Stocks and Shares

MrsT · Oct 29th, 2007, 00:15

Can FN purchase stocks and shares.

wonderwomanusa · Oct 29th, 2007, 10:13

Quote:

Originally Posted by MrsT

Can FN purchase stocks and shares.

I have an investment in what they call (in the USA) a "closed-end fund" -- a mutual fund that is traded like shares of stock.

It's called The India Fund and their listing of investments is most interesting -- IT, cement and chemical companies, auto manufacturers .. in short, a spectrum of all Indian industry.

Since 1989, it has grown from $10/share to $50-something.

MrsT · Oct 29th, 2007, 15:53

Quote:

Originally Posted by wonderwomanusa

I have an investment in what they call (in the USA) a "closed-end fund" -- a mutual fund that is traded like shares of stock.

It's called The India Fund and their listing of investments is most interesting -- IT, cement and chemical companies, auto manufacturers .. in short, a spectrum of all Indian industry.

Since 1989, it has grown from $10/share to $50-something.

Why I asked is that we bought a few shares through the Bank in Goa, and a neighbour has emailed us and said they have had to sell their
shares as FN are no longer allowed to hold shares. - have not heard from the bank personally. We were just wondering if this
was another of their "move the goal posts"

capt_mahajan · Oct 29th, 2007, 17:06

The bank is not obliged to check your eligibility status to buy shares, and neither is a broker.

You are.

Sadanand Kamath · Oct 29th, 2007, 21:05

Quote:

Originally Posted by capt_mahajan

The bank is not obliged to check your eligibility status to buy shares, and neither is a broker.

You are.

I think, the bank is required to check eligibility status before opening the D'mat account. And without having D'mat account, one can not buy and sell shares.

Sadanand

capt_mahajan · Oct 29th, 2007, 21:13

Err, not really.

You can have a demat account with a depository. The bank then has nothing to do with it.

In any case, the legal onus is on the individual; the bank will not suffer any penalty except maybe a reprimand if the abuse is widespread.

In the race for getting customers, 'reputed' banks and others do not ask for proper identification. I opened a trading account with just a residence proof with one of the top three online depositories last year. Later, in my interest , I voluntarily submitted my PAN card copy and other documents.

People who did not had their accounts automatically frozen much later, on SEBI directives. A friend of mine wanted to sell something and found his account blocked.

Guess who suffered? Not the depositories or banks.

Champac · Oct 29th, 2007, 21:16

Hello all,

This my first posting. There is a good, informative site/Blog on stocks in general and with sections devoted to India etc. This was featured on WSJ few yrs back

<www.seekingalpha.com>

Sadanand Kamath · Oct 29th, 2007, 21:35

Quote:

Originally Posted by capt_mahajan

Err, not really.

You can have a demat account with a depository. The bank then has nothing to do with it.

In any case, the legal onus is on the individual; the bank will not suffer any penalty except maybe a reprimand if the abuse is widespread.

In the race for getting customers, 'reputed' banks and others do not ask for proper identification. I opened a trading account with just a residence proof with one of the top three online depositories last year. Later, in my interest , I voluntarily submitted my PAN card copy and other documents.

People who did not had their accounts automatically frozen, on SEBI directives. A friend of mine wanted to sell something and found his account blocked.

Guess who suffered? Not the depositories or banks.

Yes. I stand corrected. The depository account may be with banks or non-banks.

Sadanand

shashank.aggarwal · Oct 30th, 2007, 00:04

Mr. Mukesh Ambani is the Richest man in the world...!! He has overtaken Mr. Buffett and Mr. Gates.

His family, is the the first family in the world to cross US $100 billion mark..the second on list is Walton family, which is around Us $ 70 billion...

crvlvr · Oct 30th, 2007, 01:18

Quote:

Originally Posted by shashank.aggarwal

Mr. Mukesh Ambani is the Richest man in the world...!! He has overtaken Mr. Buffett and Mr. Gates.
.

And what is your source for this info?

Anders · Oct 30th, 2007, 02:19

Quote:

Originally Posted by MrsT

Why I asked is that we bought a few shares through the Bank in Goa, and a neighbour has emailed us and said they have had to sell their
shares as FN are no longer allowed to hold shares. - have not heard from the bank personally. We were just wondering if this
was another of their "move the goal posts"

Some Indian stocks are listed as an ADR in the US. You could buy them there if you wanted to.

edwardseco · Oct 30th, 2007, 02:47

Quote:

Mr. Mukesh Ambani is the Richest man in the world...!! He has overtaken Mr. Buffett and Mr. Gates.

Not according to Forbes (the gold standard). Hint, its a mexicano not Gates or Buffet.

I am working on it with my BRICk (Brazil, Russia, India and China). Now no more 9% drops in a day on the Mumbaii exchange please..

Side note is that direct sales of shares should be done through a trusted broker, many sad stories otherwise..

shashank.aggarwal · Oct 30th, 2007, 06:35

Quote:

Originally Posted by edwardseco

Not according to Forbes (the gold standard). Hint, its a mexicano not Gates or Buffet.

You are talking abour Carlos Slime I guess...

Quote:

And what is your source for this info?

http://www.rediff.com/money/2007/oct/29mukesh1.htm

Prashant.M · Oct 30th, 2007, 11:03

Quote:

Originally Posted by shashank.aggarwal

You are talking abour Carlos Slime I guess...

Shashank, I think you meant Carlos Slim Helú.

Freudian slip eh?

capt_mahajan · Oct 30th, 2007, 11:09

Oct 29th, 2007, 00:15	#1
MrsT Member Join Date: Oct 2007 Location: UK Posts: 23	Stocks and Shares Can FN purchase stocks and shares.

Oct 29th, 2007, 21:16	#7
Champac Member Join Date: Oct 2007 Location: USA Posts: 7	Indian stocks etc Hello all, This my first posting. There is a good, informative site/Blog on stocks in general and with sections devoted to India etc. This was featured on WSJ few yrs back <www.seekingalpha.com>

Oct 30th, 2007, 00:04	#9
shashank.aggarwal Mr. Badboy :D Join Date: May 2007 Location: ~ Dilli ~ Posts: 5,490	Mr. Mukesh Ambani is the Richest man in the world...!! He has overtaken Mr. Buffett and Mr. Gates. His family, is the the first family in the world to cross US $100 billion mark..the second on list is Walton family, which is around Us $ 70 billion... __________________ Travelogue - Around India Random Reviews

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Oct 29th, 2007, 21:13	#6
capt_mahajan (in charge of navel affairs) Join Date: Sep 2005 Location: India Posts: 10,097	Err, not really. You can have a demat account with a depository. The bank then has nothing to do with it. In any case, the legal onus is on the individual; the bank will not suffer any penalty except maybe a reprimand if the abuse is widespread. In the race for getting customers, 'reputed' banks and others do not ask for proper identification. I opened a trading account with just a residence proof with one of the top three online depositories last year. Later, in my interest , I voluntarily submitted my PAN card copy and other documents. People who did not had their accounts automatically frozen much later, on SEBI directives. A friend of mine wanted to sell something and found his account blocked. Guess who suffered? Not the depositories or banks.

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capt_mahajan (in charge of navel affairs) Join Date: Sep 2005 Location: India Posts: 10,097

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