Policy for Unauthentic News Circulation
Written by Administrator
The purpose of this policy is to Protect Investors by avoiding/restricting the unauthenticated news circulation related to various scrips by the Company’s Employees/Temporary Staff or other dealing person and by company Infrastructure without adequate caution.
It has been observed that market news circulated through blogs/chat forums /email by employees without adequate caution can do considerable damage to the normal functioning and behavior of the market and distort the price discovery mechanisms.
As per code of conduct for Stock Broker in SEBI (Stock Brokers and Sub ‐ brokers) Regulations, 1992 and SEBI circular Cir/ISD/1/2011 dated March 23, 2011, all SEBI registered market intermediaries are required to have proper internal code of conduct to govern the conduct of its Employees. In view of same the company implements code of conduct for communicating through various modes of communication. Company Directors/ Officers / Employees/ Temporary Staff Voluntary Workers are prohibited from:
1. Circulation of unauthenticated news related to various Scrips in blogs/chat forums/e ‐ mail etc.
2. Encouraging or circulating rumors or unverified information obtained from client, industry, any trade or any other sources without verification.
3. Either forwarding any market related news received in their official mail/personal mail/blog or in any other manner except after the same has been seen and approved by the Compliance Officer.
Therefore all the employees of the organization including Directors/ Officers / Employees/ Temporary Staff /Voluntary Workers should follow internal code of conduct and controls of the company. Employees/Temporary staff/ voluntary workers etc. working in the office will not encourage or circulate and therefore restricted to circulate rumors or unverified information obtained from the client, industry and trade or any other sources without verification.
Access Control : There is no Access to chat forums/ Messenger sites to all the staff. Only senior officials including Directors, Compliance Officer and Manager have the access to the said. All the logs of such sites shall be treated as records and are maintained by the compliance officer.
Any information or market related news received by staff in official mail or their personal mail should be forwarded only after the same has been seen and approved by the Compliance Officer of the company.
If an employee fails to do so, he/she shall be deemed to have violated the various provisions contained in SEBI Act/Rules/Regulations etc. and shall be liable for disciplinary action.
This code can be modified/amended/altered as required from time to time in compliance of the relevant provisions/regulations in this regard.
Error Account Policy
Written by Administrator
As a matter of principle, Abhipra Capital Limited (ACL) does not allow client code modification of executed trades in order to maintain an orderly trade data.
However, with the expansion of business and large retail clientele trading, the ACL is aware that there is possibility of a trade being executed erroneously under wrong UCC due to genuine punching mistake by the terminal user. For this reason, ACL is adopting a policy for client code modification / error account trade as follows:
- Client code modification requests will be strictly accepted only to rectify genuine error in entry of client code at the time of placing /modifying the related order; consequently dealers are advised to take utmost care/precaution while execution of client trades.
- As per SEBI circular dated July 5, 2011 on client code modifications, penalty will be levied on all client code modifications w.e.f. August 1, 2011 (including genuine errors).
- ACL will allow Modifications in the client Codes of Non - Institutional clients only for the following objective Criteria provided there is no consistent pattern in such modifications:
- Error due to communication and / or punching or typing such that the original client code / name and the modified client code / name are similar to each other.
- Modification within relatives (Relative for this purpose would mean ' Relative' as defined under sec. 6 the Companies Act, 1956).
- For easy identification of “ERROR ACCOUNT”, ACL have registered a fresh client code as “ERROR” in Back Office & same has been uploaded in the UCC database of the Exchange.
- Any transfer of trade (institutional or non - institutional) to “ERROR” of ACL would not be treated as modification of client code and would not attract any amount of penalty, provided the trades in “ERROR” are subsequently liquidated in the market and not shifted to some other client code. However operational costs as applicable & Profit / Loss from the transaction will be transferred to the concerned Dealer / Associate.
- Client Code Modification requests through “ERROR ACCOUNT” will be accepted only till 3:30 pm.
- The ACL shall conduct a special inspection of the concerned Dealer, if modification exceeds 1% of the value of trades executed during a month and take appropriate disciplinary action, if any deficiency is observed.