Client will be marked as dormant who has not traded for last 6 months immediately preceding the end of previous month.
A list of dormant clients shall be prepared from the back office software on the last day of every month and shall be submitted to the concerned department after confirmation with the management. The management will approve a final list of dormant clients.
A copy of the list is also forwarded to dealers who operate our BOLT or NEAT terminals.
The concerned department shall mark the client status as “inactive” or “dormant” in various front office software of NOW and back office accounting and DP software.
After inactive/dormant marking, if any orders are received, the dealer shall take reasonable steps to identify the identity of the client and to ensure that the orders are received from the same client. The dealer shall use various techniques like call back, asking personal detail questions, last trade date, outstanding positions etc to confirm the identity of the caller. They may use any other technique which is reasonable. In case of a doubt the case shall be referred to the management or concerned AP or introducer.
Dormant client has to update their KYC details at the time of fresh order, if required
Stock Broker has a right to declare any account as “in-active Account” if it is found that the account was not operated for a continuous period of more than 2 years (excludes system generated transactions like credit/ debit of interest & charges)
The Stock Broker, on request of client in writing along with fresh KYC information, may convert the “in active Account” into an operative account.
The above procedure shall also apply to return of any Client assets remaining unclaimed, with the Stock Broker, as mentioned in “6” above.