Any individual, HUF (Hindu Undivided Family), proprietary firm, partnership firm or a corporate can open online trading account with us.
To open an account, following documents are required to be submitted along with filled up KYC
For Individuals
1 Two passport size photographs (signed across by the client)
2 Photocopy of PAN card (photocopy should be clearly visible)
3 Proof of Identity a) Passport; b) PAN; c) Voter ID; d) Driving License
4 Proof of Address
• Voter ID
• Driving License
• Passport
• Ration Card
• Photocopy of Bank Passbook/Bank Statement (attested by Bank)
• Latest Telephone (landline)/Electricity/Water Bill (Not older than two months)
• Notarized copy of Lease-License agreement / Sale Deed
• Identity Card, with address, issued by Central/State Govt. & its departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Professional Bodies such as ICAI, ICWAI, Bar Council etc. to their members & Colleges affiliated to Universities.
Bank Account Proof
• Photocopy of Cheque / Cancelled Cheque (compulsory in case of MICR)
• Copy of latest Bank Statement / Passbook, clearly mentioning Bank Account Number, Branch Name & Client Name (not older than six months)
• Letter from banker certifying account number & the period from which the account is operational
It generally takes 3 to 4 days to open an online trading account.
Cheque & Online transfer.
In simple words, it is a contract to exchange one currency for another currency at a specified date and a specified rate in future. Therefore, the buyer and the seller lock themselves into an exchange rate for a specific value or delivery date. Both parties of the futures contract must fulfill their obligations on the settlement date. All settlements go through the exchange mandatorily.
In India, currently only USD/INR, EUR/INR, GBP/INR and JPY/INR are available for trading on various Exchanges.
As per established norms, the Reserve Bank Reference Rate, on the date of expiry, will be the settlement price.
The Initial Margin is 1.75% on the first day of Currency Futures trading and 1% thereafter.