Money not in tading account

[augubhai]

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...

Hi Bharath,

Is it because your trading account was inactive for a month/quarter?

I remember leaving my Indiabulls account inactive for a few months, and then the money was sent back to my bank account. (I was happy when that happened). The money had remained in the trading account as long as i was trading actively.

 

[carnot11]

Hi,

You would have a signed a form 'Running Account Authorization" and would have chosen a quarterly settlement option.

I have a half yearly settlement. But the broker should always infrom well in advance before transferring the amount.

With that said, you cant expect any such service from these discount brokers.

Hello,

Yes, the broker is supposed to inform before hand the date for monthly / quaterly settlement. Even a email should suffice in most cases.

This is not the case with majority of them, unless your RM keeps track. But then the discount brokers don't have a RM.

I suggest either we are informed before hand or not, when we are not utilizing funds in the trading account we should park them with LIQUID BEES.

This way interest is earned and also we can sell them at moments notice to get instant credit to the trading account for regular equity and F&O trading.

The above suggestion would require to have a DP account with the broker.

For those who have only a trading account - still seeking proper solution.

Enjoy,
CArnot

 

[DataRam]

Hi Bharath,

Is it because your trading account was inactive for a month/quarter?

I remember leaving my Indiabulls account inactive for a few months, and then the money was sent back to my bank account. (I was happy when that happened). The money had remained in the trading account as long as i was trading actively.

Same thing happened with me at Indiabulls. I started trading with Sharekhan and was inactive at Indiabulls for 3 months. So they settled my funds at the end of the quarterly period .

It took 4 days for the funds to reflect in my bank account. I was wondering that its a long process.

 

[soft_trader]

Same thing happened with me at Indiabulls. I started trading with Sharekhan and was inactive at Indiabulls for 3 months. So they settled my funds at the end of the quarterly period .

It took 4 days for the funds to reflect in my bank account. I was wondering that its a long process.

Actually the thing is that Indiabulls pays out the funds using cheque so that happened. Achiievers pays through CMS. If bharath5346 has an account with AXIS/HDFC/ICICI etc he should see the funds today.

 

[DataRam]

Actually the thing is that Indiabulls pays out the funds using cheque so that happened. Achiievers pays through CMS. If bharath5346 has an account with AXIS/HDFC/ICICI etc he should see the funds today.

You are right !!

Although due to settlement day for the banks today for being 1st July many banks are not conducting NEFT and RTGS transactions today so there might be delay of a day to receive funds.

 

[bharath5346]

Hi Bharath,

Is it because your trading account was inactive for a month/quarter?

I remember leaving my Indiabulls account inactive for a few months, and then the money was sent back to my bank account. (I was happy when that happened). The money had remained in the trading account as long as i was trading actively.

A month ago i opened the account and i trade regularly.

 

[bharath5346]

I have an account in State bank of mysore.

Today is RBI annual holiday so its not reflected in the account i guess. Achiievers asked me to wait till tomorrow. Hopefully tomorrow i will see my money in bank account.

Today i did nt trade bcoz of this issue.

 

[TraderRavi]

I have an account in State bank of mysore.

Today is RBI annual holiday so its not reflected in the account i guess. Achiievers asked me to wait till tomorrow. Hopefully tomorrow i will see my money in bank account.

Today i did nt trade bcoz of this issue.

bad very bad............

 

[carnot11]

A month ago i opened the account and i trade regularly.

Hello,

Suggest you check your trading account settlement cycle and change it from monthly to quaterly.

Enjoy,
CArnot

 

[DataRam]

Hello,

Suggest you check your trading account settlement cycle and change it from monthly to quaterly.

Enjoy,
CArnot

Very valid point. :thumb: