For the FY, my broker has charged a total of 70K+ as margin penalties from various days. I was never intimated or given an opportunity to pay to meet the requirement. Moreover, on some of the days, my EOD ledger balance is positive. So they have charged for intraday also.
Is it legal ? What is the procedure to get this money back?
1. Without looking at the charges and your trading pattern it is impossible for us to verify what you say and provide you with correct advice.
2. What you can do is to send and email in writing to your broker asking him to explain the charges. If the broker fails to respond, you can take it up with the stock exchanges and with SEBI.
3. Broker complaints can be made to BSE and NSE and they are taken seriously. Links for making the complaint are available on the website of both exchanges.
4. The Securities and Exchange Board of India has an online grievance redress mechanism called SCORES — you can google SEBI and SCORES to get the link. You can file a complaint there too, if your broker fails to respond and explain the basis of your charges.
5. We trust this helps. Moneylife Foundation does not provide precise advice without precise details — we also expect the investor to do some basic work and escalate it to us for help only if that does not work.
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