Nirmal BangProduct & Services

We offer a diverse range of financial services which includes institutional and retail brokerage of equity, derivatives, commodities, currency, online trading, depository services, distribution of IPOs , mutual funds, fixed deposits & bonds, dedicated desk for NRIs and institutional clients, insurance broking(both life & general), clearing services, margin financing, investment banking, portfolio management, wealth advisory & research.

Margin Funding

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Company Overview

Nirmal Bang Financial Services Pvt Ltd is a RBI registered Non Banking Financial Company which offers margin funding facility to its clients.

Product Overview

With reference to RBI circular dated 10th April 2015 (DNBS (PD).CC.No. 408 / 03.10.001/2014-15), NBFCs lending against collateral of shares shall, with effect from the date of this circular:

  • Maintain an LTV ratio of 50%; and
  • Accept only Group 1 securities (specified in SMD/ Policy/ Cir - 9/ 2003 dated March 11, 2003 as amended from time to time, issued by SEBI) as collateral for loans of value and also approved by management.
  • Any Shortfall in the maintenance of 50% LTV occurring on account of movement in the share price shall be made good within 7 days. If fail to arrange for maintenance of the 50% LTV within Five days, we would be forced to initiate necessary actions including liquidation of securities, as set out in the terms of the agreement

If in case any query then please contact at

Email Id : las@nirmalbang.com or nbfc@nirmalbang.com

Contact no: 022- 39267505

*Interest Rate: The interest rate varies from 8% to 18% p.a.

  • Corporate Action benefits like bonus, dividend etc continue to accrue to the borrower.
  • Any appreciation in the value of the Securities given as margin would automatically allow enhancement in drawing power.
  • Interest will be calculated on the amount utilized & the actual period for which it is utilized.
  • Clients can view their financial statement and holdings online.
Risk Monitoring System

In case of shortfall in the margin the client has to follow the prescribed norms and replenish the short margin or else the shares would be liquidated to the extent of the shortfall.

Documents Requirement
  • Client has to open a bank account and Demat account with Nirmal Bang Securities Pvt Ltd both under POA with us.
  • Trading account should be in NSDL.
  • Loan agreement to be duly filled up and signed therein.
  • Copy of PAN card
  • Copy of Address Proof
  • Two passport sized photographs
  • Copy of latest two years ITRs
  • Two Undated dated cheques, one for principal & other for interest in the name of Nirmal Bang Financial Services Pvt Ltd
  • Cheque of Rs.500/- towards the loan documentation charges
  • Cheque of Rs 10000/- in favour of bank as minimum balance, this cheque will be credited in client’s name in bank a/c only.
  • Bank statement for last 6months.
  • Vernacular Declaration

All documents as mentioned in point no 1 to 12 in case of individual are required. Additional documents to be collected, in case of corporate clients:

  • Copy of annual report of last two years
  • Memorandum and article of association
  • List of directors with their specimen signature
  • Two photographs of all the directors.
  • Share holding pattern till base level
  • Board resolution on letter head of the company (authorizing for Borrow and to give above POA)
Kindly note
  • All documents should be self attested
  • All Photographs and signatures should match with the proof given
  • Additional documents need to be submitted in case of any discrepancy is noticed.
Grievance Redressal officer

1. In case of any complaints / grievances the customer may contact the Complaint Redressal Official at the below contact details:

Name : Mr. KAPIL PARKAR.

Email Id : kapil.parkar@nirmalbang.com

Contact No: 022-39267503 / 04

2. If the complaints /dispute is not redressed within a period of one month, the customer may appeal to the Officer-in- Charge of the Regional Office of Reserve Bank of India under whose jurisdiction our company is registered at the below mentioned address::

Regional Office: RESERVE BANK OF INDIA
Department of Non-Banking Supervision,
Reserve Bank of India Building, 3rd Floor,
Opp. Mumbai Central Railway Station,
Byculla, Mumbai – 400 008 Contact: 23028436.
Email: dnbsmro@rbi.org.in

Central Office: RESERVE BANK OF INDIA
Department of Non-Banking Supervision
Reserve Bank of India Central Office
Mum-400 001, Contact: 022-22661602

To know in detail about margin funding :

Call:- 91-022-3926 7505, Email:nbfc@nirmalbang.com

Policies

The Fair Practices Code (FPC) is aimed to provide to the customers effective overview of practices, which will be followed by the Company in respect of the financial facilities and services offered by the Company to its customers. The Code will facilitate the customers to take informed decision in respect of the financial facilities and services to be availed by them and will apply to any loan that the Company may sanction and disburse or other financial product which it may distribute.

The Fair Practices Code (FPC) is aimed to provide to the customers effective overview of practices, which will be followed by the Company in respect of the financial facilities and services offered by the Company to its customers. The Code will facilitate the customers to take informed decision in respect of the financial facilities and services to be availed by them and will apply to any loan that the Company may sanction and disburse or other financial product which it may distribute.

1. Objective of the Code
This Code has been developed to:
  • Promote good, fair and trustworthy practices by setting minimum standards in dealings with the customers;
  • Increase transparency to enable the customers to have a better understanding of what they can reasonably expect of the services.
  • Promote a fair and cordial relationship between the customers and the Company.
2. Our Key Commitments and Declarations

The Company shall act efficiently, fairly and diligently in our dealings with all our customers by:

  • Meeting the commitments and standards in this Fair Practices Code for the financial products and services we offer, and the procedures and practices our staff follow;
  • Ensuring that all the financial services meet relevant laws and regulation;
  • Providing professional, courteous and speedy services;
  • Providing accurate and timely disclosure of terms and conditions, costs, rights and liabilities as regards financial transaction.
  • The Company shall help the customer understand how our financial products and services work by:

  • Ensuring that our advertising & promotional literature is clear and is not misleading;
  • Giving verbal information that is consistent with the literature shared with customer;
  • Explaining financial implications of the transactions.

