Error Policy – for client code modification
(Applicable for all exchange/segment)
Modifications to client code post trade execution On Line Modification:
- Genuine punching errors in client codes while placing orders shall be allowed to be modified.
- Client code modification facilities shall be disabled from all the dealer terminals.
- Client code modification shall be carried out only after prior permission from the Director of the company.
- While carrying out code modification, genuineness of the punching errors shall be verified against corroborative circumstantial evidences like similarities of codes, trades in immediately preceding codes, square off trades without holdings or position or any such other evidences shall have to be taken into account.
- Complete records of daily online trade modifications shall be maintained in soft form.
- All such Genuine Error code modification shall be carried out through UCC registered ‘ERROR’ account. Any rate difference including transactions costs shall be settled between the concerned accounts by passing JV of appropriate amount.
- The Penalties, if any charged by the Exchange/Any Regulatory authorities shall be passed on to the concerned client/sub-broker if the reason of the error is attributable to any negligence on their part else shall be born by the company.
Off Line back office modification:
- Genuine punching errors in client code, if detected after the end of post closing sessions may be allowed to be modified subject to the verification of genuineness as narrated above.
- For F&O and CDS segment, as far as possible, the errors would be rectified by reversal trade in next trading session and the rate differences shall be set off by passing a JV entry in the ledgers of affected clients. In case the client do not agrees to keep such wrong trade record in his account, such trades may be rectified by moving both legs of the trades to the UCC Registered account of actual client or ‘Error A/c.’ instead of settling it though JV entry.
- For Cash segment any such errors would be rectified after verifying genuineness.
- Any such back office client code modification shall be carried out only by Director of the company.
- A register containing required details shall be maintained for all such modifications. Concerned dealer/sub-broker shall enter the required details and sign in the register which shall be approved by counter signature of any of the directors. As approved by the Board Resolution in the Meeting of Board of Directors of the company