Unregulated entities cannot give advice. There is already a law for that and it is being enforced.
That is what entire Youtube Fin Influencers community is?
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Not everyone. But whoever is doing this will trip and fall over the regulatory line.
@nithin in my short delivery case I got a response from Zerodha that RMS tried to buy shares on T+1 day on my behalf but it hits upper circuit so not able to however the shares was trading till 3:04 pm. Can I expect a detailed information in my case as nobody is responding?
Hmm… buying on T+1 day isn’t of any use if there is a short delivery.
For example if on T day you shorted something and it hit the upper circuit, you will default on the shares that you have to deliver on T+1 day (Settlement has to happen on T+1). If you default on T+1, you are taken to auction on T+2. Even if you bought on T+1, it is of no use as you would still default on T+1 day as what you buy on T+1 reaches your demat only on T+2.
Can you share your ticket number, will get @ShubhS9 to check on the response. If you default to deliver on T+1 due to a stock is stuck in upper circuit and you are short, you will be forced to go to auction, no other way around it. Unless of course, you can transfer shares from somewhere outside on T+1 before settlement.
Check this
@nithin thank you sir for your response, i have already shared details previously regarding this with @ShubhS9 ( #20231213886330).
This is the response from Zerodha ” On the said day, the client placed multiple orders in the disputed scrip and held a short position for 102001 quantities at an average price of Rs.83.34 The client did try to exit the position, but the stock had breached the upper circuit limit. The auto square-off order was placed from our end at 3:20 PM and remained open in the system till the market closed and was eventually cancelled by the exchange. Order book was produced in our previous response. On 12th of December 2023, our RMS team did tried to buy the shares from the market, however the said script hit the upper circuit twice on 12th of December 2023. The RMS ream was not able to purchase the share. Hence, the settlement of these happens based on the close-out process laid down by the exchange which is the highest price of the stock from the date of selling to the auction day or 20% above the closing price on the auction day. As such 102001 shares of IREDA were settled at an average price of Rs.122.22.”
Sir shares of IREDA was trading till 3:04 and if RMS bought it on highest price of 102 my losses could be half (~20 Lakh).