The Company shall deal quickly and proactively with things that go wrong by:

  • Correcting mistakes quickly;
  • Attending customer complaints quickly;
  • Telling our customers how to take their complaint forward if the customers are still not satisfied with our assistance;
  • Reversing any charges that we apply due to our mistake
3. Non-Discrimination Policy

The Company will not discriminate between our customers on the basis of gender, race or religion.

4. Application for loans and their processing:
  • Loan application forms issued by the Company shall include necessary information which affects the interest of the borrower so that a meaningful comparison with the terms and condition offered by other NBFCs can be made and an informed decision can be taken by the borrower. The loan application form shall indicate the documents required to be submitted along with the application form.
  • The company shall issue an acknowledgement receipt for all loan applications. Loan applications shall be disposed off within 14 days or such extended time as may be mutually agreed between the borrower and the company from the date of receipt of the application form complete in all respects.
  • If any additional details/documents are required, the same shall be intimated to the borrower in reasonable time.
  • The company will conduct contact point verification through its employees or through an agency appointed by it, by contacting the customer at their residence/business telephone numbers/or physically visit residence/business address mentioned on the loan application
5. Loan appraisal and terms/conditions:

a.The company shall conduct a due diligence on the creditworthiness of the borrower, which will be an important parameter for taking decision on the application. The assessment would be in line with the company’s credit policies, norms and procedures in respect thereof.

The borrower would be informed in the vernacular language as understood by the borrower by means of sanction letter or otherwise the amount of loan sanctioned. The said letter shall contain the terms and conditions including the annualized rates of interest and method of application thereof and shall obtain an acceptance from the borrower on the said sanction letter.

b. The Company Shall disclose in bold letters any clause pertaining to penal interest charged for late repayment in the loan agreeement

c. The company shall furnish a copy of loan agreement along with a copy of all enclosures quoted in the loan agreement to all the borrowers at the time of requisition by borrower or breif terms should be made part of sanction letter. The company shall ensure that the loan agreements and enclosures furnished to all borrowers contain the terms and conditions and the rate of interest in the form of a term sheet, which shall be annexed to the loan agreement.

6. Disbursement of loans including changes in terms and conditions:

a. The company shall frame appropriate internal principles and procedures for determining the interest rates, processing and other charges. The company shall at the time of disbursal, ensure that the interest rate and processing and other charges on loan and advances are in strict adherence to above referred internal principles and procedures

b. The disbursement will be done immediately upon compliance of all terms and conditions of the sanction by the borrower.

c. The Company shall give a notice to the borrower in the vernacular language as understood by the borrower of any change in the terms and conditions including disbursement schedule, interest rates, services charges, prepayment charges etc. The Company shall also ensure that changes in interest rates and charges are affected only prospectively. This clause will be covered in the loan agreement as well.

7. Post Disbursal Supervision:
  • Any decision to recall/accelerate payment or performance under the loan agreement shall be in consonance with the Loan Agreement.
  • All securities offered by the borrower shall be released on repayment of all dues or on realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim the Company may have against the borrower. If such right of set off is to be exercised, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under which the Company is entitled to retain the securities till the relevant claim is settled/ paid.
8. General
  • The Company shall not interfere in the affairs of the borrower except for the purposes provided in the Loan Agreement unless new information not earlier disclosed by the Borrower has come to the notice of the Company.
  • In the matter of recovery of loans, the Company shall not resort to undue harassment like bothering the borrowers at odd hours/ use of muscle power for recovery of loans.
  • The Company shall ensure that the entire process of enforcing its security, valuation and realization thereof be fair and transparent.
  • In case of receipt of a request from the borrower for transfer of the borrowal account, the consent or otherwise i.e. objection of the Company, if any, shall be conveyed within 21 days from the date of receipt of such request. Such transfer shall be as per transparent contractual terms in consonance with law.
9. Confidentiality

Unless authorized by the customer, the Company will treat all personal information as private and confidential. The Company will not reveal transaction details to any other entity including within the group other than the following exceptional cases:

  • If the Company have to provide the information by statutory or regulatory laws
  • If there is a duty to the public to reveal this information
  • If the Company has taken the customers permission (for instance at the time of loan sanctioning) to provide such information to its group/ associate/ entities or companies for providing other products or services
  • Where the customer asks us to reveal such information to its group/ associate/ entities or companies for providing other services or products.
10. Complaint Redressal Mechanism
  • Borrowers who have grievances in respect of decisions of the Company may address their grievances to Mr. Kapil Parkar ,at Email-d:nbfc@nirmalbang.com Contact no.022- 39267503/04.
  • If the complaints /dispute is not redressed within a period of one month , the customer may appeal to the officer-in –charge of the Regional office of Reserve Bank of India under whose contact details: Reserve Bank of India, Department of Non-Banking Supervision, Reserve Bank of India Central office, Mumbai 400 001.Contact No.022-22184868
  • The Board will periodically review the compliance of this Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management.
  • After examining the matter, the Company will endeavor to send the customer its response within 4 weeks and intimate the customer how to escalate the complaint to higher level, if he is not satisfied with the response.
  • A periodical review of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management would be undertaken by the Company and a consolidated report of such reviews shall be submitted to the Board of Directors of the Company at regular intervals.

The Company shall abide by this Fair Practices Code following the spirit of the Code and in the manner it may be applicable to its business.

Approved List

For detailed Margin funding list , please click here :- Margin Funding Scrips

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