I just realized today that I am unable to buy shares (have been trading derivatives for last 1 week since my account opened). When I contacted customer care they mentioned that I need to give POA to activate CNC.
Why do I need to give POA to activate CNC?
When you buy shares, the shares are automatically transferred to your demat account. To do this you dont need POA. But when you sell the shares from your demat account then you need to submit the POA to debit the shares from your demat account.
As POA gives us the limited authority to debit the shares from your demat account when they are sold.
If you dont wants to submit the POA then you will need to sign a delivery instruction slip everytime whenever you sell the shares and this has to be submitted physically to us on time.
Hence, it is advisable to provide POA for seamless transactions for processing your sell transaction, pledge requests, buybacks and right issues etc.
Thank you @Reshma B. I don’t mind giving the PoA but it’s really difficult to go out for printing and scanning at this time of lockdown. Is there another way? Like e-sign or something?
Karthik, request you to give us your client ID so that will arrange a call back and help you in this.
Thank you @Reshma B. Yesterday I have already signed and given POA to account opening executive. ID is DH00518.
Hoping that CNC gets activated asap.
Fyers doesn't have e-DIS facility like Upstox. If you are not willing to visit the post office to send a courier due to Corona then you can switch to Upstox for the time being. They have an electronic slip facility.
Hey Vaibhav, We are already working on this and it is under testing. Once the testing is done, we will launch E-Dis very soon.
Please let us know once this is done, waiting to get the POA form fill
Yes, we will inform to all our clients once we go live with E-dis.
and if you are filling a poa form and have any query please reach to our support desk. The team will guide you on the same.
Just in case you aren't yet aware - https://fyers.in/demat-account-without-poa/