Power of Attorney- caution

[darkenergy]

Dear Traders,

I am looking for a new broker and was busy reading PoA's given by many good brokers. I came across “Trade plus online” PoA document below;
Website link:
http://support.tradeplusonline.com/...0074637-downloads-software-forms-and-policies
Document link:
https://drive.google.com/file/d/1mTgHQmlsUrXJUPh4hTHbYGJrVR0EL4t3/view

On page number 20, clause 6. I was surprised to find that this broker is asking the trader to give control of their BANK ACCOUNT rather than the BO/Demat account. Anyways everyone has their own preferences but I think this is too much. I would urge all traders to carefully read PoA before signing.


Good luck

 

[darkenergy]

Same thing from upstox;
https://upstox.com/files/individual-demat-account-opening-form.pdf

Page No 15, clause6 , clause 12. They are trying to control your Bank account, as below;

"6. To transfer unds from the bank account for recovering any outstanding amount due from me/us arising out of our trading activities on the stock exchange through RKSV.:

"12. To transfer funds from the bank account for meeting obligations arising out of my/our subscribing to such other products/facilities/services through RKSV like Mutual Funds, Public Issues (shares as well as debentures), rights, offer of shares in etc"

With instances of unauthorized trades mounting, the broker will quickly operate ones Bank account without even giving trader a chance of hearing.

Can someone suggest me a Broker with honestly drafted PoA.

 

[OneThatGotAway]

Yea that is problem .
IF you afraid that much .....don;t give POA
Misuse of POA is less likely with good broker and name in industry
like who is really old ... like sharekhan or Geojit or icici direct.

Once can open demate account with full time broker and then link same demate with discount broker. that way whatever he buys at discount broker gets credit to demate at full time broker.

Only catch is while selling u need to sell at full time broker .

 

[darkenergy]

Yea that is problem .
IF you afraid that much .....don;t give POA

Thanks for the input. I have account with a costly Govt broker and now looking for a reasonable discount broker. If I dont give PoA to discount broker I wont be able to trade online, that is the catch.