms".

I checked my bank account money was nt thr.

I called customer care and they said the money will be thr in my trading account at 10:00 am.

Waiting for my money... :
Hello,

Yes, I totally agree. You should also post in the thread specific to Achiievers equities for the benefit of all.

For an inactive account, if it is due to monthly / quaterly settlement of accounts, then the broker is bound by the rule.

If the customer is active in the market ? - need proper information

If the rules still apply for an active account (in my understanding there is trade taking place within monthly / quarterly settlement) then how to overcome this problem?

During settlement money goes to the bank and then the customer has to send the money back from the bank to the trading account. This leads to loss of time.

Enjoy,
CArnot
 

a1b1trader

Well-Known Member
#6
This happens to everyone of Achiievers. It is infact the SEBI rule. As per the rule the funds must be send to the clients bank account at the end of every quarter/month whichever the client chooses at the time of account opening. Remember signing a form called "Quarterly settlement of funds" in that page there are two options; Monthly and quarterly. We sign this page with every broker.

This is regulatory rule but the thing is most brokers is not following it.
But I could not understand the need of this rule, it could prove disastrous for a trader if he finds that his money has been sent to his bank account.
 

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