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Investor
  Charter

KMP List

Last updated : 31-03-2025

Key Management Personnel(s)

Name Of The Individual Designation Mobile number E-mail

Bhavesh Arvindkumar Vora

MD & CEO

Bhumika Bhavesh Vora

Executive Director

Gaurav Vikrambhai Shah

Compliance Officer

Investor Attention

Last updated : 31-03-2025

General

  • 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.
  • 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 the Exchange website.
  • 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.

Risk Disclosures on Derivatives

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

 

Source: SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

Various activities of Stock Brokers with timelines

S.No. Activities Expected Timelines

1.

KYC entered into KRA System and CKYCR

10 days of account opening

2.

Client Onboarding

Immediate, but not later than one week

3.

Order execution

Immediate on receipt of order, but not later than the same day

4.

Allocation of Unique Client Code

Before trading

5.

Copy of duly completed Client Registration Documents to clients

7 days from the date of upload of Unique Client Code to the Exchange by the trading member

6.

Issuance of contract notes

24 hours of execution of trades

7.

Collection of upfront margin from client

Before initiation of trade

8.

Issuance of intimations regarding other margin due payments

At the end of the T day

9.

Settlement of client funds

30 days / 90 days for running account settlement (RAS) as per the preference of client.
If consent not given for RAS – within 24 hours of pay-out

10.

Statement of Accounts’ for Funds, Securities and Commodities

Weekly basis (Within four trading days of following week)

11.

Issuance of retention statement of funds/commodities

5 days from the date of settlement

12.

Issuance of Annual Global Statement

30 days from the end of the financial year

13.

Investor grievances redressal

30 days from the receipt of the complaint

Grievance Redressal System

Level 1 – Approach the Stock Broker at the designated Investor Grievance e-mail ID of the stock broker. The Stock Broker will strive to redress the grievance immediately, but not later than 30 days of the receipt of the grievance.

Level 2 – Approach the Stock Exchange using the grievance mechanism mentioned at the website of the respective exchange.

Complaints Resolution Process at Stock Exchange explained graphically:

Sub Description Image

Timelines for complaint resolution process at Stock Exchanges against stock brokers

S.No. Type of Activity Timelines for activity

1.

Receipt of Complaint

Day of complaint (C Day).

2.

Additional information sought from the investor, if any, and provisionally forwarded to stock broker.

C + 7 Working days.

3.

Registration of the complaint and forwarding to the stock broker.

C+8 Working Days i.e. T day.

4.

Amicable Resolution.

T+15 Working Days.

5.

Refer to Grievance Redressal Committee (GRC), in case of no amicable resolution.

T+16 Working Days.

6.

Complete resolution process post GRC.

T + 30 Working Days.

7.

In case where the GRC Member requires additional information, GRC order shall be completed within.

T + 45 Working Days.

8.

Implementation of GRC Order.

On receipt of GRC Order, if the order is in favour of the investor, debit the funds of the stock broker. Order for debit is issued immediately or as per the directions given in GRC order.

9.

In case the stock broker is aggrieved by the GRC order, will provide intention to avail arbitration

Within 7 days from receipt of order

10.

If intention from stock broker is received and the GRC order amount is up to Rs.20 lakhs

Investor is eligible for interim relief from Investor Protection Fund (IPF).The interim relief will be 50% of the GRC order amount or Rs.2 lakhs whichever is less. The same shall be provided after obtaining an Undertaking from the investor.

11.

Stock Broker shall file for arbitration

Within 6 months from the date of GRC recommendation

12.

In case the stock broker does not file for arbitration within 6 months

The GRC order amount shall be released to the investor after adjusting the amount released as interim relief, if any.