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| Discuss Intraday Shortage penalty at the Investors Grieviences within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Dear friends, I had done short sell of 1000 shares of Essar oil with margin ... |
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#1
29th November 2007, 09:22 PM
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Intraday Shortage penalty
Dear friends,
I had done short sell of 1000 shares of Essar oil with margin on 29th/nov/2007 and could not square off at the end of the day is that i have to pay any penalty to broker i.e India infoline. Please help me as to whether I have been cheated by the broker. 
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#2
29th November 2007, 11:17 PM
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Re: Intraday Shortage penalty
Normally Day Trade Positions are squared up on the same Day. If Open Short Position is carried, You have oppurtunity to buy it up the next day to square. ( i.e., 30/11/207). Buying Price will determine your Profit/Loss . No Penalties. If you don't square it up on 30th, It will go to Auction on 3rd and then Auction Price will determine the Profit/Loss.
Cheers PAKatil
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#3
29th November 2007, 11:40 PM
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Re: Intraday Shortage penalty
hai thanks for the reply..but this broke..ie indiainoline is saying that i will be charged 20% of total amout i.e 40 k for 2 lakhs + profit/loss of next day ...as i have done it with margin trading..
is it so with indiainfoline..?
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#4
30th November 2007, 12:38 AM
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Re: Intraday Shortage penalty
In the First Place, you should be allowed to buy on 3rd to square up.
If you don't square on 3rd for whatever reason, then it will go to Auction on 5th. It will be bought in Auction Market at the prevailing Price. If Essaroil is not available in Auction Market ( which is highly unlikely ), then it will go to Settlement. In settlement, you are likely to be levied a penalty of 10 or 20 % ( not sure ) on the Last Transacted Price. I do belive that it will not go that level. Hope you will find this info, useful. Cheers & Good Luck PAKatil
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