Wednesday, July 23, 2014
   
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Internal Control Policy

POLICY OF INTERNAL CONTROL

At Abhipra, we have all kinds of clients placing orders in person, through telephone, or via themselves through online systems.

In cases where the person is present in person at the branches for transacting in the stock markets, first get verified himself and thereafter operators execute the orders for the person and give the confirmation immediately as soon as received from the exchange.

In cases, phones are received from the investor for transacting in the stock market orders are received on the phone lines placed with the operators at head office are kept on the recording system, and in branches we are in the process of implementing the same. All investors are first required to identify themselves and thereafter only orders for the clients are executed. Confirmation is thereafter made to the investor on the phone itself.

In cases, the investor is placing the order through online system, he receives the confirmation immediately on the system itself.

Apart from this after the closing of the trading session, all trades executed are further confirmed firstly through the mobile phones via sms thereafter at the branch level confirmation is further made via telephone. At the end of the day all bills and statements are forwarded to the investors through emails.

All transactions executed on the system are as per the instruction of the investors received from time to time. No discretionary rights are executed by us in placing the orders on behalf of the investors.

A. Sending Contract Note, Daily Margin Statement, Quarterly SOA

As stated above we have tried to make the systems as transparent as possible. We have designed the system to provide the information to the investors from every aspect. All the statement of accounts, bills, contract notes, transaction details etc. are made available to the investors on our portal at www.abhipra.com. All investors are provided with their unique user id and password for accessing their information directly from our systems.

Apart from this we are sending on  daily basis contract notes, statement of accounts, bills, margin report etc. to the investors via email and on weekly basis statement of accounts and bills are posted to the investors through courier. Proof of the deliveries are obtained and maintained at least for a period of one year. We are maintaining the statement of accounts and bi8lls with us in the soft copy for a period as per the requirement of the regulations.

Apart from this investor may further approach any of the branch and ask for his statement of accounts and bills as desired. All branches have the systems in place to make the copy of the bills from our portal and provide it to the investors.

All electronic contract notes being sent to the investors are maintained in the contract note archive database for the period as per the regulatory requirements. The log for sending the contract notes to the investor is maintained with the authorised person signing and mailing to the investors and secondly a copy of the same is also retained at the mail server.

B. Square off of Positions/ Liquidation of Securities without consent of clients.

It is herein stated that all investors are informed through physical as well as electronic mediums about their investments and the requirements of money on account of margin and loss in case of the future and options transactions or towards the purchases of the clients in the equity segment. In cases of any shortage of the money, investors are first informed about the same telephonically and are asked to make the balance payments for the shortage either on account of margin or their purchases. All such calls made to the investor through recorded lines from the head office. In case the same is not received on the pay-in date that T+2 in cases of the purchases of the shares in equity and T+1 in case of the future and options segment. Risk and surveillance department square off such position to meet with the deficiency and the same is further informed to the investor firstly through telephone, sms at the end of the day. All bills, statement of accounts are also dispatched via courier at the end of the day to the investor informing them about the squaring of the position standing in the market or selling off of the shares to recover such debits.

C. Client Registration, Documents maintenance

We, have applied all required norms in relation to the compliance of the client registration and the documentation with the clients. All forms are self explanatory about the basic requirements for opening of the account for trading and demat services.

Any investor approaching to the branch for the opening of his account deals with the marketing executive, who in accordance with the norms comply with all the requirements of know your clients and get the complete account opening forms filled and signed as per the requirements. Thereafter, the forms are forwarded to the head office for activation of the account and thereafter, enabling the investor to commence transactions on the exchange.

All such forms received at the head office, are first verified in totality and all the requirements are verified. In cases the forms are not met with the requirements, forms are reverted back to the respective branch to get form completed from the investor including filling up of all the fields with regard to the address, email, contact information etc. After the form is verified at the head office, it is then sent to the account opening division for uploading the Unique Client Code and activating the account for trading. Welcome letter is sent to the investor, informing him about the commissioning of the account. Apart from this user id and password for Abhipra portal is also generated and sent to the investor for accessing his/her information. All proof of dispatch for welcome kit and access rights are kept and maintained.

After activation of the account, all the account opening forms and registration kits are compiled and stored in the store room serially.

Investor may approach either our branches or the head office and ask for updation of details from time to time. All such requests are accepted only through written communications. Same are again firstly verified at the head office and the signatures are matched with the available specimen on record and thereafter the same is forwarded for updating the record in the system. Copy of such records are again serially stored in the store.

D. Internal Audit System

Internal auditors are appointed for the regular monitoring of the operations and activities being conducted. In cases of any weaknesses in the system, same is immediately pointed out to the management, and thereafter, the controls are implemented to avoid any deviations from the regulatory requirements and hence safeguarding the interest of the investors.

E. Collection of pay in, margin, limits setting for exposures and turnover for clients, terminals, branches and sub-broker level.

