Internal Control Policy

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.

Sending Contract Note, Daily Margin Statement, Monthly / 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 / email. Proof of the deliveries are obtained and maintained at least for a period of one year. We are maintaining the statement of accounts and bills 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 branches 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.

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.

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.

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.

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.

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 shall be demanded in prescribed format of the exchange & same is for Surrender.