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Frequently Asked Questions

 

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Frequently Asked Questions (FAQ)


CSL Account

Q. What is unique about CSL account?
A. Your CSL account is more than a brokerage account. It offers you a unique 3-in-1 feature, which integrates your Brokerage, Bank and one or more Demat accounts. This means that you can buy and sell shares and forget about the hassles of settlements. Transfers of shares from/to your Demat account and transfer of money from/to your Bank account take place automatically with no paperwork. Online investing is just a click away and settlements is no longer a problem.

Q. Can I have multiple Demat Accounts linked to ‘netashare’ account?
A. No.

Q. Can I have multiple Bank accounts linked to ‘netashare’ account?
A. No, as of now you can only link one Bank account to your account.

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Becoming A Customer

Q. Who is eligible for this service?
A. All resident Indians are eligible to avail of this service.

Q. How do I become a CSL customer?
A. You can open a CSL account by filling a single application form. This form will help you open a CSL Brokerage Account along with a Bank Account and one or more Demat accounts as required.

Q. How do I request a form?
A. You can request our representative to visit you by registering online through our website. You could also visit any of the CSL Bank Branches / Centres, where our trained personnel help you in becoming CSL customer. Alternatively you can request us for a form by sending us e-mail at helpdesk@consortiumsecurities.com and our relationship manager will contact you to complete the initial account opening formalities.

Q. I have sent in my application, what happens next?
A. You will be contacted by our representative.

Q. How do I know my application has been accepted?
A. As soon as your application is accepted, we will inform you by e-mail and mail. In case, you login and your application has been accepted, you will be prompted to change your password.

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Bank Account/Demat Account

Q. What type of Bank Account can I use with my account?
A. You will need an ordinary savings account for your account. You can specify the account in the form and it will be linked with your account.

Q. How frequently will I be able to know the status of my accounts?
A. The status of your Bank, Demat and CSL account shall be available to you completely online 24 hours a day through the Internet. You will be able to access all details regarding your orders and trades on the website. You will be able to see the results of your trade reflected in your Bank and Demat account on the very day of the settlement, without waiting for the statements from the DP and the Bank.

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New CSL Customers

Q. I have deposited a cheque but I am still not able to place a purchase order:
A. Please check your Bank balance to find if you have adequate money in your Bank account. It is possible that there could be some delays in clearance of the cheque.

Even if you have adequate money in your Bank account you will get limit only after you allocate some money for trading or investment.

Q. Can I withdraw the amount allocated for trading?
A. The way you can allocate funds for trading, you can always reduce the amount allocated by you for trading to the extent that the amount allocated has not been blocked on account of orders placed by you. Once any amount is deallocated, it can be withdrawn from the bank.

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Online Investing

Q. On which exchanges will I be able to buy and sell shares?
A. CSL offers its customers execution capability on the National Stock Exchange of India Ltd. (NSE) and Stock Exchange of Mumbai (BSE).

Q. Can I modify my order?
A. Yes, you can modify an order any time before execution. You can do this by accessing the Order Book page and clicking on the hyperlink for 'Modify' against the order which you wish to modify. However, you cannot modify your order while it is queued with the exchange, i.e., confirmation is awaited from the exchange for the acceptance of the placement of any order or any modification/cancellation request. In case the order is already partly executed, only the unexecuted portion of the order can be modified.

Q. Can I cancel my order into the system?
A. Yes, you can cancel an order any time before execution. You can do this by accessing the Order Book page and clicking on the hyperlink for 'Cancel against the order which you wish to cancel. In case the order is already partly executed, only the unexecuted portion of the order can be cancelled.

Q. Can I enter orders after the trading hours? What happens to such orders?
A. Yes, you can enter limit orders after trading hours. Orders placed after trading hours are queued in the system and are send to the exchange whenever the exchange next opens for trading. In the Order Book, the status of such orders is shown as 'Requested'.

Q. Do I need to have money before buying of shares?
A. Yes, you need to have money in your Bank account before placing an order. Alternatively if you have sold some shares, the sale proceeds can be used to buy the shares you want.

Q. Can I go short?
A. Yes, you can go short in the 'Margin Segment’. However, such Sell positions need to be closed out before the specified time before the end of the settlement. You cannot go short in the Cash Segment'. Here, you can sell only those shares which are there in your demat account.

Q. What is a contract note?
A. Contract note is a statement of confirmation of trade(s) done on a particular day for and on behalf of a client. A contract note is issued in the prescribed format and manner, establishing a legally enforceable relationship between the member and client in respect to the trades stated in that contract note. Contract notes are made in duplicate, where the member and client both keep one copy each.

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Settlement Of Trades

Q. I have bought some shares but shares have not come into my demat account?
A. The shares will come into your demat account at the time of settlement. Hence you can expect the shares to come into your Demat account on Pay-Out of securities (i.e. T+2). In case you do not receive the shares, it may be due to the stock being in 'No Delivery' period. In this case the shares will come from the exchange after the 'No Delivery' period is over which could be 1-2 weeks away. The date on which the shares are to be credited to your Demat Account is indicated on the Order verification screen which comes up on submitting a Sell order. Alternatively, it is possible that the shares may not have come from the exchange because of short delivery by the counter party (selling broker). In this case, the exchange conducts an auction to buy the shares (to the extent delivered short by any broker) from the open market and the shares may be received a few days later. If the shares are not received in an auction also, the exchange suitably charges penalty from the person liable to deliver the shares. You are suitably compensated and the consideration is remitted to you as soon as it is received from the exchange.

