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ICICIdirect Launches Margin Client Mode in BSE

ICICIdirect has sent a mail to its clients which states that now clients can trade in Margin Client Mode in stocks listed on BSE also. The Margin Client Mode is already available in NSE, with this you can avail the feature in both the exchanges.

What is Margin Client Mode?

Margin Client Mode (T+5) is a positional product under Margin product, where you may take a position today and arrange for funds in few days to take delivery. With this product, you can take full benefit of market opportunities by paying just a part of the entire transaction amount. You are required to pay as low as 11% of margin to create a position, say for creating a position of 1 lac in L&T you just require 11000.

If the prices moves in favour within the stipulated time you may either book profit by exiting the position or bring in remaining funds to take delivery. If you do not choose to bring funds until the stipulated time or exit by booking profit/ loss, the position will get squared off on the last day in End of Settlement Process (EOS). There will be interest levied @ 0.065%, if position is not converted to delivery by T+2 trading days under margin client mode.

Only drawback of ICICIdirect is high brokerage cost and you can get list of low cost brokers here.

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