raunaquesinghpthakur 26 January 2015
I have shares stocks and bonds with a broker in a demat form. I want to sell them off. For this the broker asked to fulfill the formalities to convert into Trading Account. The only hitch is, I am not convinced signing any documents because along with various forms; the broker also gave a document called Power of Attorney and not Limited Power of Attorney.
Should I sign these documents and even the POA given by the broker!?!
ADV-JEEVAN PATIL, MUMBAI ( DEEMED/CONVEYANCE OF BUILDING) 26 January 2015
You should have demat account to credit shares in electronic form from physical custody. Certain documents needs to be signed and given but not Power of Attorney for sell or purchase by him.
T. Kalaiselvan, Advocate (Advocate) 11 March 2015
If you want to dispose off all the shares held by you and do not intend to buy any company's share for the present even for investment purpose, you do not have to open a trading account with the broker neither you need to give power of attorney to the broker for this purpose. If this broker insists on that, you may look for a different broker, all that thy need to do is to convey your sales for which they will be getting their due commissions out of the sale proceeds for which you may have to give certain forms duly signed, before signing any form please read them carefully and then sign it. You can approach a genuine and reputed broking company for solving this issue.
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