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DOs and DONTs : Dealing with Brokers

Filed under Dos and Dont's January 15, 2008 at 3:12 pm

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DOs

  • Deal only with SEBI registered intermediaries.
  • Ensure that the intermediary has a valid registration certificate.
  • Ensure that the intermediary is permitted to transact in the market.
  • State clearly who will be placing orders on your behalf.
  • Insist on client registration form to be signed by the intermediary beforecommencing operations.
  • Enter into an agreement with your broker or sub-broker setting out terms andconditions clearly.
  • Insist on contract note/ confirmation memo for trades done each day
  • Insist on bill for every settlement.
  • Ensure that broker ’s name, trade time and number, transaction price and brokerageare shown distinctly on the contract note.
  • Insist on periodical statement of accounts.
  • Issue cheques/drafts in trade name of the intermediary only.
  • Ensure receipt of payment/ deliveries within 48 hours of payout
  • In case of disputes, file written complaint to intermediary/ Stock Exchange/SEBIwithin a reasonable time.
  • In case of sub-broker disputes, inform the main broker about the dispute within 6months.
  • Familiarise yourself with the rules, regulations and circulars issued by stockexchanges/SEBI before carrying out any transaction. 

DON’Ts

  • Do not deal with unregistered intermediaries
  • Do not pay more than the approved brokerage to the intermediary.
  • Do not undertake deals for others.
  • Do not neglect to set out in writing, orders for higher value given over phone.
  • Do not sign blank Delivery instruction slip(s) while meeting security payin obligation
  • Don’t accept unsigned/duplicate contract note/confirmation memo
  • Don’t accept contract note/confirmation memo signed by any unauthorised person.
  • Don’t delay payment/deliveries of securities to broker/ sub-broker.û Don’t get carried away by luring advertisements, if any.
  • Don’t be led by market rumours or get into shady transactions.
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Related posts:

  1. DOs and DONTs : Investing in Derivatives
  2. DOs and DONTs : Dealing with Securities
  3. DOs and DONTs : Investing in Mutual Funds
  4. DOs and DONTs : Collective Investment Scheme (CIS)
  5. Delivery Instruction Slip

13 Comments »

  1. SANTANU SYAM said,

    August 13, 2008 @ 6:40 pm

    good site – informative

  2. Venkatesh said,

    August 17, 2008 @ 6:03 pm

    Clearly Says Risks & Benefits

  3. ashwani kumar said,

    November 14, 2008 @ 12:14 am

    excellent knowledge!!! Keep it up…

  4. Subramani said,

    January 12, 2009 @ 5:23 pm

    Excellent information for new and regular investors. I am delighted to have answers to most of my queries at one place

  5. PRASENJIT said,

    January 20, 2009 @ 5:17 pm

    a verry good sight for new comer ,

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  8. sangram said,

    January 27, 2010 @ 5:47 pm

    Hi,
    My name is sangram. I am very much interested to do online trading. Can any one of you please let me know how can it be done over internet and what are the pre-requisites to do such things.

    Many thanks in advance.

    Regards,

    Sangram

    (ps:- Please contact on my email id :- sangram.ssp@gmail.com)

  9. sanju said,

    March 1, 2010 @ 5:05 pm

    Hi

    I am interested in Share Market, SO i open the Demat account and online trading account, soplease help me, after open the both accounts , what is process of of share sale and purchase ,

    Regards
    Sanju

  10. Abhishek kumar said,

    April 3, 2010 @ 2:34 pm

    Hi,

    If anyone want to have the Demat and trading account and need some help can contact me at my email id: abhishek_raj512@yahoo.com

  11. reeshma said,

    August 29, 2010 @ 3:10 pm

    what is the process of share purchasing

  12. Ravinder raghav said,

    November 19, 2010 @ 11:05 am

    Dear Reeshma

    We are deals demat and treding a/c. if u wants our help please call us.

    Rgds

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    9871092010

  13. sridevi said,

    July 7, 2011 @ 3:57 pm

    If any body was expired ,how to know the details.

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