Why did the exchanges publish a clarification on no additional intraday leverage?

[nithin]

@maddy_Des

Since my earlier stint at @Tradingqna I developed this habit of copying whatever I have typed and saving it in notepad.
My posts still goes through approval filter by censor here.
And once again I couldn’t fathom what was objectionable in this post?
No cusswords, no slandering, no disruption.

Had a conversations with many brokers, sub brokers, HNI traders over the weekend.
Everybody were adamant that there is no change in intraday leverage system.
So its @nithin vs all now.
One friend reminded me of “Referral program”, “opentrade”, “brokerage refund”, “60-days challenge”.
Somethings which zerodha discontinued long back claiming to be illegal. (The idea I got was somebody of authority told about this illegality to Nithin Sir over informal meeting “chai pe charcha”)
These things still continues with other brokers.
Zerodha has silently closed 60 day challenge brokerage refund!

So as per them, with @nithin its always been over cautious, sometimes deliberate. And it’s always been “can and could” with him.

We will know only after Wednesday meeting though!

I didn’t want to post it here, but since you keep bringing it up, here is the link to the conference call that NSE had last thursday with all the members on this topic. All your broker friends would have been on this call. Let me know if you still have any confusion after this, maybe you should share this and ask why they are lying.

BO CO margins clarification NSE Call.aac

Other points

1. Opentrade was stopped because we were asked if people sharing trades on the platform were investment advisors as they can circumvent IA regulations by being on the platform and collect money. Which was a valid point and there was no way to solve it, we had to stop.

2. 60 day brokerage refund was stopped after SEBI circular (post Indian trading league) that clearly said that there should be no cash or incentive or reward that broker can offer that can induce people to trade. Brokerage refund was doing it, and hence we had to stop. (Let me pull up the circular and share it here)

3. Client referral was pointed out during inspection and said there was no specific regulation that allowed you to share, so you should stop. We pushed for it and NSE just put out a circular last week allowing this. We are starting this again this week.

These are all initiatives which were extremely successful and helping the business grow, when we stopped we took a hit.

As you’d imagine a lot of competitors keep complaining against almost everything we do with the regulator. So we are forced to be more compliant than everyone else, which we don’t have a problem and I hope our clients appreciate. Your brokerage firm, like a bank, is in a way custodian to your funds and securities, you would not want the firm to be the kinds who blatantly violates rules and regulations.