Finvasia

Update on HDFC Virtual Bank Account: Instant Funds Update

Dear TJ Members,
In reference to the recent virtual account funds update process, we have upgraded and all funds shall be updated instantly in your trading account. You need to transfer funds in your virtual HDFC account and limits shall be updated immediately in NEST and Scalpert. This is applicable in case of NEFT, RTGS, FT and IMPS only. Once limits are updated, you shall also get an SMS on your registered mobile number.

Each client (new and existing) will be issued a custom bank account, where first 6 alphabets will be FINVAS followed by your client code such as "FINVASXXXXX". You can find these details in PRISM under "ADD FUND".

Virtual Account Number: FINVAS#######
For Example, if you client code is FA1234, then your virtual Bank account number shall be FINVASFA1234
Beneficiary Name: FINVASIA SECURITIES PVT LTD
Bank Name: HDFC BANK LTD
IFSC Code: HDFC0000873
Branch Name: Industrial Area, Chandigarh

Moving forward, we would advise all our clients to use Virtual Bank Account to transfer funds.
Regards
Are you sure this works 24*7?
I added a sum of 17k to my virtual bank account number at 08:Am This Morning,but balance is not yet updated as of now.My client id FA14985.


Sent from my Redmi Note 4 using Tapatalk
 

Finvasia

Well-Known Member
Hi @Finvasia what is your policy on physical settlement on futures and options during expiry week?
Hi @ryan4ucar! Our policy for physical settlement of stock futures and options is as follows:
  • Equity Futures & Options trading shall be allowed to Buy & Sell (NRML, MIS, CO, BO) till Wednesday EOD.
  • On Thursday fresh Buying and Selling of current month Options contracts shall be blocked for trading in all order types (NRML, MIS, CO, BO). Only square off mode shall be allowed.
  • Current month Future contracts shall be allowed to trade in MIS, CO, BO only.
  • NRML Order Type: Current month Futures and Options contracts shall be in square off mode in NRML order type. Open positions can be closed only.
  • In case you do not have 100% full margin for delivery, all current month NRML order type positions shall be auto squared off at 2 PM on expiry day. We will not square off if complete delivery margin is available i.e lot size*price.
  • Square OFF Timing for MIS, CO, BO Orders: Current month Future contracts shall be squared off at the usual time of 3.25 PM
The Exchange stipulated margins (Var + ELM) are levied from expiry minus 4 days for long ITM options in the following manner:
Day Margins applicable
E-4 Day (Friday EOD) 20% of VAR+ELM
E-3 Day (Monday EOD) 40% of VAR+ELM
E-2 Day (Tuesday EOD) 60% of VAR+ELM
E-1 Day (Wednesday EOD) 80% of VAR+ELM

for example if i have a credit spread strategy with both options now in the money , so essentially one cancelling the other for delivery how is this settled on expiry?
Margins will be charged separately on all legs of spread contracts (credit and debit spreads, iron condors, etc) and for covered call positions given the risk that you can exit one of the legs of the spread before expiry leading to a physical delivery obligation.

Regards
 
Hi @tradermodified!

Case 1: If you bought 1 lot on Monday @ 100 and sold on same day @ 140; Total credit in your account would be:
Rs. 2500 (100*25) - 3500 (140*25) = Rs. 1000 credit

Case2: If you bought 1 lot on Monday @ 100 and sold on Tuesday; Total credit in your account would be:
Rs. 2500 (100*25) debit on Monday,
Sold on Tuesday @ 160 (160*25) = Rs. 4000 credit on Tuesday

Case 3: If you bought 1 lot on Monday @ 100,
Monday - Dr 2500 (100*25)
You sold it @ 160 (160*25=4000) on Tuesday and buy back same strike @140 (140*25= 3500),
Total credit in your account would be: Rs. 500 (4000-3500) on Tuesday.

Case 4: If you bought 1 lot on Monday @ 100; Account debit = 2500 (100*25),
Sold on Tuesday @ 160 = Cr. 4000 (160*25)
Again bought @ 140 = 3500 (140*25), sold at 200= 5000 (200*25)
Total credit = 1500+4000= Rs. 6500

Thanks
Sorry to say
nothing like, immediate credit for option trades profit, as you mentioned above
neither previously nor after your this post
(profit was credited immediately only when previous day carried forward trades were squared off) and in cases where trades were re bought, a big debit on re bought and small credit on 2nd square off (treating like intra day trades)
a bulk of profit earned yesterday is credited today, and not yesterday during market time

IMO, you need to check your system
 

Finvasia

Well-Known Member
Sorry to say
nothing like, immediate credit for option trades profit, as you mentioned above
neither previously nor after your this post
(profit was credited immediately only when previous day carried forward trades were squared off) and in cases where trades were re bought, a big debit on re bought and small credit on 2nd square off (treating like intra day trades)
a bulk of profit earned yesterday is credited today, and not yesterday during market time

IMO, you need to check your system
Kindly inbox us your client code, one of our executives will call and discuss. Regards
 

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