I HAD SOLD SOME STOCK IN INTRADAY, SUDDENLY THE STOCK TOUCHED THE UPPER CIRCUIT, AND I WAS NOT ABLE TO SETTLE IT ON INTRADAY BASIS. IT RESULTED IN SHORT SALE. I HAD 50000 Rs with me, and that too as a Loan, now my Broker will Auction to give me Shares and Will charges higher amount as per SEBI NORMS and will charges brokerage , auction charges etc. I do not have necessary funds. According to my estimates, my will be aroun 70000, i have in demat aroun 46000. What will happen now ? First of all, i am just a student, and i have yesterday sold my bike to pay my fees. Now what should i do ?? If my broker ask me for money, i seriously do not have it. In Legal sense i am as equivalent as like Insolvant. What shoul i do ? What remidies are availabe to my broker against me ?
The account will go to negative balance , and the broker will ask to clear the debit , if not cleared the broker may go legal action and same will be shared with Exchange.