One of my client said his shares are not transfered to his demat a/c but in broker's pool a/c (even after settlement period)
whether broker has right to do so or can the client make such instuction to kept in pool a/c rather then to trf. to his demat a/c
if the client makes such indtruction whats the benifit ?
THE MAIN BENEFIT OF NOT TRANSFERRING IN DEMATE A/C IS THAT IF THE SHARES ARE IN DEMATE A/C THEN WHENEVER THE CLIENT SELLS HIS SHARES HE HAS TO ISSUE A DP SLIP TO MAKE DELIVERY OF SHARES WHICH HE HAS SOLD....
BUT IF SHARES ARE IN POOL A/C THAN THERE IS NO SUCH NEED TO ISSUE SLIP AS SHARES ARE DIRECTLY DELIVERED BY THE BROKER .....
THIS IS THE MAIN AIM OF NOT TRANSFERRING SHARES TO DEMATE A/C....
dp slip is required if ur shares are in ur demate a/c.
demate is like ur bank ...as u issue cheque to make delivery of ur cash in the same way u cant transfer ur shares unless u dont issue a dp slip....it is like a proof with the depository participant that u have withdrawn ur shares...
DONT EVEN THINK ABT ONLINE TRADING OR WHATEVER THE SIMPLE FUNDA IS THAT IS SHARES ARE LYING IN DEMATE THEN U HAVE TO ISSUE A DP SLIP ....THATS IT....
| Originally posted by : RAMESH ...cma final | ||
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. Sir, R V to pay any charges to the broker for keeping the shares in Pool a/c & again on selling in the mkt?
Also,any statutory charges applicable as per SEBI rules for transferring from pool a/c on selling or transferring to Dmat a/c |
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U DONT HAVE TO PAY ANY CHARGES TO BROKER IF U KEEP UR SHARES IN POOL A/C......
AND YES IF U SELL THOSE SHARES THEN U HAVE TO PAY BROKERAGE........
AS FAR AS UR DEMATE CHARGES ARE CONCERNED ........U HAVE TO PAY AMC(ANNUAL MAINTENANCE CHARGES)TO UR DP(DEPOSITORY PARTICIPANT ) AND HAVE TO PAY CHAREGS EVERY TIME WHEN U ISSUE A DP SLIP FOR TRANSFER OF UR SHARES FROM DEMATE A/C...
FOR EXAMPLE......SUPPOSE U HAVE A TRADING A/C WITH MASTERTRUST LTD AND DEMATE A/C WITH KARVY LTD.....AND U HAVE TRANSFERRED UR SHARES FROM POOL A/C TO DEMATE A/C....U DONT HAVE TO PAY CHARGES TO ANYONE.....
BUT WHEN U TRANSFER UR SHARES FROM DEMATE A/C THEN U HAVE TO PAY CHARGES TO UR DP(KARVY LTD) ..............
| Originally posted by : RAMESH ...cma final | ||
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Thanks for the reply sir. On enquiry,they had replied that it is as per Newly introduced SEBI rules. Can u pl confirm once again so that i can take up with my broker the additional charges for pool a/c.
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YES....IT DEPENDS ON THE BROKER.....HE CAN CHARGE BUT MOST OF THE BROKER DO NOT CHARGE DUE TO COMPETITIVE MARKET......
M WORKING IN MASTERTRUST LTD......WE DONT LEVY SUCH CHARGES........
MY PLEASURE....SIR...
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