Finvasia

[Finvasia]

Dear TJ Members,

In reference to recent SEBI Circular, brokers have been asked to close CCA account and enable pledging mechanism from client’s Demat account. This may impact clients who are actively trading in cash segment from 31 Aug 2020. We will share new pledge/unpledge process separately.

Let's understand with a scenario:

All shares bought are transferred directly to client DP account.

Earlier: You could transfer shares from your Demat account to our CCA account using Easiest and later were able to sell those shares.

Now: Since there is no CCA account, you shall not be able to transfer shares from your DP account to our account in advance. Hence, selling of shares may have challenges.

Clients with POA will be able to see the holding in their trading application and can sell without transferring to us. Also, shares will remain in your Demat account, so you can see them in your backoffice. To this, here are two options:

1. Apply for POA immediately

a. You need to print copy of POA from https://www.finvasia.com/img/guidance/power_of_attorney.pdf

b. Sign on all pages. Do watch this video before signing- How to fill POA form

c. Fill the POA form and send us the original to our Corporate office :
Finvasia Centre, D-179, Sector 74, Mohali, Punjab 160055

d. We can only enable POA once original has been received with us.

e. Please make sure we receive the original POA document before 22 Aug 2020

2. eDIS (Coming soon)

We are in the process to implement and may take some time. So, we would advise to share the POA for now. In case you wish, the POA can also be revoked once eDIS is available.

Please feel free to reach our DP Department, Parveen : 99140 66318 or email [email protected] or open a ticket in Prism.

Regards

 

[Finvasia]

Dear Finvasia, is it beneficial to convert Intraday Option trades done in NRML as MIS to save on Exchange Transaction Tax, STT etc? Or charges on Options are similar for Intraday or Carry segment? Thanks.

Hi @2021! Charges will remain same in NRML and MIS for options. Thanks

 

[Finvasia]

Dear Finvasia
sub: intra day cash stocks trading
If I have a cash margin of say ₹5 lakhs with you & day traded CASH STOCKS say ₹7 lakhs buy & ₹7.03 lakhs sell & all closed out by 3.20 pm as all trades done in MIS mode.
Under new margin rules, will have a penalty ? next day my margin for trading will be 5.03 lakhs or less?
when penalty kicks in ?
note : no futures, no options just cash equity buy & sell.

Hi @brokenbull! There will be no penalty and available margin next day will be approx Rs 5.03 lakhs after taxes and government charges. Thanks

 

[2021]

Dear TJ Members,

In reference to recent SEBI Circular, brokers have been asked to close CCA account and enable pledging mechanism from client’s Demat account. This may impact clients who are actively trading in cash segment from 31 Aug 2020. We will share new pledge/unpledge process separately.


Regards

So this is only for people who wish to pledge shares? Is process to sell continue for Easiest holders as before or this applies to people who have Easiest and used to transfer shares as Margin To Broker / PCM from Easiest account a day before to sell?

 

[trade4learn]

using vpn will fix this ? ( i dont no correctly )

Nopes,..

even using vpn, it will require the local port 3000 to be opened and I m not allowed to use VPNs either. And @Finvasia doesn't even care to address the issue.

Lets see, how long I carry on with these guys,.. I might start trading with some other broker who is able to answer the queries.

More Scalpert is not even updating , these guys r good but they need a better technology.

 

[sujitlutu]

Dear Finvasia I am trading in finvasia since last two years its Nest platform is good but Scalpert having glitches it automatically log of often .Improvement required in the mobile platform.Thanking You.

 

[Finvasia]

Fi @Finvasia I would like to know if pledging can be done by new sebi rules as of now?

Hi @ryan4ucar! We are working to implement the new pledging system and shall be sharing more details shortly. Thanks

 

[Finvasia]

Hello friends,
What is the MIS margin for trading Banknifty future intraday??? And if cover order is available, what will be the approximate margin for trading a single lot of bank nifty??? pls let me know as I am thinking of opening an account with finvasia. Presently I am with zerodha....

Hi @subhashr73! You will require INR 63k (approx) for bank nifty options in MIS and the same amount for cover order as well. Thanks

 

[Finvasia]

Nopes,..

even using vpn, it will require the local port 3000 to be opened and I m not allowed to use VPNs either. And @Finvasia doesn't even care to address the issue.

Lets see, how long I carry on with these guys,.. I might start trading with some other broker who is able to answer the queries.

More Scalpert is not even updating , these guys r good but they need a better technology.

Hi @trade4learn! kindly inbox us your client code, we'll have someone from the team get in touch to look into the matter. Thanks

 

[Finvasia]

So this is only for people who wish to pledge shares? Is process to sell continue for Easiest holders as before or this applies to people who have Easiest and used to transfer shares as Margin To Broker / PCM from Easiest account a day before to sell?

Hi @2021! This is applicable while selling your shares. You don't need POA to pledge shares.
Moving forward, you will not be able to transfer shares in advance, to Broker CCA account as the CCA will be closed on 31 Aug. We would advice you to enable POA if you trade in stocks. The shares will remain in your Demat account and if you sell the shares, we will be able to transfer those shares from your Demat account to exchange settlement acount using POA. Thanks