This page contains important information regarding the policies & procedures which apply to your account with AVIGHNA TRADES, Member of NSE, and MCX registered with the Securities & Exchange Board of India ("SEBI") as a Stock Broker with SEBI Registration No. 90138-INZ000171224 for Cash/Derivatives/Currency Derivatives Segments of NSE and 55790-INZ000158516 for Commodity Derivatives Segment of MCX and TM/CORP/0000. Your access to your account and the use of your account is subject to your compliance with all the terms and conditions set forth herein. Please read this page carefully and retain it for future reference.
The website is owned, operated and maintained by AVIGHNA TRADES, a partnership firm duly registered under the Indian Partnership Act, 1932, and having their Registered Offices at Princes Business Skyline,202,2nd Floor,Agra Bombay Rd, Sheetal Nagar, Scheme No.54, Vijay Nagar,Indore, Madhya Pradesh 452011 .Please note that the information contained herein is subject to change without notice.
The Trades of clients shall be carried out in the respective client code only. The dealers shall take utmost care while executing the trades of the clients regarding the accuracy of Client Code, Quantity and Price, etc. Product Types under which Orders are to be placed:
CNC (Cash And Carry): if you want to buy for Delivery (buy stock and hold them overnight) in CM segment, you will have to place your orders under product type "CNC".
• You need to have enough funds in your Account for full value of the buying to be made.
• You need to have enough quantity of shares in your demat account for selling shares.
• Demat account Should be mapped to your trading account
• Short sell not allowed in this product
NRML (Normal): if you wish to carry forward positions to the next trading day, you will have to place your orders under product type "NRML".
• Product Can be used in Future and Option Orders (NSE - FNO & CDS and MCX)
• Placing orders under product type NRML will require full margins as specified by Exchange
MIS (Margin Intraday Square off): If you wish to trade for intraday purpose in any Exchange and segment, you will have to place your orders under product type "MIS".
• Margin leverage will be provided for this product
• Intraday margins for Cash are pre-determined, so you will get 4 – 10 times exposure on your cash.
• Intraday margins for Futures and writing options (NSE FNO) are 40% of the SPAN + Exposure margin prescribed by the exchange. Example: if the margin requirement for Nifty is Rs.25000, at Avighna Trades you can trade this at only Rs.10000.
• Intraday margins for Futures and writing options (NSE CDS) are 50% of the SPAN + Exposure margin prescribed by the exchange. Example: if the margin requirement for USDINR is Rs.5000, at Avighna Trades you can trade this at only Rs.2500.
• For Commodity futures: 50% of the margin prescribed by the exchange. Example: if the margin requirement for GOLDM is Rs.20000, at Avighna Trades you can trade this at only Rs.10000.
• All MIS order will be closed before 15 minutes to market close time.
• No leverage for Option buying.
• If you have taken an MIS Position and wish to carry forward the same, you will have the option of converting the position to NRML, subject to availability of funds in your account. You need to do this before the MIS position is closed out.
Cover order is like any other market order but placed with a compulsory stop loss. The initial order whether a buy or sell is always a market order. It's very useful for intraday trader because of the higher intraday leverage along with risk management by having compulsory stop loss.
Bracket orders are designed to help limit your loss and lock in a profit by "bracketing" an order with two opposite-side orders. A BUY order is bracketed by a higher-side sell limit order and a lower-side sell stop loss order. A SELL order is bracketed by a higher-side buy stop loss order and a lower side buy limit order. Cover order & Bracket Order are intraday product so the system will automatically square them before 15 min of market closing time.
Avighna Trades does not engage in the business of Client Funding. Clients are required to have sufficient balance in their accounts to hold/carry forward positions.
Avighna Trades has a policy of giving 4 to 10 times leverage for stocks on which F&O trading is allowed. All margins are given only for trading Intraday. No margin is given for delivery trades. The client needs to have enough money in his trading account to take delivery.
For Futures, Avighna Trades lets client to take positions for Intraday with 40% of the SPAN+Exposure Margins. On days when Avighna Trades feels the volatility is on the higher side the margins can be raised up to 100% of SPAN+Exposure Margins. To hold positions overnight full SPAN and Exposure margins are required. No margin is provided for buying Options.
Equity-Cash, Equity-Futures, Equity-Options, Currency Futures and Commodity Futures
Margin Benefit for intraday trades 4 – 10 times i.e., 10% to 25% of Full Value of Position 40% of Exchange prescribed margin none for buying. For Sell same as Futures 50% of Exchange prescribed 50% of Exchange prescribed margin
Intraday Margin Time (MIS , CO and BO) 9:15 to 15 min before market closes 9:15 to 15 min before market closes 9:15 to 15 min before market closes 9:00 to 15 min before market closes 10:00 to 15 min before market closes.
|Margin Benefit for intraday trades
||4 – 10 times i.e., 10% to 25% of Full Value of Position
||40% of Exchange prescribed margin
||None for buying. For Sell same as Futures
||50% of Exchange prescribed
||50% of Exchange prescribed margin
|Intraday Margin Time (MIS , CO and BO)
||9:15 to 15 min before market closes
||9:15 to 15 min before market closes
||9:15 to 15 min before market closes
||9:00 to 15 min before market closes
||10:00 to 15 min before market closes
• All Intraday products (MIS, Cover Order and Bracket Order) positions will automatically be squared off 15 min before market closes
• Only FNO traded scrips can be placed in MIS Cover Order and Bracket Order.