Q. I have sold some shares but the payment has not come into my bank account?
A. The amount will be come into your bank account at the time of settlement. Hence, generally you can expect the amount to get credited to your bank account on T+2.

At times, however, the share may be in 'No Delivery' and hence the payment may be received only after the 'No Delivery Period' is over, which might be 1-2 weeks away. The date on which amount is to be credited to your account can be checked from the 'Security Projections' page.

Q. What is a short delivery?
A. Short delivery refers to a situation where a client, who has sold certain shares during a settlement cycle fails to deliver the shares to the member either fully or partly.

Q. What is an auction?
A. An auction is a mechanism utilised by the exchange to fulfil its obligation towards the buying trading members. Thus, in case for a settlement, the selling trading members have delivered short, their deliveries are bad or they have not rectified the company objection reported against them, the exchange purchases the requisite quantity from the market and gives them to the original buying member. Auctions are generally held on Friday.

Q. What factors give rise to an auction?
A. There are three factors, which primarily give rise to an auction:
1. Short deliveries
2. Un-rectified Bad Deliveries - this is relevant only in respect of shares in physical form
3. Un-rectified Company Objections

Q. What happens if the shares are not bought in the auction?
A. If the shares could not be bought in the auction i.e. if the shares were not offered for sale in the auction, the Exchange squares up the transaction as per SEBI guidelines. The guideline in force stipulates that the transaction is squared up at the highest price on the NSE from the relevant trading period till the auction day or at 20% above the last available closing price on the NSE on the auction day, whichever is higher. The pay-in and pay-out of funds for auction square up is held along with the pay-out for the relevant auction.

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Corporate Benefits

Q. What is a Book closure/Record date?
A. The registered shareholders of the company are entitled to corporate benefits such as dividend, bonus, rights etc. announced by the company from time to time. Since, the ownership of shares of companies traded on the stock exchange is freely transferable and to enable the company to know the persons entitled to the benefits, all transfers of securities have to be registered with the company (in case of transfer of shares in physical form). Since transfer of securities is a continuous process open any time, the company announces cut off dates from time to time and members on the register of shareholders as of these cut off dates are entitled to the benefits. Such cut-off dates are record dates. Alternatively, the company might choose the close the register of shareholders for registration of transfer during a specified period. All transfer requests received before the commencement of the book closure or on or before the record date are considered for the purpose of transfer. A Company cannot close its books for more than 30 days at stretch for a book closure, and not more 45 days in a year. The period between two Book Closure cannot be less than 90 days.

Q. What is the difference between book-closure and record-date?
A. A company announced a Book Closure (BC) for the period 26th November to 30th November 2003. During this period, the company had closed its register of security holders. This was done to determine the number of registered members who were eligible for the Bonus and dividend. The process of transfer of shares was operational till 25th Nov’03. The company announced a No Delivery period from 2nd Nov to 29th Nov’03 before the Book Closure. During this period, trading was permitted in the securities but the trades were settled only after 29th November. Hence, the buyers of the shares were not eligible for the Bonus and dividend. The first day of the No Delivery period is considered as an Ex - Date since the buyer of the shares is not eligible for the corporate benefits for this BC.

The same logic holds good for Record date, but the two main differences are that: In case of a record date, the company does not close its register of security holders. Record date is a cut off date for determining the number of registered members who are eligible for the corporate benefits.

Q. What is a 'No Delivery' period?
A. Whenever, a book closure or a record date is announced by a company, the exchange sets up a 'No Delivery' period for that security. During this period, trading is permitted in the security. However, these trades are settled only after the No-Delivery period is over. The start of No-Delivery period is the ex-date of the settlement. The settlement is clubbed with the settlement of the week whose pay-out date falls just after the end of the no-delivery period. This is done to ensure that investor's entitlement for the corporate benefits is clearly determined. No-delivery period generally extends to all weekly cycles touched from 15 days prior to the record date and 4 days subsequent to the record date (both inclusive).

Q. What is an ex-date?
A. The first day of the 'No Delivery' period is the ex-date viz., if there is any corporate benefit such as rights, bonus, dividend etc. announced for which book closure/record date is fixed, the buyer of the shares on or after the ex-date will not be eligible for the benefits while the seller would be eligible for the same.

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Password

Q. How do I get my Logon ID and PASSWORD for the first time?
A. In order to ensure that you get secure Logon Id and Password, we request you to set your own LOGON ID AND PASSWORD when you fill a form. While getting the Logon Id and Password you will be given an Account Reference Number (ARN). Please ensure that the ARN is written on your application form. This ARN will be used for tracking the customer registration request. We will inform you when your application is processed and your account is set up. Once your account is set up, we will inform you by e-mail and you will be prompted to change your Password, the fist time you login after your account is set up.
 
If you have filled up the application forms for CSL account directly without registering on the site, We would dispatch your LOGON-id and password by normal post in a sealed envelope. Your account shall be activated for trading only after we receive your confirmation of you having received the same in a sealed condition.

Q. How do I Change my password:
A. You can change your password anytime by accessing our Customer Service Section. In fact we strongly advise you to periodically change your password for added security

Q. I have forgotten my password, what do I do?
A. If you have forgotten your password, please click on the Forgot your Password link in the Login page. You will be asked the same Password reminder questions that you entered while Registering/Account Opening, for which you will have to give the same answers as you had entered. In case you give the right answers, your password will be reset and you will be prompted to specify a new Password. Even then, if you are not able to access our website, please contact us by sending an e-mail to helpdesk@consortiumsecurities.com

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