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Trading of securities :

You have the right to sell the securities that you hold at a price and time that you may choose. You can do so personally with another person or through a recognised stock exchange. Similarly, you have the right to buy securities from anyone or through a recognised stock exchange at a price and time of your choice.

Whether it is a sale or purchase of securities, effected directly by you or through an exchange, all trades should be executed by a valid, duly completed and stamped transfer deed.

If you choose to deal (buy or sell) directly with another person, you are exposed to counter party risk, i.e., the risk of non-performance by that party. However, if you deal through a stock exchange, this counter party risk is reduced to trade/settlement guarantee offered offered by the stock exchange mechanism. Further, you also have certain protections against defaults by your broker.

When you operate through an exchange, you have the right to receive the best price prevailing at that time for the trade and the right to receive the money or the shares on time. You also have the right to receive a contract note from the broker confirming the trade and indicating the necessary details of the trade. You also have the right to receive good delivery and the right to insist on rectification of bad delivery. If you have a dispute with your broker, you can resolve it through arbitration under the aegis of the exchange.

If you decide to operate through an exchange, you have to avail the services of a SEBI registered broker/sub-broker. You have to enter into a broker-client agreement and file a client registration form. Since the contract note is a legally enforceable document, you should insist on receiving it. You have the obligation to deliver the shares in case of sale or pay the money in case of purchase within the time prescribed. In case of a bad delivery of securities by you, you have the responsibility to rectify them or replace them with good ones.

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