• Cover Order is not available for options and Currency Futures.
• All Futures positions (Over Night) will be squared off by our RMS Admin desk where any open position has a loss of over 70-75% of the capital automatically. No margin call will be given. If you have sufficient funds, your positions won't be squared off.
• All Intraday positions will be subject to square off if your losses exceed 50% of the available funds in your account. No margin call will be given.
• Call & Trade charge of Rs 10 is applicable for all positions squared off at RMS desk.
• Trading in MCX compulsory delivery contracts will be banned a day prior to the delivery intention period.
• For Commodities, on the start of delivery intention period, no contract will be available under NRML or MIS product type.
• Physical Delivery of Commodities is not allowed.
• Trading in Agriculture commodities is not allowed.
• Fines levied by the exchange for shortage of margin will be payable by the client.(Any Margin Shortfall)
• Collateral margin will not be considered for equity delivery Buying.
• Option premium received from writing options will not be considered as Cash receipt.
• 100 % Exchange prescribed margin limits apply for Futures /options/currency/commodity Contracts – In case of any Shortage of funds Positions will be squared off automatically, No margin call will be given from Avighna Trades.
• In case of Volatility on the higher side the margins can be raised up to 100%.
Avighna Trades offers multiple Funds Transfer options to suit the various customer needs and convenience. Broadly the customer will encounter two types of fund movement as they operate their trading account.
• The client can transfer funds from the instant payment gateway facility available on the trading platform or on the back office. Such transfers will be charged at Rs 9/-Plus Serv Tax per transfer.
• 2. NEFT/RTGS Pay-in: Customers can use fund transfer facility from their Bank wherein they can register the respective IndusInd Bank a/c of Avighna Trades and Avighna Commodity . Ltd through which they can transfer funds.. The confirmation typically takes 1-3 hours for RTGS and 1 to 4hours for NEFT upon transfer of Funds - customers need to send the mail and provide the UTR No. of the transaction or a Screen Shot of the transaction from their registered email account to email@example.com to validate the transaction .Only on receipt of the above mail and on confirmation from our bankers we will be crediting the amount to the Customer Ledger.
• 3. IMPS : IMPS transfer can be done but requires a Bank statement which shows the debit transaction along with client account number (mapped with Avighna Trades) /Txn. Reference number mandatorily as proof of transfer which should be mailed to firstname.lastname@example.org or email@example.com for giving credit of the amount transferred.Avighna Trades reserves all rights to ask for debit bank statements if money is not received in its Bank account.
All payouts will have to be placed on the Back office access provided to the clients. Avighna Trades approve the payout request as mentioned below.
• The payout requests placed before 6:00 PM will be approved on the same day
• Requests placed after 6:00 PM and before 8.30 AM the next day will be approved by 9.00 AM in the morning
• The payout requests for Commodities placed before 8:30 AM will be approved on the same day. Requests placed after 8:30 AM will be approved next day
INACTIVE ACCOUNT POLICY
To define procedures to ensure that no unauthorized trades are done in any INACTIVE client account.
Background & Definition:
Client Account would be treated as INACTIVE if there is no transaction (trade) in the account for 12 Calendar months from the last trade.
Checks & Balances:
Clients trading in F&O segments have to update their financial status by providing one of the below listed documents.
• Copy of ITR Acknowledgement
• Copy of Annual Accounts
• In case of salary income - Salary Slip, Copy of Form 16
• Net worth certificate
• Copy of demat account holding statement
• Bank account statement for last 6 months
• Any other relevant documents substantiating ownership of assets
• Self declaration with relevant supporting documents
Whenever there is request for trade in INACTIVE account, the client must specifically provide in writing either thru his registered Email ID or thru a Letter requesting to reactivate the INACTIVE account. The back office executive should also confirm from the Client of any changes in details provided by him in the interim – which should be supported by adequate duly attested documents and the same to be updated in the back office and UCC before the Client is allowed to trade.
Once the account is identified as INACTIVE, any Funds/Securities lying in our account will be returned to the client
Policy on Pre Funded Instruments and Electronic Fund Transfer
If the aggregate value of pre-funded instruments is Rs. 50,000/- or more from client per day per client, we may accept the instruments only if the same are accompanied by the name of the bank account holder and number of the bank account debited for the purpose, duly certified by the issuing bank. And the mode of certification may include the following either:
• Certificate from the issuing bank on its letterhead or on a plain paperwith the seal of the issuing bank.
• Certified copy of the requisition slip (portion which is retained by the bank) to issue the instrument.
