POLICY FOR CLIENT CODE MODIFICATION
To frame the guidelines for the modifications to client codes post trade execution
and reporting of such Client Code Modifications.
Brief about Client Code Modification
Client Code Modification means modification / change of the client codes after execution
of trades. Stock Exchanges provide a facility to modify any client code after the
trade has been executed to rectify any error or wrong data entry done by the dealers
at the time of punching orders. However, such Client Code modification is subject
to certain guidelines as to the time limit within which the client code modification
is to be carried out and also terminal / system on which such modifications can
be allowed. The facility is mainly to provide a system for modification of client
codes in case genuine errors in punching / placing the orders. It is to be used
as an exception and not a routine. To prevent misuse of the facility Stock Exchanges
levy penalty / fine for all non-institutional client code modifications.
Scope of the Policy
This policy covers all the Client Code Modifications carried out / to be carried
out in any of the client accounts controlled by HO, subject to the guidelines issued
by the SEBI / Stock Exchanges from time to time, in any segment of any exchange
for which Moneypalm is a member broker.
signify the trades which will be modified / to be modified / allowed to be modified
subject to guidelines of the SEBI / Stock Exchanges and this policy.
For the purpose of this Policy, only the following types of trades shall be modified
/ allowed to be modified:
- Client code/name and modified client code/name are similar to each other but such
modifications are not repetitive.
- Family Code (spouse, dependent parents, dependent children and HUF).
- Punching error / typing error of client codes due to any genuine error or mistake
in order entry, while punching the order, by any of dealer.
- Trade entered for wrong client due to any miscommunication from the client / authorized
representative of the client.
- The facility for Client Code Modification can be used only in case of Error Trade.
- The Client Code Modification shall be carried out only on the designated system
and / or as per the process as may be prescribed by SEBI / Stock Exchange.
Place for Client Code Modification
Any Client Code Modification shall, subject to compliance of this policy, be carried
out by RMS at HO of all the Error Trades happened in NSE, BSE and MCX.
The penalty or fine, if any, levied on Moneypalm for any wrong trade occurred due
to any miscommunication from the client / authorized representative of the client
shall be borne by the client.
INACTIVE ACCOUNT POLICY
To define policies and procedures to ensure that no unauthorized trades are done
in any INACTIVE or DORMANT client account.
Background & Definition
Client Account would be treated as INACTIVE if there is no transaction (trade) in
the account for 180 days from the last trade.
Checks & Balances
Whenever there is request for trade in INACTIVE account, the client must specifically
provide in writing either through his registered Email ID or through a Letter requesting
to reactivate the INACTIVE account. The back office executive should also confirm
from the Client of any changes in details (like address change or contact number
or email id etc.) provided by him in the interim – which should be supported by
adequate duly attested documents and the same has to be updated in the back office
and UCC before the Client is allowed to trade.
Clients trading in F&O segments have to update their financial status by providing
one of the below listed documents.
- Copy of ITR Acknowledgement
- Copy of Annual Accounts
- In case of salary income – Salary Slip, Copy of Form 16
- Net worth certificate
- Bank account statement for last 6 months
- Any other relevant documents substantiating ownership of assets