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| Discuss Another RPower IPO thread at the Initial Public Offers (IPO's) within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi everyone I opened a 3-in-1 account with my bank and they have informed me ... |
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#1
12th January 2008, 09:57 PM
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Another RPower IPO thread
Hi everyone
I opened a 3-in-1 account with my bank and they have informed me about my DP ID and the beneficiary account number, but the online trading account is not yet opened and will open only after 18 Jan, they say. So I just want to know that considering that the RPower form requires only DP ID and beneficiary account number for demat matters, will I have to complete any formalities after my online trading account is opened? And also, I want to know whether I will face any problems when I wish to sell off these shares. Please inform me. Thanks Ali 
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#2
12th January 2008, 11:03 PM
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Re: Another RPower IPO thread
If u get share allotment, share shall be transeferred into your dmat a/c.
Even if your online broking a/c doent become operative by that time u can sell shares from your offline broking account bygiving your broker duly signed TIFD(transfer instruction for delivery). If u dont have offline broking a/c and still u want to sell stocks u can sell. just find a buyer get the money and issue hime TIFD. This is called offmarket transaction and does not involve any stock exchange and therefore no STT is paid on it. The drawback of offmarket transaction is that STCG(short term capital gain) is no longer 10% and in case of any default stock exchanges shall not come to rescue you.
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