Sell your Shares without Power of Attorney
Trading is the most complex job in the world. It involves a lot of brain power to create the strategy, implement and change according to market conditions. But before trading, A trader needs to sign legal documents in order to eligible for trading through their respective brokerage platform. Each of them has certain unique rules and regulations, which are mostly followed under the SEBI guidelines. One of the most important parts of the legal, rules and regulation is a power of attorney.
What is the Power of Attorney?
Power of Attorney is a legal document, which provides legal authority to another person to operate your account as per the instruction contained in the power of attorney. In trading terms, POA is a document that gave authorization to the brokerage firm to debit your share from your Demat account, whenever you sell your shares.
Until now, we need to sign a POA to sell your stocks through brokerage firms. But today in a digitized world, it’s quite frustrating to have a paper process. That’s why Gulaq is happy to announce that one can sell the stocks without any POA. We are implementing an electronic delivery instruction slip (e-DIS) that allows you to sell your stocks in real–time without giving us a physical slip or a power of attorney. To protect it from any security breach, we are implementing an OTP secure based authentication to facilitate this action. Now onwards, one can open an account and transact end to end without sending a single piece of paper via courier. But these are not for the Intraday. Let’s look at the process of approval of POA through Gulaq:
- If a client wants to sell his/her equity stocks from demat, then a window appears with e-dis detail consent with OTP verification.
- After successful OTP verification from the client, the sell order will be placed in the market.
General terms and conditions :
- The client can sell up to 20 lakhs per day using e-DIS.
- E-DIS is applicable up to 5 equity stocks in a day.
- It is applicable for delivery trades or CNC (Cash and Carry) not intraday.
“Are you looking to invest? How about opening your account with Gulaq & start investing? Get in touch.”