today my broker called and tell me that tomorrow is quarterly settlement…so as per sebi guidelines the cash in your trading account above 15k… will me transfered to the bank…so it will take 3 days process…my broker told me that he will buy liquid funds by tomorrow and he will sell that by next day…
is buy value will be equal to the sell value on next day in liquid funds??
what should i need to do ?should i buy liquid funds or just leave that??
the fund is gone from my account but it has not been credited to my saving bank account. where is the fund? now how should i trade today?
@nithin @siva My equity fund balance was auto debited from my account for quarterly settlement. But it has not been credited to my bank account. So I have no funds to trade now. This is a time and age when instant credit is possible. Can you please let me know why it is not possible to use something like IMPS for instant credit to a client account or why it is not possible to may be settle on a friday so that there is more time incase of a NEFT transfer ?
We currently process all payouts using NEFT/RTGS after 8 pm and the banks give credit by the next morning (in your case, you received the credit around 10:30 am). It is understandable that getting the funds earlier would result in a better experience for you and all our other users.
RBI has asked all banks to enable 24x7 NEFT transfers. Although the banks are working on this, the lockdown situation has slowed down the development. Once the banks go live with this, the fund withdrawal experience will be much better. We are also working on an instant payout product where you will be able to immediately withdraw funds from your trading account. This will be built on top of the IMPS infrastructure.