Well, i received mail from indiabulls asking me to sign this new agreement, called "Authority Letter for Maintaining Running Account".
the mail is as below (inside quotes)
I called Indiabulls & the guy told me if i don't sign this, they can't keep money in my trading accnt. they will have to transfer it to my bank accnt, as per new SEBI guidelines. so even if i need to trade intraday, i need to move money from my BANK to Trading accnt daily. this is funny.
i don't get it? any one facing the same situation?
the mail is as below (inside quotes)
Dear Client,
This is to inform you that as per SEBI guidelines, the Running Account Authorization needs to be renewed on annual basis if you wish to continue availing the facility for maintaining a running account with us. You are,therefore, requested to send us a duly signed Running Account Authorization at the following address:
Kindly ensure that the signed running Account authorization reaches us latest by 15th of March, 2010 to avoid any inconvenience.
In case Running Account Authorization is not received by 15th Mar’10, the facility for running account authorization shall be withdrawn from your account & the settlements would be done on daily basis.
For your convenience Running Account Authorization Letter format has been attached with this mail.
Things to note:
1. The authorization shall be valid for one year only & needs to be renewed every 12 months.
2. Without Running Account Facility the settlement would be done on daily basis hence there would be no exposure on cash.
3. Running Account authorization can only be signed by the Account holder. POA Holder/Authorized Person cannot sign this document on your behalf.
4. Please note that the only hard copy of the authorization would be accepted for processing.
This is to inform you that as per SEBI guidelines, the Running Account Authorization needs to be renewed on annual basis if you wish to continue availing the facility for maintaining a running account with us. You are,therefore, requested to send us a duly signed Running Account Authorization at the following address:
Kindly ensure that the signed running Account authorization reaches us latest by 15th of March, 2010 to avoid any inconvenience.
In case Running Account Authorization is not received by 15th Mar’10, the facility for running account authorization shall be withdrawn from your account & the settlements would be done on daily basis.
For your convenience Running Account Authorization Letter format has been attached with this mail.
Things to note:
1. The authorization shall be valid for one year only & needs to be renewed every 12 months.
2. Without Running Account Facility the settlement would be done on daily basis hence there would be no exposure on cash.
3. Running Account authorization can only be signed by the Account holder. POA Holder/Authorized Person cannot sign this document on your behalf.
4. Please note that the only hard copy of the authorization would be accepted for processing.
i don't get it? any one facing the same situation?