SEBI needs income proof for futures traders?

C

charts trader

Member
#1
#1
I received a phone call from my broker today asking for a copy of either salary slip or 6month bank statement or I-T return for compliance of a new SEBI circular.

Can anyone confirm if this is true and what is exactly such circular from SEBI?
 
C

charts trader

Member
#5
#5
So SEBI now wants to act like income tax sleuth!

The point is why so much paperwork. Every broker has every trader's PAN number, ID and address proof, Bank a/c details (including a canceled blank cheque).

Is SEBI not powered to access PAN account details through tax network? If it can't, why then brokers need all the info while opening an account?
 
Capricorn

Capricorn

Well-Known Member
#6
#6
sumosanammain said:
Capricorn said:
But thats not the legal solution.

The circular says you HAVE to submit proof of income or 6 months statement of your bank account if you want to trade derivatives. In effect, even if you have 10 lakhs in your account, you HAVE to submit the docs. And no harm, I just submitted my savings account statement for 6 months. And if you dnt have a savings account, hey! thats what they are here to catch! If you dont have a savings account, you arent paying taxes, and if you arent paying taxes and are trading huge amount in derivatives, they are going to catch you! :)[/QUOTE]



I don't get it. How can u trade online without a savings account. :confused:

Its not mandatory that everyone who has a savings account is liable to pay tax.:confused::confused:

All information is harmless until it falls into the wrong hands.

THe list also includes a copy of your demat statement, so that transalates to a blocked amount of cash for investment purposes. If its good enough for ICICI it should be so for others too.
Click to expand...
Click to expand...
 
Last edited:
Capricorn

Capricorn

Well-Known Member
#7
#7
charts trader said:
So SEBI now wants to act like income tax sleuth!The point is why so much paperwork. Every broker has every trader's PAN number, ID and address proof, Bank a/c details (including a canceled blank cheque).

Is SEBI not powered to access PAN account details through tax network? If it can't, why then brokers need all the info while opening an account?
Click to expand...
But, what does SEBI have to do with IT??:confused:
 
You must log in or register to reply here.
Thread starter Similar threads Forum Replies Date
iTrade Consultation Paper on API/Algo trading rules by SEBI Algo & Automated Trading 3
S Wisdom Capital Vs SEBI Circular Updates : All is Still Not Lost For Trading Community Day Trading 2
desiwarrenbuffet SEBI may soon allow investors to trade directly on the exchanges Brokers & Trading Platforms 7
S Malaysia SEBI Advisor Scam or Real? General Chit Chat 1
D Complain link to NSE/SEBI for issue with brokers Brokers & Trading Platforms 0

Similar threads