Unable to sell WEIZMAN

[escaflowne]

When i tried to sell SCRIP NAME : WEIZMAN - INE080A01014 i am getting OMS REJECT Member not allowed to trade in WEIZMANIND EQ.

My broker is Angel Broking.When i contacted them this was their reply.

With regard to your specific grievance of not being allowed to buy and/or sell shares in these stocks , we refer to Byelaw 230 contained in the Byelaws of Bombay Stock Exchange Ltd which states that A member shall not be bound to accept all or any of the instructions or orders of constituents for purchase/sale of securities. He may in his absolute and uncontrolled discretion decline to accept any such instructions or orders for execution wholly or in part and shall not be bound to assign any reason therefor"

 

[rkkarnani]

Take it up with the Exchange. You will have a stronger case if you had also bought it through Angel Broking.
Many Brokerage Houses do not allow trading in Z group shares but this is in B group. Quiet strange.

 

[SavantGarde]

Exchange order reject message quoted ...simply means Angel Broking (Member) is barred from trading in WEIZMANIND.

If a member is barred from Trading in a particular Scrip... all clients of such a member will not be able to Buy or Sell

It could be a temporary ban on the member for a certain period...perhaps due to their earlier illegal activity in the scrip...

One should be able to find the circular to such effect from the archives of the concerned exchange

SG

When i tried to sell SCRIP NAME : WEIZMAN - INE080A01014 i am getting OMS REJECT Member not allowed to trade in WEIZMANIND EQ.

My broker is Angel Broking.When i contacted them this was their reply.

With regard to your specific grievance of not being allowed to buy and/or sell shares in these stocks , we refer to Byelaw 230 contained in the Byelaws of Bombay Stock Exchange Ltd which states that “ A member shall not be bound to accept all or any of the instructions or orders of constituents for purchase/sale of securities. He may in his absolute and uncontrolled discretion decline to accept any such instructions or orders for execution wholly or in part and shall not be bound to assign any reason therefor"

 

[escaflowne]

What shall i do now.I have rs4000 worth of shares.please suggest me some way to recover the money.

 

[prst]

Exchange order reject message quoted ...simply means Angel Broking (Member) is barred from trading in WEIZMANIND.

If a member is barred from Trading in a particular Scrip... all clients of such a member will not be able to Buy or Sell

It could be a temporary ban on the member for a certain period...perhaps due to their earlier illegal activity in the scrip...

One should be able to find the circular to such effect from the archives of the concerned exchange

SG

even i got such message from sharekhan, when i tried to buy Deccan gold mines last week..

 

[escaflowne]

the problem is when i am buying i didn't get any error.Now i am not able to sell.

 

[sham_share singh]

When i tried to sell SCRIP NAME : WEIZMAN - INE080A01014 i am getting OMS REJECT Member not allowed to trade in WEIZMANIND EQ.

My broker is Angel Broking.When i contacted them this was their reply.

With regard to your specific grievance of not being allowed to buy and/or sell shares in these stocks , we refer to Byelaw 230 contained in the Byelaws of Bombay Stock Exchange Ltd which states that A member shall not be bound to accept all or any of the instructions or orders of constituents for purchase/sale of securities. He may in his absolute and uncontrolled discretion decline to accept any such instructions or orders for execution wholly or in part and shall not be bound to assign any reason therefor"

Hi, I think the scrip might be banned by them due to its illiquid behaviour. Every broker has a right to block some scrips due to illiquid behaviour. You can call up your branch and ask for the list of scrips which are banned by them.

 

[sham_share singh]

Take it up with the Exchange. You will have a stronger case if you had also bought it through Angel Broking.
Many Brokerage Houses do not allow trading in Z group shares but this is in B group. Quiet strange.

Hi, i think you should speak with the your branch personnel before taking any decision. Major brokers doesnt allow to buy/sell scrip due to its illiquid behaviour.

 

[sham_share singh]

Exchange order reject message quoted ...simply means Angel Broking (Member) is barred from trading in WEIZMANIND.

If a member is barred from Trading in a particular Scrip... all clients of such a member will not be able to Buy or Sell

It could be a temporary ban on the member for a certain period...perhaps due to their earlier illegal activity in the scrip...

One should be able to find the circular to such effect from the archives of the concerned exchange

SG

Hi, I think it might be a temporary band. I would suggest you to speak with the branch guys and clear it.

 

[indynetra]

i also faced the same situation today with another b group script from angel for buying, if there is no volume then how does it matter for them? client itself is doing the purchase and everything is through electronic then why they unnecessarily block the scripts? i am not getting the logic..
if they expect everybody should trade in A group stocks then its good only for brokers not for the investors, what is the SEBI guidelines for this for electronic cash purchase?
is there any brokers they wont block any scripts listed in bse/nse? please let me know, because of this i feel i am loosing the oppertunity if the time passes,