What is a contract note?
Contract note is a statement of confirmation of trade(s) done on a particular day for and on behalf of a client. A contract note is issued in the prescribed format and manner, establishing a legally enforceable relationship between the member and client in respect to the trades stated in that contract note. Contract notes are made in duplicate, where the member and client both keep one copy each.
Contract Note is a legal document that confirms the trades done on a particular day on behalf of the client. It establishes a legally enforceable relationship between the client and brokerage house with respect to settlement of trades. The Contract Note would contain settlement number, order number, trade number, time of trade, quantity and price of the trades, brokerage, etc and it would be signed by an authorised person of brokerage house.
It is a statement of confirmation of trade(s) done on a particular day for and on behalf of a client. A contract note is issued in the prescribed format and manner, establishing a legally enforceable relationship between the member and client in respect to the trades stated in that contract note. Contract notes are made in duplicate, where the member and client both keep one copy each. Contract notes should be preserved carefully for future records and even for tax purposes. If there are disputes in the case of orders placed over phone, how can they be resolved? Orders over the telephone can be placed only through designated telephone numbers. We have a voice recording system to record all orders placed over the telephone. We will ask for customer ID details before processing the order. Still, if a dispute arises, the voice recording would be the final proof for settling the dispute.
A contract note describes the rate, date, time at which the trade was transacted and the brokerage rate. A contract note issued in the prescribed format establishes a legally enforceable relationship between the client and the member in respect of trades stated in the contract note. These are made in duplicate and the member and the client both keep a copy each. A client should receive the contract note within 24 hours of the executed trade. Corporate Benefits/Action What is a book-closure/record date? Book closure and record date help a company determine exactly the shareholders of a company as on a given date. Book closure refers to the closing of register of the names or investors in the records of a company. Companies announce book closure dates from time to time. The benefits of dividends, bonus issues, rights issue accruing to investors whose name appears on the company’s records as on a given date, is known as the record date. An investor might purchase a share-cum-dividend, cum
