If I am holding shares in BSE and today I sold it and purchased back the same day using CNC in NSE. Will it be considered an intraday trade or normal one?
Reliance Buy 100 stocks @ 2000 BSE on October 1
Reliance Sell 100 stocks @2100 BSE on October 6
Reliance Buy 100 stocks @2050 NSE on Ocotber 6
Will the transaction on October 6 be considered an intraday trade on normal CNC trade
The product type you use (CNC or MIS) doesn’t matter, Selling - Buying or vise-versa on same day will be considered as Intraday trade.
I think its intraday.
MIS/CNC is product code for zerodha users. Exchange do not know about this.
So If you short and buyback. It is consider as Intraday trade even if you hold this shares in your demat account.
@ShubhS9 But he is selling on BSE and buying on NSE on 6 october. Wouldn’t it be counted as two different trades. (Because you can not do intraday trades on different exchanges)
Will still be considered as Intraday trade because of Interoperability. More on the same has been explained here.
This may be the reason why combined contract note cum bill is issued if you have done transactions at both the exchanges on same day . @ShubhS9 can guide more.
It is interesting…
How does the contract note show?
Contract note cum bill has a column to mention stock exchange where the trade has been executed and due to Interoperability , same contract note is being issued for bse/nse . moreover i learned from participation in cases like delisting of Inoes and Vedanta which were only at BSE , the settlement no of NSE was being used .
@ShubhS9 can you clear this doubt regarding Interoperability
Let say today i buy 100 INFY in NSE and sell them in BSE ( MIS trade )
Do i need to square off position respectively in each exchange
If you are Long in one exchange and Short in other exchange in MIS you will have to square-off your position on both the Exchanges.
Currently buying on one exchange and selling the same position on another exchange isn’t possible on Intraday basis.
In above case, shares are already in holdings so the obligation is getting netted-off, can read this for detailed explanation.