BREAKING NEWS!!! {Just in} | New SEBI rules for new account opening!!!!!

msdtime

Active Member
#1
The The Securities and Exchanges Board of India or SEBI as it is called has just announced a revolutionary reforms in the Brokerage Industry. The forward stepping reforms were pushed forward with great enthusiasm which was actually unexpected from ever lethargic Sarkari office. The decision to push forward these reforms came at such a critical juncture in the trading community that it is going to impact deep at the core. After emailing the letters to concerned entities, SEBI chief himself came forward and approached media. He hailed the decision as historic but still just a stepping stone in the ultimate goal. "You see. We have a goal set for 2022. And this decision is just a step forward. There will be a backlash from some quarters especially brokers who are ever greedy money sucking leeches. But you need not worry. Our relentless crusade to protect the retail traders will gain strengths after strengths", SEBI chief said in his monologue address to press.
Unfortunately during the whole P, SEBI chief remained tight lipped about what this much hailed reform is. Also as it is already a late night and NSE, BSE etc are close there is no official way to ascertain what the hell this reform is.

UPDATE : Atlast we got to the roots and has brought to you the most exclusive information. SEBI few minutes back declared with much enthusiasm the reforms that were supposed to protect the traders. We also got some idea that the reforms were about new account opening. But here is now the exclusive breaking live information.

All Brokers are henceforth required that while opening new account of a customer, along with the IVP, they will be requird to get the account opening application forms including T&Cs Read out Loud from the customers and keep the recordings so as to ensure that customer/trader has actually read all the disclaimers, T&Cs etc.
So form now onwards while opening new accounts you need to make recording of the whole forms, Disclaimers, T&C in your own voice.
We will keep you updated, if we can get a bite on this info from SEBI chief himself.


Update: You see our reporter could indeed got a bite from SEBI chief. Here is what he said. "Look. This is very important for safety of novice traders. And SEBI is all about protecting retail traders. Agar padhenge nahi toh, kya khak samajhenge. And if they dont know anything they will loose and start blaming others for this."
He also give example of latest Zerodha fiasco. "What happened with Zerodha! You all know. It is clearly mentioned in their account opening T&C. The losses incured due to platform issues are not Zerodha's responsibility. Still these novices started crying out loud against Zerodha. Zerodha was not to blame. Why did you trade with zerodha in the first place?! You should have not traded with them at all. Then you wont have faced any problems." When we informed him that this generic clause is in the T&C of all brokers, he candidly replyed - "Then Don't trade! Isn't this simple?" The SEBI chief excuses himself as he was in a hurry to join the Z @ #3 party at Hotel Taj.
 
#3
Great! So, now we have to read & record these lengthy disclaimers! This isn't protecting retail traders, it's just SEBI shrugging off its responsibilities because they don't want to deal with the complaints of retail traders, they just want to sit there & take their salaries without needing to do any actual work, other than being dictators. :(
 

msdtime

Active Member
#4
Great! So, now we have to read & record these lengthy disclaimers! This isn't protecting retail traders, it's just SEBI shrugging off its responsibilities because they don't want to deal with the complaints of retail traders, they just want to sit there & take their salaries without needing to do any actual work, other than being dictators. :(
Your comment actually made a point for such hypothetical rule. READ the whole post. It is just a fakingnews.
 
#5
Your comment actually made a point for such hypothetical rule. READ the whole post. It is just a fakingnews.
My mistake but in the light of recent events, I wouldn't at all be surprised if they did come up with such a regulation, they think they know what's best for everyone, & that it's their right to dictate it to everyone. To be fair, I did try to google for the article before I posted, & didn't see anything of the sort but I thought maybe google was having a bad day, so I assumed the probability that SEBI is perfectly capable of coming up with such a regulation.
 

traderniftybull

Well-Known Member
#6
Your comment actually made a point for such hypothetical rule. READ the whole post. It is just a fakingnews.
it doesnt matter, its a faking news. But you have given a good idea to these i****s. and they will soon implement this procedure, in the name of wellness of an investor. :D
 

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