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The Indian stock market is an ideal place to invest systematically and build wealth over time. Among numerous asset classes available to diversify and earn good returns, derivatives are the most widely used. Earlier derivatives trading seemed complex to investors as it contained multiple techniques and financial terminology. However, with the advent of financial literacy and online trading platforms, novice and expert investors currently trade seamlessly in the derivatives market.

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Derivative Broking

Derivatives are essentially contracts that derive their value from an underlying asset. Derivative contracts are short-term financial instruments that come with a fixed expiry date. The underlying asset can be stocks, commodities, currencies, indices, exchange rates, or even interest rates.

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Steps to open an Account

Capital Markets is one of the ideal platforms to make long term investments. Peerless allows you to trade in equities at your fingertips with best in className technology & unbeatable research calls. Invest in Capital Markets with smart insights & recommendations from our research desk to get returns in multifolds.

Begin by visiting the official website of Peerless Securities Limited www.peerlesssec.co.in. On the homepage, you'll find the "Open an Account" option. Input your email address and mobile number as requested. This information will be used to generate a One-Time Password (OTP) that will be sent to your provided mobile number.

After receiving the OTP on your mobile, proceed to verify your Permanent Account Number (PAN). Enter your PAN number and date of birth as per your PAN card details. Additionally, you'll receive an email verification mail from Peerless Securities Limited (PSL).

You can choose the KYC verification method that suits you best. Options include fetching KYC data from the KYC Registration Agency (KRA), offline Aadhaar XML-based eKYC, sharing KYC documents via Digilocker, or opting for Video KYC, and access a pre-filled registration form. You'll need to provide the remaining details required to finalize your account registration.

Fill in your bank account number, along with the corresponding IFSC code and any other essential bank details. Additionally, you'll have the opportunity to select the specific trading segments you're interested in. In the same section, you can indicate if you already have an existing demat account that you'd like to use. If you choose this option, provide your existing client ID and DPID or otherwise proceed with new demat account procedure.

Prepare and upload the necessary documents as part of the account opening process. The documents typically include your signature, a selfie photo with your PAN card, a scanned copy of your PAN card, a cancelled cheque or bank statement, and any other relevant documents. Be sure to adhere to the specified size and format guidelines for smooth processing. Additionally, this is the stage where you can choose to nominate a beneficiary for your account.

Carefully read and agree to the provided terms, review all the information you've provided, and choose to e-sign using Aadhaar OTP. Await confirmation regarding your account opening status from Peerless Securities Limited.

Pricing and Charges Details

Capital Markets is one of the ideal platforms to make long term investments. Peerless allows you to trade in equities at your fingertips with best in className technology & unbeatable research calls. Invest in Capital Markets with smart insights & recommendations from our research desk to get returns in multifolds.

Charges Equity Intraday Equity Delivery Equity Futures Equity Options
Brokerage 0.02% 0.2% 0.02% ₹ 25 per Lot.
STT 0.025% on the sell side 0.1% on buy & sell 0.0125% on sell side 0.0625% on sell side (on premium). In case of Options Exercise 0.125% on (Settlement Price * Quantity) to be paid by Buyer
Transaction charges NSE/BSE: 0.00325% NSE/BSE: 0.00325% NSE: Exchange transaction charge: 0.0019% Clearing charge: 0.0005% NSE: Exchange transaction charge: 0.05% Clearing charge: 0.002%
GST 18% on (Brokerage + Transaction Charges) 18% on (Brokerage + Transaction Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI charges ₹ 10 / crore ₹ 10 / crore ₹ 10 / crore ₹ 10 / crore
NSE IPFT Charges ₹ 10 / crore ₹ 10 / crore ₹ 10 / crore ₹ 50 / crore (On Premium)
Condition Applied* : Above charges are applicable for clients who have registered online. These charges will vary for our offline clients (who can avail extended facilities such as a higher margin and a dedicated RM/Dealer).

Charges Currency Futures Currency Options
Brokerage 0.02% ₹ 20 per Lot
STT No STT No STT
Transaction charges NSE Trans. Chgs.: 0.0009% Clearing charge: 0.0005% NSE Trans. Chgs.: 0.035% Clearing charge: 0.002%
GST 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI charges ₹ 10 / crore ₹ 10 / crore
Condition Applied* : Above charges are applicable for clients who have registered online. These charges will vary for our offline clients (who can avail extended facilities such as a higher margin and a dedicated RM/Dealer).

Charges Commodity Futures Commodity Options
Brokerage 0.02% ₹ 50 per Lot.
CTT 0.01% on sell side 0.05% on sell side. In case of Options Exercise 0.125% on (Settlement Price * Quantity) to be paid by Buyer
Transaction charges Exchange txn charge: 0.0026%
Clearing charge: 0.0003% ,
RMS Charge 0.005% (Only NCDEX)
Exchange txn charge: 0.05% Clearing charge : 0.002%
GST 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI charges ₹ 10 / crore ₹ 10 / crore
Condition Applied* : Above charges are applicable for clients who have registered online. These charges will vary for our offline clients (who can avail extended facilities such as a higher margin and a dedicated RM/Dealer).


Securities/Commodities Transaction Tax

Tax levied by the government while transacting on the exchanges. Charged as above on both buy and sell sides when trading equity delivery. Charged only on selling side when trading either intraday or in F&O.

Transaction/Turnover Charges

Exchange transaction charges + Clearing charges. Charged by exchanges (NSE,BSE,MCX) and clearing member.

