Money not in tading account

[stock mkt rocks]

Hi,

You would have a signed a form 'Running Account Authorization" and would have chosen a quarterly settlement option.

I have a half yearly settlement. But the broker should always infrom well in advance before transferring the amount.

With that said, you cant expect any such service from these discount brokers.

 

[soft_trader]

Yes, you are right.
I too have an account with them but nothing such happened with me.

Have you carried any overnight positions?

 

[a1b1trader]

Have you carried any overnight positions?

Yes
I carried over my some positions for today.

But why.

 

[soft_trader]

Yes
I carried over my some positions for today.

But why.

I guessed right. If you carry any position your account would be classified as active otherwise as per regulatory rule all your funds would be shifted to your bank.

 

[pakatil]

It used to happen to me in Religare abt 2 yrs ago. Now my Religare is inactive. But this has never happened in RKG or Zerodha.

 

[soft_trader]

It used to happen to me in Religare abt 2 yrs ago. Now my Religare is inactive. But this has never happened in RKG or Zerodha.

From the trader's perspective it is actually good if this settlement doesn't happen. But SEBI/FMC thinks from the investors perspective. So they implemented the rule as there are several investors who don't their broking account actively.

But this is really an absurd rule from the regulators.

 

[soft_trader]

It used to happen to me in Religare abt 2 yrs ago. Now my Religare is inactive. But this has never happened in RKG or Zerodha.

This happened with me once in RKG & Indiabulls. And it always happens every quarter with Achiievers.

 

[a1b1trader]

From the trader's perspective it is actually good if this settlement doesn't happen. But SEBI/FMC thinks from the investors perspective. So they implemented the rule as there are several investors who don't their broking account actively.

But this is really an absurd rule from the regulators.

Yes thats right.
It seems there are no clear cut guidelines for implementation of this rule.

 

[soft_trader]

Yes thats right.
It seems there are no clear cut guidelines for implementation of this rule.

Yes in India nothing is proper. Regulators gives out incomplete guidelines

Same with Stamp duty there are no clear guidelines as of how to charge it, I mean no clear guidelines as to charge based on brokers location or traders location.

Many more examples are there.

 

[DataRam]

E-mail communication regarding this problem is a good solution. A broker should send E-mail to clients asking for quarterly settlement. If the client affirms to transfer the funds then the funds should be transferred . This would eliminate the unnecessary exercise both for broker and clients . E-mail communication can be done on a mass scale and so saves time too .