Trade Smart Online
- Thread starter wsunil
- Start date
Hello lvgandhi
Looks like we goofed up. Our apologies for the same.
The payment has been transferred to your account. You should receive the funds soon in your account. Also, there was a syncing issue between our main backoffice server and the client server so it was not reflecting in your login. The updated balance should now be reflecting fine in your backoffice login.
The condition to do the quarterly settlement is not really whether you traded in last 3 months or not. However, we'll review the process once again and make it easier to interpret and know what to expect.
Once again, sorry about the confusion and thanks for letting us know of the issue along with the screenshot.
Looks like we goofed up. Our apologies for the same.
The payment has been transferred to your account. You should receive the funds soon in your account. Also, there was a syncing issue between our main backoffice server and the client server so it was not reflecting in your login. The updated balance should now be reflecting fine in your backoffice login.
The condition to do the quarterly settlement is not really whether you traded in last 3 months or not. However, we'll review the process once again and make it easier to interpret and know what to expect.
Once again, sorry about the confusion and thanks for letting us know of the issue along with the screenshot.
Woaw!
1. There is a mismatch in the account statements due to their faulty software which in itself causes anxiety.
2. The customer support is unresponsive and states reasons which are in comprehend able, which leads to confusion.
3. Support has the audacity to blatantly lie, which is infuriating.
Despite all these emotions, you still decide to take positions? Takes some courage and mental strength..
Trading itself is hard enough, causing tumultuous emotional outbursts, imagine dealing with all of these?
High time brokers realise this
1. There is a mismatch in the account statements due to their faulty software which in itself causes anxiety.
2. The customer support is unresponsive and states reasons which are in comprehend able, which leads to confusion.
3. Support has the audacity to blatantly lie, which is infuriating.
Despite all these emotions, you still decide to take positions? Takes some courage and mental strength..
Trading itself is hard enough, causing tumultuous emotional outbursts, imagine dealing with all of these?
High time brokers realise this
1)First, this quarter has not ended.
2)Even if it is ended, it should have been done on Saturdays, so that client can payin and trade on Monday.
3) I am not sure about your internal severs. If money is transferred using NEFT, it should reach client account in 4hrs or back to you.
at 9:10, margin was 0, but upto 10:30 my ledger showed positive balance.
4) Whenever settlement takes place EMail should be sent to client.
5) As per my understanding, your support contention in Jan 2014 is correct, because as per SEBI faq_ACT_SETT, clause 5 quoted below
======================
5. What is the value of funds / securities that a trading member can retain while doing the
settlement?
As per Exchange Circular NSE/INSP/13606 dated December 03, 2009, for the clients having
outstanding obligations on the settlement date, a member may retain the requisite securities /
funds towards such obligations and may also retain the funds expected to be required to meet
margin obligations for next 5 trading days, calculated in the manner specified by the exchanges.
Accordingly the following funds / securities may be retained by a member at the time of
settlement
• entire pay-in obligation of funds & securities outstanding at the end of day on date of
settlement
• funds / securities to the extent of value of transactions executed on the day of such
settlement in the capital market
• in derivative segment apart from margin liability as on the date of settlement, additional
margins (maximum up-to 75% of margin requirement on the day of settlement)
==================
you can retain margin as per last traded day.
Kindly see to it things do not repeat and things are done for client convenience, not to your staff convenience.
2)Even if it is ended, it should have been done on Saturdays, so that client can payin and trade on Monday.
3) I am not sure about your internal severs. If money is transferred using NEFT, it should reach client account in 4hrs or back to you.
at 9:10, margin was 0, but upto 10:30 my ledger showed positive balance.
4) Whenever settlement takes place EMail should be sent to client.
5) As per my understanding, your support contention in Jan 2014 is correct, because as per SEBI faq_ACT_SETT, clause 5 quoted below
======================
5. What is the value of funds / securities that a trading member can retain while doing the
settlement?
As per Exchange Circular NSE/INSP/13606 dated December 03, 2009, for the clients having
outstanding obligations on the settlement date, a member may retain the requisite securities /
funds towards such obligations and may also retain the funds expected to be required to meet
margin obligations for next 5 trading days, calculated in the manner specified by the exchanges.
Accordingly the following funds / securities may be retained by a member at the time of
settlement
• entire pay-in obligation of funds & securities outstanding at the end of day on date of
settlement
• funds / securities to the extent of value of transactions executed on the day of such
settlement in the capital market
• in derivative segment apart from margin liability as on the date of settlement, additional
margins (maximum up-to 75% of margin requirement on the day of settlement)
==================
you can retain margin as per last traded day.
Kindly see to it things do not repeat and things are done for client convenience, not to your staff convenience.
Last edited:
Same thing happened with me at INDIABULLS last year. :annoyed: I also had to make many calls to the H.O. of IB to get to the conclusion. Even the RM of Indiabulls was not able to help me, with his limited knowledge.
I got my money back in Bank account after 4 days.
I don't know why no set process is followed , so that the client does not go through the ruckus.
Well TradeSmartOnline accepting the goof up gives confidence that atleast their senior staff is responsible. Otherwise their elementary PR staff is quite vulnerable, many times sounding immature to handle complicated issues.
I got my money back in Bank account after 4 days.
I don't know why no set process is followed , so that the client does not go through the ruckus.
Well TradeSmartOnline accepting the goof up gives confidence that atleast their senior staff is responsible. Otherwise their elementary PR staff is quite vulnerable, many times sounding immature to handle complicated issues.
Maybe they should make a policy to check the "refund" clients a few days in advance and send an advance mail "Dear Sir/Madam, since you have not traded with us since 3 months, as per SEBI's rule no. xxxxxx we will transfer your balance amount of Rs. xxxxxx to your registered bank on date xxxxxx. Please communicate with our staff about this in case you continue maintaining your balance."
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