Was trying to sell some stocks which i got using cash upfront today and was prompted to top up my DBS vickers in order to up my sell limit before i am allowed to place the sell order. Why is this so?
Seriously? Why do i need to top up my account when im just trying to sell?
Buy and sell limits are actually unique and separate limits on DBS, so I can understand your frustration, intuitively they should be the same, but it's actually not. This works the same way for POEMS as well, although when clients request for a limit increase, we grant both.
Sudhan has already given a link that should help you with your scenario, I'd suggest that you raise the limit simultaneously on both buy and sell to avoid this issue again. Your CDP statement can be provided as proof and is usually the best way to let the broker know that you do have shares worth that much. Just remember that any working sell orders will eat into your existing sell limit unless you withdraw or the order gets done. (The same thing for buy orders if you are queueing)
As to why you have to top up your account to sell, well, it doesn't make sense to me either. That's just how DBS wants it to work I guess.
Hi Charmaine, I don't think you are asked to top up your account. It's just that your sell limit is lower than the amount you are trying to sell. You just have to increase your selling limit.
You can check out this link to increase the limit (https://www.dbs.com.sg/personal/support/investment-vickers-increase-trading-limits.html).
Alternatively, you can contact DBS Vickers at (65) 6327 2288 for assistance.
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DBS Vickers Securities
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