Dear Alchemist,

I shorted SAIL on 7th and did not cover, just to check out, cause no one was able to satisfy my queries.

IIFL is the broker.

This is the e-mail I got on 8th, and a message on 9th 3:24pm (not able to stick the email)

"scrip SAIL; qty 1; shares not received against your sell in; settlement No; NN 2011170; it will go for auction. "

Evening I got the bill (cant stick mail, sorry)

The buying price was 113.15 and with brkg. it became 114.28 It was exactly 1%. Other charges were regular.


Now I have several queries

1. Was that an exchange shortage or internal shortage ?
2. what was taken into consideration for the auction and how much more was added to the price. What price is usually taken into context ??
3. It shows 1% brkg. I don`t find the calculations to it.
4. What time did the auction occur or usually happens?


Have some more asks on shorting.

I saw that after I short and do not cover the amount in trade is credited to the margin. Does that mean I can use the entire amt. for my next session.
Inst. If I have 5k and I short 3K. The next day my margin becomes 8k. So can I use the entire margin (keeping the auction day in mind). And can I take the entire leverage on that as well?

If I short using the entire 10x and then I do not cover; then what happens to the account?

hoping to hear from you
Thanks

BY THE WAY I SHORTED @ 118 AND IT WAS BOUGHT @ 114. SO ULTIMATELY A PROFIT. SORRY DIDN`T MENTION IT BEFORE