All payments from the investors towards collection of the pay-in requirements or the margins is collected at the branches level and same is recorded in the books of accounts as per the system explained here in above.

We have deployed the system based limit setting mechanism, whereby at the end of the day we calculate the securities and monies available in hand for the client and same is uploaded in the trading CTCL system on the basis of which system allow the exposure limit to the investor upto 5 times for the intra-day trading. In case the investor is not able to square off the position, he is required to make the payment maximum by T+2 in case of equity and T+1 in case of the future and options division. System open the limit for the clients as per the deposits made by him to us or the securities lying with us.

F. Allotment, Surrender of trading terminals

All trading terminals are allotted to the dealers as per the requirements of the exchange and the same is first uploaded to the exchange.

For setting limits for all the clients a separate division of RMS is working in Head Office. All clients get limits for trade according to the available balances. The process for Allotment/surrender of Id’s is as per rules and regulations of the exchange. Every time when we require id’s for trading it should be demanded in prescribed format of the exchange & same is for Surrender.

 

Privacy Policy

Abhipra Group (Abhipra) is sensitive to privacy issues on the Internet. We believe it is important you know how we treat the information about you, we receive from you, on the Internet.


In general, you can visit Abhipra on the World Wide Web without telling us who you are or revealing any information about yourself. Our Web servers collect the domain names, not the e-mail addresses, of visitors. This information is aggregated to measure the number of visits, average time spent on the site, pages viewed, etc. Abhipra uses this information to measure the use of our site and to improve the content of our site. Your accessing our site signifies your unconditional consent to allow the collection of your domain names.


There are times, however, when we may need information from you, such as your name and address. When information is needed, we will try (but are not obligated) to let you know at the time of collection, how we will use the personal information. Usually, the personal information we collect is used only by us to respond to your inquiry, process an order or allow you to access specific account information. Occasionally, we may make the e-mail addresses, of those who provide information, available to other reputable organizations whose products or services we think you may find interesting. In these cases, you will be offered an opportunity to limit access to your information. In case we do not receive any response from you to limit the access of your information, it shall be deemed that you consent to such distribution of your information as mentioned above.


If you register with one of Abhipra's business units on-line, they may use this information to provide you with custom information about Abhipra's offering in support of your business needs. A technology called cookies may be used to provide you with tailored information. A cookie is a tiny element of data that a web site can send to your browser, which may then be stored on your hard drive so we can recognize you when you return. You may set your browser to notify you when you receive a cookie. Registering with any Abhipra business unit online signifies your unconditional consent to receive such cookies.


At times we conduct on-line surveys to better understand the needs and profile of our visitors. When we conduct a survey, we will try (but are not obligated) to let you know how we will use the information at the time we collect information from you on the Internet.


You recognize and understand that there is no compulsion on you to provide us with your personal information and any and all personal information provided by you to us is with your full consent, own volition and desire to provide such personal information. You also understand that we are under no obligation to verify the source from which the personal information about you is provided to us, and they are deemed to be provided by you, unless you demonstrate to us within a period of fifteen days from the date of providing of such information to us, to our satisfaction, that the information was provided to us without your free consent.


Abhipra's Web site may contain links to other sites. While we try to link only to sites that share our high standards and respect for privacy, we are not responsible for the content or the privacy practices employed by other sites.

 

Treatment of Inactive Accounts

Abhipra as a matter of policy accepts and realizes that the investor community is made of traders as well as investors. Whereas traders trade frequently, the investors trade with long gaps & long gaps communication with investors. The inactive client policy is framed keeping the same in mind:

  • What happens when a client is declared inactive?

On a client being declared inactive, All the securities of the client are transferred into the last known demat account of the client. All funds of the client are returned to the client. In case the demat account/ bank account details are not available and the client is not contactable, the securities/ funds are remains in the account of Abhipra and are held till such time Abhipra hears from the client or their representatives. Trading in the client account is stopped.

  • Client declared inactive voluntarily

A client may write to Abhipra Capital Limited stating that he wishes to transfer his account into an “inactive” status, based on which the account will be marked as such.

  • Client declared inactive by passage of time

Any client who has not traded continually for a period of 180 days, will automatically be moved to the “inactive” category.

  • Client declared inactive by law

Any client will be moved to the “inactive” category if required by law.

  • Procedure to activate the client

To reactivate the account; the client is expected to write to Abhipra requesting for activation of the account based on which the account would be activated after due diligence by Abhipra.

   

Latest ISIN List

https://nsdl.co.in/

 

Circulars

Abhipra, in its continuing endeavour to educate and keep its ever growing clientale updated of the latest in capital market segment has been issuing circulars in line with the business rules and bye laws of regulatory bodies.

The link for the circulars issued by NSDL, CDS, NSE and BSE are also given here.

Read more: Circulars

   

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