For some of our customers who trade currencies the exchange transaction charge for currency option was by mistake charged at 0.0007% whereas the actual charge is 0.035% from April 1st last year. This was the charge which was under collected which has been posted today.
They have charged penalty for me without any reasons. Try to avoid this broker
I have accounts with many broker but margin shortfall penalty is always and only levied by Zeordha. If possible try to avoid this broker Zerodha. My zerodha ID is YI8033
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Is this one time or per month or per day basis ?
In this case it won’t be borne by the client because it is broker’s mistake reporting wrong . Am i right ?
It’s per day of shortfall.
Brokers have to have systems to report right margins.
Please have a system to alert the client if his account is going to deficit considering all the Margin , T + 1 , T+ 2 settlement cycle… this way client could avoid unnecessary penalty which are huge…
This is necessary since penalties are Huge …
I read in some post that Geojit Broker already has a system to alert the client…
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I see Nudge alerts now but wouldn’t it be even better to literally tell you the penalty amount instantly? Or is it a technical challenge?
Very True