• Certified copy of the passbook/bank statement for the account debited to issue the instrument.
• Authentication of the bank account-number debited and name of the account holder by the issuing bank on the reverse of the instrument. We also maintain an audit trail of the funds received through electronic fund transfers to ensure that the funds are received from their clients only.
Policy On Unauthenticated News Circulation
We do not provide any kinds of tips and unauthenticated news circular to our clients, nor allowed any of our employees to circulated unauthenticated news.
We even do not permit any of our employees to indulge in daily trading activities.
We are very particular to enter the orders as per the instruction of our clients.
Many a times client asks to us about our opinion on market movement & Market forecast but we have instructed all our employees to refrain from giving any kind of stock specific market forecast.
The Compliance Officer shall be the designated officer for handling the Investors Grievances and Client Complaints. The email ID on which you can write in case you have any grievance is firstname.lastname@example.org. The resolution of the Complaint shall be done at the earliest and the same shall be recorded in the register along with the date of resolution.
POLICY FOR CLIENT CODE MODIFICATION
1. Objective: To frame the guidelines for modification to client codes post trade execution and reporting of such Client Code Modifications.
2. Brief about Client Code Modification: Client Code Modification means modification / change of the client codes after execution of trades. Stock Exchanges provide a facility to modify any client code after the trade has been executed to rectify any error or wrong data entry done by the dealers at the time of punching orders. However, such Client Code modification is subject to certain guidelines as to the time limit within which the client code modification is to be carried out, terminal / system on which such modifications can be done etc. The facility is mainly to provide a system for modification of client codes in case genuine errors in punching / placing the orders. It is to be used as an exception and not a routine. To prevent misuse of the facility Stock Exchanges levy penalty / fine for all non-institutional client code modifications.
3. Scope of the Policy: This policy covers all the Client Code Modifications carried out / to be carried out in any of the client accounts controlled by HO, subject to the guidelines issued by the SEBI / Stock Exchanges from time to time, in any segment of any exchange for which Avighna Trades is a member broker.
4. Error Trades: "Error Trades" means the trades which will be modified / to be modified / allowed, to be modified subject to guidelines of the SEBI / Stock Exchanges and this policy.
For the purpose of this Policy, only the following types of trades shall be modified / allowed to be modified:
In case of NSE (NOTE: no consistent pattern in such modifications):
• Client code/name and modified client code/name are similar to each other but such modifications are not repetitive.
• Family Code (spouse, dependent parents, dependent children and HUF).
5. General Conditions:
• The facility for Client Code Modification can be used only in case of Error Trade.
• The Client Code Modification shall be carried out only on the designated system and / or as per the process as may be prescribed by SEBI / Stock Exchange.
6. Place for Client Code Modification: Any Client Code Modification shall, subject to compliance of this policy, be carried out by RMS at HO of all the Error Trades happened in Capital Market Segment of NSE.
7. Penalty: The penalty or fine, if any, levied on Avighna Trades for any wrong trade occurred due to any miscommunication from the client / authorized representative of the client shall be borne by the client.
Error Account Policy
1. The modification to the client code is to be done only in exceptional cases and not as a routine one.
2. The reason for modification has to be ascertained and analyzed and genuineness is to be established and also its impact on the clients should be studied before the modification. If voice recording is in practice, the same is to be studied.
3. Normally as a principle, we are permitted to change client codes of non-institutional clients only for the following objective criteria;
• Error due to communication and/or punching or typing such that the original client code/name and the modified client code/name are similar to each other.
• Modification within relatives (Relative for this purpose would mean 'Relative' as defined under sec. 6 the Companies Act, 1956).
4. For easy identification of error account, we register a fresh client code in the UCC database of the Exchange for the account which is classified as error account.
5. We will inform the Exchange, by end of day, the reasons for modification of client codes of non-institutional trades based on the aforesaid objective criteria.
6. Therefore it is imperative that the issue should be reported to the senior level Manager/Director and only with his approval, the modification should be carried after being satisfied that it is genuine, the same is required to be done to protect the interests of the client.
7. Hence the facility to modify the client codes should be available only at the Corporate Manager level and should not be given to the branches/franchise/sub-brokers.
8. Training program should be conducted to all the Dealers and they should be explained how code modifications can be misused and what steps should be taken to avoid the same. It also should be explained that code modifications should not be encouraged to the clients except for cases like 'punching errors'/'typing errors'.
Call & Trade Policy
Policy for Call and Trade: Customers can place order by Calling customer care / helpdesk if he/she does not have access to internet or other similar reasons.
Validation of the Client while accepting Order: The client will be asked to answer one or two questions from his / her personal profile to check the validation of the client while accepting the order. If the client answered correctly then Team will accept the request and place the order in to the system or the request will be rejected.
Charges for Call & Trade / Offline Trade:
• Additional charges of Rs.10 per executed order will be levied over and above the normal brokerage.
• Call and Trade Charges are applicable for all positions squared off by Admin for margin shortfalls.