At Nirmal Bang, we are committed to maintaining transparency, ensuring client security,
and adhering to regulatory compliance. Our policies are designed to provide a seamless
trading experience while safeguarding your interests. Below are the detailed policies and
procedures followed by Nirmal Bang;
1. Account Opening Policies
1.1. Types of Accounts Offered:
- Trading Account for Equity, Derivatives, and Commodities.
- Demat Account for holding securities in electronic form.
- Online Mutual Fund Account.
1.2. Documentation Requirements:
To comply with SEBI's KYC norms, clients must provide:
- Proof of Identity: PAN Card (mandatory)
- Proof of Address: Aadhaar Card, Passport, Voter ID, or Utility Bill (not older than 3 months)
- Bank Proof: Canceled cheque with the client’s name or latest bank statement
- Income Proof (for trading in derivatives): 6 Month Bank statement, Latest salary slip, ITR, Demat Holding Statement or net worth certificate
1.3. Verification and Activation Process:
- Once documents are submitted, Nirmal Bang conducts an in-person or online verification.
- Accounts are typically activated within 2-3 working days after successful verification.
- Clients will receive login credentials via email upon account activation.
1.4. Modification and Closure of Account:
- Clients can modify details by submitting a duly signed form with supporting documents.
- To close an account, clients must clear all dues and submit a request form.
2. Order Placement and Execution
2.1. Modes of Order Placement:
- Online Trading Platform
- Mobile Trading App
- Dealer-Assisted Orders via Call and Trade Service
2.2. Types of Orders Supported:
- Market Order, Limit Order, Stop Loss Order.
2.3. Order Modification and Cancellation:
- Orders can be modified or cancelled before execution.
- Post-execution, orders cannot be modified or cancelled.
2.4. Execution Policy:
- All orders are routed to the relevant exchange (NSE, BSE, MCX) for execution.
- Order execution is subject to market availability, liquidity, and price fluctuations.
2.5. Trade Confirmation:
- Trade confirmations are sent via SMS/Whatsapp and Email instantly after order execution if
Dealers place the order.
3. Risk Management and Margin Policy
3.1. Margin Requirement:
- Margins are collected as per exchange and SEBI regulations.
- For Equity: VAR + ELM margins.
- For Derivatives: SPAN + Exposure margins.
3.2. Exposure Limits:
- Exposure limits are based on the margin deposited by the client.
- Limits may vary for Intraday, Delivery, and Derivative trading.
3.3. Margin Call and Shortfall:
- In case of margin shortfall, a margin call is triggered via SMS/Email.
- If not funded within the stipulated time, Nirmal Bang reserves the right to square off positions.
3.4. Risk Management Measures:
- Automated risk checks before order placement.
- Position monitoring to prevent over-leveraging.
4. Settlement Process
4.1. Pay-In and Pay-Out:
- Equity: T+1 settlement cycle for F&O and T+1 for Equity.
- Commodities: Settlement as per Exchange norms.
4.2. Fund Settlement:
- Funds are credited to the client’s linked bank account post-pay-out.
- Withdrawal requests can be placed online and are processed on the same
day if they are placed before the given time, i.e., 3 p.m.
4.3. Securities Settlement:
- Securities are credited to the client’s Demat account on the settlement date.
- In case of short delivery, it is settled through auction or close-out as per
exchange guidelines.
5. Brokerage and Other Charges
5.1. Brokerage Charges:
- As mentioned in your submitted Account opening form.
5.2. Other Charges:
- Transaction charges as levied by exchanges
- GST on brokerage and transaction charges
- SEBI Turnover Fees and Stamp Duty
5.3. Hidden Charges:
- Nirmal Bang does not levy any hidden charges. All fees are transparently communicated to
clients.
6. Client Communication
6.1. Modes of Communication:
- Email and SMS for order confirmation, margin calls, and trade settlement.
- Contract Notes are sent via email on the day of trade execution.
6.2. Digital Contract Notes:
- Contract notes are digitally signed and compliant with regulatory guidelines.
- Clients can access past contract notes through the trading portal.
7. Grievance Redressal Mechanism
7.1. Complaint Filing:
- Clients can lodge complaints via email or phone or visit the nearest branch.
- A dedicated email (contact@nirmalbang.com) is provided for grievance redressal.
7.2. Resolution Timeline:
- All grievances are acknowledged within 48 hours.
- Resolutions are provided within 15 working days.
7.3. Escalation Matrix:
- If unsatisfied, clients can escalate issues to the Compliance Officer.
- Further escalation can be made to SEBI’s SCORES platform.
8. Privacy Policy and Data Security
8.1. Data Collection and Usage:
- Personal information is collected for KYC and compliance purposes.
- Data is used for service improvement and marketing communication (with consent).
8.2. Data Security Measures:
- Advanced encryption techniques for data protection.
- Regular security audits and compliance with cybersecurity norms.
8.3. Third-Party Sharing:
- Data is not shared with third parties without client consent, except as mandated by law.
9. Compliance with SEBI and Exchange Guidelines
- Nirmal Bang follows SEBI regulations and circulars issued by NSE, BSE, and MCX.
- Compliance audits are conducted periodically to ensure adherence.
- Trading policies are regularly updated as per regulatory amendments.
10. Disclaimer and Liability
- Trading in securities is subject to market risk.
- Nirmal Bang is not liable for any direct or indirect losses incurred due to market volatility.
- Investment decisions made by clients are at their own discretion and risk.