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YOU ARE 100 % CORRECT
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I am ex service man and having account more than 12 years. I never had a problem with them till date and i always take it up with them if any clarifications and solved issues immediately. If you don't agree, please take it up to them. They are reasonable.
CLIENT of NAVIA MARKETS LTD, (FRNC0065). HAD ISSUED A CHEQUE FOR Rs.15000/- ON 23.03.2010. THE AMOUNT WAS DEBITED IN THE CLIENT’S BANK A/C ON 24.03.2010 AND CREDITED TO NAVIA’S A/C ON THE SAME DAY BY AXIS BANK. BUT THEY DETAINED THE AMOUNT IN THEIR SUSPENSE ACCOUNT FOR SIX DAYS i.e 24.03.2010. TO 29.03.2010 AND CREDITED THE CLIENT’S TRADING A/C ON 30.03.2010 ONLY. THIS IS FOR THE PURPOSE OF PUTTING PENALTY INTEREST @ 24 % P.A. TOTHE CLIENT’S A/C. I PRSUME THAT THEY ARE DOING THE SAME THING FOR ALL THE VALUABLE CLIENT’S A/C . THIER MAIN MOTO IS TO EARN MONEY BY PENELISING THE CLIENT WITH OUT ANY RATIONAL GROUNDS. HENCE I REQUEST ALL THE VALUABLE CLIENTS OF NAVIA MARKETS LTD TO VERYFY THEIR ACCOUNTS ON DAILY BASIS. TILL DATE THEY HAVE NOT SOLVED MY PROBLEM
I am also one of the Clients of Navia & Religare . The comment posted by Mr.Sankar is 100 % Genuine and he has given a very very use full message to all the clients. I want to add some most important points to the comment of Mr.Sankar.
1. When there is a Pay out short i.e the share which we have bought on Monday the shares should be credited in to the client's account on Wednesday. Suppose the shares are not credited to the client's account due to pay out short. It will be go for an auction. When it comes for auction on the 5th day i.e. on Friday. Most of the time Navia will allot you the shares only, by that time the market value of the particular share will be down. As far as the auction process the charges should be +20 % or – 20 %. i.e if money has been credited in to your account instead of shares against the payout short, only 5 % will be credited to the clients account by Navia. But The same thing is happened with Religare they will give you the entire 20 % to the clients account. For example if you have bought a share @ Rs100 per share, and it is a pay out short your account has to be credited for Rs.120 per share.
2. If there is pay in short i.e short selling . In this case Navia will penalize your account for 20 %. i.e if have sold the share for Rs.100 per share, your account will be debited for Rs.120 per share, Even though the value of the particular share is below 100.
3. I never had a smooth transaction with Navia.
1. When there is a Pay out short i.e the share which we have bought on Monday the shares should be credited in to the client's account on Wednesday. Suppose the shares are not credited to the client's account due to pay out short. It will be go for an auction. When it comes for auction on the 5th day i.e. on Friday. Most of the time Navia will allot you the shares only, by that time the market value of the particular share will be down. As far as the auction process the charges should be +20 % or – 20 %. i.e if money has been credited in to your account instead of shares against the payout short, only 5 % will be credited to the clients account by Navia. But The same thing is happened with Religare they will give you the entire 20 % to the clients account. For example if you have bought a share @ Rs100 per share, and it is a pay out short your account has to be credited for Rs.120 per share.
2. If there is pay in short i.e short selling . In this case Navia will penalize your account for 20 %. i.e if have sold the share for Rs.100 per share, your account will be debited for Rs.120 per share, Even though the value of the particular share is below 100.
3. I never had a smooth transaction with Navia.