What happens in case you are not able to confirm the BMFD otp on time?

What happens in case you are not able to confirm the BMFD otp on time?

>If you are not able to confirm OTP by T+1 day, then stock will be moved to Client Unpaid Securities Pledgee  Account (CUSPA) if your account is in debit, otherwise to your demat account if it is in credit.

>IIFL will reverse the funded trade, debit of funded trade will be shifted from BMFD (funding) ledger to trading ledger. Please settle this reversal by paying funds or selling any stocks within T+6.

 >For settlement of trading ledger debit, non-BMFD stocks need to be sold. For BMFD Ledger debit, it can be settled against by selling BMFD funded/ earmarked stocks only.

 >If there are multiple instances of OTP not being confirmed, we will be constrained to remove your account out of BMFD Facility.

 > For any short delivery received from exchange we shall send a revised OTP on T+1 day for the quantity of actual shares received .You can authenticate the same on T+1 day to avoid reversal of entire funding.

 > IIFL reserves the right to reverse BMFD position incase of any short delivery is received from the exchange in security payout

 

 



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