Cash limit from sales proceeds current process in idirect

@nithin @siva

Let me explain how idirect handles a sales proceed currently. I infer they are insulated from this issue bcos of this

Below is as on today workflow:

Let us say i have Rs 25000 in savings account
Assume zero brokerage for simplicity of illustration

Now i sold l&t shares of 100 at Rs 1000 at 9 am from my demat holding . so my sales proceeds is Rs 100000

Same day at 3 pm i buy timken shares at Rs 1000 price 100 quantities. This idirect allows based on sales proceed value

At end of day wat idirect does is watever amount i have in bank balance ie Rs 25000 they are deducting upfront. On t+2 they are first crediting 1 lac and deduct balance 75k .

While they would have allowed the timken buy even with zero bank balance, bcos i had some partial amount lying they simply deducted it upfront. This infers they are infact meeting timken payout obligation from their own pocket on T day

On T+2 day actually i see two entries in my savings account

One is credit from nse for 100000 (the full l&t sales proceed) next leg is a debit of Rs 75000 ( internal debit by idirect for timken purchase pending value)

The whole workflow is possible because they have linked my savings account and hence they have full access to debit or credit adjustment values.

Tomorrow i will use direct line call with my equity advisor and ask her if this impact is applicable to idirect customers or not

No one will be with new work flow,even now we allow to buy with sell share proceedings. With new flow coming we will check if we can block only var+elm and give remaining on T day itself if one sells from demat.