those complaints are genuine. This is mandatory for all brokers to send Contract Notes timely. This is not a small issue.
You are not supposed to login to backoffice and download bills / contract notes after every trade. You should also know a broker may loose license if they don't send ECN notes to their clients.
People are not asking for any favor. People are asking for a solution to a genuine problem.
The quality of things discussed on this thread is going down. No offence to megapixel.
I am not promoting or supporting Zerodha here. Let me help traders who think there is big issue on ECN.
ECN - Electronic Contract Notes.
Sebi and Exchanges (NSE, BSE) both decide rules on this.
Members of exchange have to follow exchange rules along with Sebi guideline.
Here are rules.
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Authorization for Electronic Contract Notes
The stock broker may issue electronic contract notes (ECN) if specifically authorized by the client subject to the following conditions:
a) The authorization shall be in writing and be signed by the client only and not by any authorised person on his behalf or holder of the Power of Attorney.
b) The email id shall not be created by the broker. The client desirous of receiving ECN shall create/provide his own email id to the stock broker.
c) The authorization shall have a clause to the effect that that any change in the emailid shall be communicated by the client through a physical letter to the broker. In respect of internet clients, the request for change of email id may be made through the secured access by way of client specific user id and password.
Additional Conditions:
SEBI has issued a circular no. MRD/DoP/SE/Cir-20/2005 dated 8th September, 2005
regarding additional conditions for electronic issuance of contract notes, with the
following details;
1. SEBI has stated that brokers can issue contract notes authenticated by means of digital signatures provided that the broker has obtained digital signature certificate from Certifying Authority under the IT Act, 2000.
2.1 Issuing ECNs when specifically consented
The digitally signed ECNs may be sent only to those clients who have opted to receive the contract notes in an electronic form, either in the Member — Client agreement I Tripartite agreement or by a separate letter. The mode of confirmation shall be as per the agreement entered into with the clients.
2.2 Where to send ECNs The usual mode of delivery of ECNs to the clients shall be through e-mail. For this purpose, the client shall provide an appropriate e-mail account to the member which shall be made available at all times for such receipts of ECNs.
2.3 Requirement of digital signature
All ECNs sent through the e-mail shall be digitally signed, encrypted, non tamperable and shall comply with the provisions of the IT Act, 2000. In case the ECN is sent through e-mail as an attachment, the attached file shall also be secured with the digital signature, encrypted and non-tamperable.
2.4 Requirements for acknowledgement, proof of delivery, log report etc.
2.4.1 Acknowledgement
The acknowledgement of the e-mail shall be retained by the member in a soft and nontamperable form.16
2.4.2 Proof of delivery
i. The proof of delivery i.e., log report generated by the system at the time of sending the contract notes shall be maintained by the member for the specified period under the extant regulations of SEBI/stock exchanges and shall be made available during inspection, audit, etc.
ii. The member shall clearly communicate to the client in the agreement / client registration documents executed with the client for this purpose that non-receipt of bounced mail notification by the member shall amount to delivery of the contract note at the e-mail ID of the client.
2.4.3 Log Report for rejected or bounced mails
i. The log report shall also provide the details of the contract notes that are not delivered to the client/ e-mails rejected or bounced back.
ii. Also, the member shall take all possible steps (including settings of mail servers, etc) to ensure receipt of notification of bounced mails by the member at all times within the stipulated time period under the extant regulations of SEBI/stock exchanges.
2.5 When to issue or send in Physical mode
2.5.1 Issue in Physical mode
In the case of those clients who do not opt to receive the contract notes in the electronic form, the member shall continue to send contract notes in the physical mode to such clients.
2.5.2 Send in Physical mode
Wherever the ECNs have not been delivered to the client or has been rejected (bouncing of mails) by the e-mail ID of the client, the member shall send a physical contract note to the client within the stipulated time under the extant regulations of SEBI/stock exchanges and maintain the proof of delivery of such physical contract
notes.
2.6 General requirements
2.6.1 ECNs through website
In addition to the e-mail communication of the ECNs in the manner stated above, in order to further strengthen the electronic communication channel, the member shall simultaneously publish the ECN on his designated web-site in a secured way and enable relevant access to the clients.
2.6.2 Access to the website
In order to enable clients to access the ECNs posted in the designated website in a secured way, the member shall allot a unique user name and password for the purpose, with an option to the client to access the same and save the contract note electronically or take a print out of the same.
2.6.3 Preservation/Archive of electronic documents The member shall retain/archive such electronic documents as per the extant
rules/regulations/circulars/guidelines issued by SEBI/Stock Exchanges from time to time.
read
http://www.sebi.gov.in/cms/sebi_data/commondocs/anncir2_p.pdf
http://www.nse-india.com/content/members/mem_comp_annexB.pdf
There is no point in crying for delay in ECN delivery by mail.
Broker will never lose license for such things.
Even ECN format, details everything is decided by SEBI and exchange.
Exchange will entertain complaints one
http://www.nseindia.com/invest/content/complaints_exchange.htm
Complaints against Exchange Members:
Capital Markets/ Futures & Options Segment:
Non-Issuance of the Documents by the Trading Member
Non-receipt of funds / securities
Non-receipt of margin/security deposit given to the Trading Member (TM)
Non-Receipt of Corporate Benefit (dividend / interest / bonus etc.)
Auction value / close out value received or paid
Execution of Trades without Consent
Excess Brokerage charged by Trading Member / Sub-broker
Non-receipt of credit balance as per the statement of account
Non-Receipt of Funds / Securities kept as margin
Excess Brokerage Charged (other than on Option Premium)
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Issue of ECN within 24 hours of trade means, till 4 PM next working day- T+1 (as markets closes at 4 pm everyday, there is closing session happens post 3:30pm). Hope this clears.
Since many people on this thread do not care to use simple search and just post same queries again and again, is causing just disturbance. I request to do some search on thread and see if you get answer (after 10 K posts, you will get it for 90%). There is no point in asking same question. I also request to get certified on NCFM, so you better understand how market works, how whole machinery works.
I am National Stock Exchange & (Sebi - NISM) Certified Market professional.