BSE: Flat Rate per Trade Rs 1.50 & Clearing Charges Rs 0.01 per Trade.

Stamp Charges

Charged as per Stamp Duty Act 1899 levied for transacting in Securities on exchanges or depositories

DP (Depository participant) Charges

Please refer DP Section for details

Minimum Contract Note Charges

Peerless Securities Doesn’t Charge any Minimum Contract Note Charges

GST

Tax levied by the government on the services rendered. 18% of ( brokerage + transaction charges)

SEBI Charges

SEBI fees Rs. 5 per cr for cash & Non agri-commodities and Rs. 1/- per crore for Agri-Commodities


*In case no scheme is selected by you then by default AMC as per annual plan will be charged at the end of the first year. For a Corporate Account, the AMC charges applicable from the 1st year are - 1000/- + GST per Annum Plan

Buyback, OFS and NFO Order Charges

No Extra Charges for participating in Buyback, OFS & NFO Orders.

Request for Physical CMR, Contract Note, Ledger, etc.

No Charges for Physical CMR, Contract Note or Ledger Etc.

Disclaimer

Brokerage will not exceed the rates specified by SEBI and the exchanges. All statutory and regulatory charges will be levied at actuals. No Brokerage is charged on expired, exercised, and assigned options contracts.

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Frequently Asked Questions

A derivative is a formal financial contract that allows an investor to buy and sell an asset for a future date. The expiry date of a derivative contract is fixed and predetermined. Derivative trading in the share market is better than buying the underlying asset since the gains can be substantially inflated.

There are two types of derivatives instruments traded on NSE; namely Futures and Options :
Futures : A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. All the futures contracts are settled in cash at NSE.
Options : An Option is a contract which gives the right, but not an obligation, to buy or sell the underlying at a stated date and at a stated price. While a buyer of an option pays the premium and buys the right to exercise his option, the writer of an option is the one who receives the option premium and therefore obliged to sell/buy the asset if the buyer exercises it on him. Options are of two types - Calls and Puts options : “Calls” give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. “Puts” give the buyer the right, but not the obligation to sell a given quantity of underlying asset at a given price on or before a given future date. All the options contracts are settled in cash. Further the Options are classifi ed based on type of exercise. At present the Exercise style can be European or American.
American Option - American options are options contracts that can be exercised at any time upto the expiration date. Options on individual securities available at NSE are American type of options.
European Options - European options are options that can be exercised only on the expiration date. All index options traded at NSE are European Options. Options contracts like futures are Cash settled at NSE.

Yes. Margins are computed and collected on-line, real time on a portfolio basis at the client level. Members are required to collect the margin upfront from the client & report the same to the Exchange.

All the Futures and Options contracts are settled in cash on a daily basis and at the expiry or exercise of the respective contracts as the case may be. Clients/Trading Members are not required to hold any stock of the underlying for dealing in the Futures / Options market. All out of the money and at the money option contracts of the near month maturity expire worthless on the expiration date.

Investors must understand that investment in derivatives has an element of risk and is generally not an appropriate avenue for someone of limited resources/ limited investment and / or trading experience and low risk tolerance. An investor should therefore carefully consider whether such trading is suitable for him or her in the light of his or her fi nancial condition. An investor must accept that there can be no guarantee of profi ts or no exception from losses while executing orders for purchase and / or sale of derivative contracts, Investors who trade in derivatives at the Exchange are advised to carefully read the Model Risk Disclosure Document and the details contained therein. This document is given by the broker to his clients and must be read, the implications understood and signed by the investor. The document clearly states the risks associated with trading in derivatives and advises investors to bear utmost caution before entering into the markets.

Futures and Options contracts have a maximum of 3-month trading cycle -the near month (one), the next month (two) and the far month (three), except for the Long dated Options contracts. New contracts are introduced on the trading day following the expiry of the near month contracts. The new contracts are introduced for a three month duration. This way, at any point in time, there will be 3 contracts available for trading in the market (for each security) i.e., one near month, one mid month and one far month duration respectively. For example on January 26,2008 there would be three month contracts i.e. Contracts expiring on January 31,2008, February 28, 2008 and March 27, 2008. On expiration date i.e January 31,2008, new contracts having maturity of April 24,2008 would be introduced for trading.

Derivatives, such as futures or options, are financial contracts which derive their value from a spot price, which is called the “underlying”. For example, wheat farmers may wish to enter into a contract to sell their harvest at a future date to eliminate the risk of a change in prices by that date. Such a transaction would take place through a forward or futures market. This market is the “derivatives market”, and the prices of this market would be driven by the spot market price of wheat which is the “underlying”. The term “contracts” is often applied to denote the specific traded instrument, whether it is a derivative contract in wheat, gold or equity shares. The world over, derivatives are a key part of the fi nancial system. The most important contract types are futures and options, and the most important underlying markets are equity, treasury bills, commodities, foreign exchange, real estate etc.

In a forward contract, two parties agree to do a trade at some future date, at a stated price and quantity. No money changes hands at the time the deal is signed.

Futures markets were designed to solve all the three problems (listed in Question 4) of forward markets. Futures markets are exactly like forward markets in terms of basic economics. However, contracts are standardised and trading is centralized (on a stock exchange). There is no counterparty risk (thanks to the institution of a clearing corporation which becomes counterparty to both sides of each transaction and guarantees the trade). In futures markets, unlike in forward markets, increasing the time to expiration does not increase the counter party risk. Futures markets are highly liquid as compared to the forward markets.

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