Client Code Modification and Error Code Policy

Objective:

Client Code Modification is a massive problem of the organization. The main objective of the company to framed a policy for modification of client code for post trade execution and takes the report on such modification of client codes. Further educate the dealers and create awareness among them about this policy.

Brief criteria about Client Code Modification:

Client code modification means modification of client code after the execution of trade. The Commodities exchange provides a facility to modify the client code to rectify an error. Further only the genuine errors will be modify and after being transferred to ‘Error Account’. The Modification should be done within the Commodities Exchange guidelines. The Modification of client code is to be done only in exceptional cases and not in routine case. To Prevent misuse of the facility Commodities Exchanges levy penalty/fine for all non-institutional client code modifications.

 Details about the Genuine Error:

 The following trades shall be modified/allowed to be modify, shall be treated as genuine error and transferred to Error Account

  1. Punching error/typing error of client codes due to any genuine error or mistake in order entry, while punching the order, by any of dealer.
  2. Trade entered for wrong client due to any miscommunication from the client/authorized representative of the client.
  3. Client code/name and modified client code/name are similar to each other but such Modifications are not repetitive.
  4. Family code (Spouse, dependent parents, dependent children and HUF)
  5. Institutional trades modified to broker error/pro account.

Reporting System:

Client Code modification issues should be reported to the Key Personnel‘s and can be done only after getting approval after knowing it’s genuinely as per exchange directives.

Any Client Code modification shall be subjected to this policy be carried at Head Office of the company. The company review every day the Error Account file send by the Exchange.

A separate register to be maintained by the company for above purpose where full details will be recorded.

• Beware of fixed/guaranteed/regular returns/ capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
• Ensure that pay-out of funds/securities is received in your account within 1 working day from the date of pay-out.
• Be careful while executing the PoA (Power of Attorney) – specify all the rights that the stock broker can exercise and timeframe for which PoA is valid. It may be noted that PoA is not a mandatory requirement as per SEBI / Exchanges.
• Register for online applications viz Speed-e and Easiest provided by Depositories for online delivery of securities as an alternative to PoA.

• Do not keep funds idle with the Stock Broker. Please note that your stock broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities, without any transaction on the exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms.

• Check the frequency of accounts settlement opted for. If you have opted for running account, please ensure that your broker settles your account and, in any case, not later than once in 90 days (or 30 days if you have opted for 30 days settlement). In case of declaration of trading member as defaulter, the claims of clients against such defaulter member would be subject to norms for eligibility of claims for compensation from IPF to the clients of the defaulter member. These norms are available on Exchange website at following link: NSE, MCX

• Brokers are not permitted to accept transfer of securities as margin. Securities offered as margin/ collateral MUST remain in the account of the client and can be pledged to the broker only by way of ‘margin pledge’, created in the Depository system. Clients are not permitted to place any securities with the broker or associate of the broker or authorized person of the broker for any reason. Broker can take securities belonging to clients only for settlement of securities sold by the client.

• Always keep your contact details viz. Mobile number/Email ID updated with the stock broker. Email and mobile number is mandatory and you must provide the same to your broker for updation in Exchange records. You must immediately take up the matter with Stock Broker/Exchange if you are not receiving the messages from Exchange/Depositories regularly.

• Don’t ignore any emails/SMSs received from the Exchange for trades done by you. Verify the same with the Contract notes/Statement of accounts received from your broker and report discrepancy, if any, to your broker in writing immediately and if the Stock Broker does not respond, please take this up with the Exchange/Depositories forthwith.

• Check messages sent by Exchanges on a weekly basis regarding funds and securities balances reported by the trading member, compare it with the weekly statement of account sent by broker and immediately raise a concern to the exchange if you notice a discrepancy.

• Please do not transfer funds, for the purposes of trading to anyone, including an authorized person or an associate of the broker, other than a SEBI registered Stock broker.

• Do not deal with unregistered intermediaries (who are not registered with SEBI/Exchanges).

Names and contact details of all Key Managerial Personnel including Compliance Officer

Sr. No.Name of the IndividualDesignationContact NumbersEmail Id
1 Charanpreet GillCEO/MD011-40345555admin@gillbroking.com
2 Charanpreet GillWhole Time Director011-40345555gillbroking@gmail.com
3 Charanpreet GillCompliance officer011-40345555compliance@gillbroking.com
4Manpriya GillDesignated Director-1011-40345555manngill04@gmail.com
5Kewal GillDesignated Director-2011-40345555fvwealth@gmail.com

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