There Is No Provision Other Than Settlement T+2, If There Is Default Then There Is Penalty For The Same & BUYER On The Other Side Benefits.
Tell Them You Have Gone Through The Explanation & It Doesn't Meet The Rules As Laid Out By NSCCL On The NSE Webiste....& Hence They Have 2 Days To Settle This Penalty Benfit To To You Or You Are Lodging A Complaint With NSE's Investor Grievance CELL
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I Have Explained What Is Right & Wrong...From Now On Please Take Your Decision
Happy & Safer Investing
SavantGarde
Tell Them You Have Gone Through The Explanation & It Doesn't Meet The Rules As Laid Out By NSCCL On The NSE Webiste....& Hence They Have 2 Days To Settle This Penalty Benfit To To You Or You Are Lodging A Complaint With NSE's Investor Grievance CELL
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I Have Explained What Is Right & Wrong...From Now On Please Take Your Decision
Happy & Safer Investing
SavantGarde
I got a mail from sharekhan about this issue..the mail is:
Dear Mr. Prasenjit Saha ,
Thank you for writing in.
We would like to inform you that you have purchased 10 shares of KSK energy on 24/09/2009 but 10 shares were short from exchange and thus the same is not delivered in your demat account .
Further the shortage is settled within Trading + 4 working days and after the settlement either the shares or the credit for the same is given in your account .Kindly check your account accordingly.
We would like to inform you that net purchases made in any Scrip by you will be credited to your Demat Account. Shares are available for credit as per the settlement schedule of the exchanges, after the full payment is made to the clearing house of the exchange.
Sometimes, the clearing house may not be able to deliver the full quantity expected. In such cases, the exchange will try to buy the short delivery by conducting an auction, resulting in a delayed delivery into your Account, or will force a close-out and credit the money into your Account, if delivery cannot be arranged even through an auction process.
Sometimes it may also happen that the clients buying/selling obligation result in internal obligation because of the Exchange method of settling trades on net obligation at the broker level. If any selling client fails to deliver the required securities and due to this buyer does not get the security in payout then we may buy such short shares.
Kindly feel free to revert in case of any further clarifications.
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Now what shall I do?
Dear Mr. Prasenjit Saha ,
Thank you for writing in.
We would like to inform you that you have purchased 10 shares of KSK energy on 24/09/2009 but 10 shares were short from exchange and thus the same is not delivered in your demat account .
Further the shortage is settled within Trading + 4 working days and after the settlement either the shares or the credit for the same is given in your account .Kindly check your account accordingly.
We would like to inform you that net purchases made in any Scrip by you will be credited to your Demat Account. Shares are available for credit as per the settlement schedule of the exchanges, after the full payment is made to the clearing house of the exchange.
Sometimes, the clearing house may not be able to deliver the full quantity expected. In such cases, the exchange will try to buy the short delivery by conducting an auction, resulting in a delayed delivery into your Account, or will force a close-out and credit the money into your Account, if delivery cannot be arranged even through an auction process.
Sometimes it may also happen that the clients buying/selling obligation result in internal obligation because of the Exchange method of settling trades on net obligation at the broker level. If any selling client fails to deliver the required securities and due to this buyer does not get the security in payout then we may buy such short shares.
Kindly feel free to revert in case of any further clarifications.
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Now what shall I do?