Can a Broker withdraw money from my linked bank account using the Power of Attorney I gave?

asked Monday, May 28, 2018

No, the Power of Attorney given to brokers is for limited demat account related transactions. It can only be used for withdrawing the shares and when you pledge the shares for margin against share facility.

POA has nothing to do with your trading account or bank account.

Get more detail about Demat PoA:

Power of Attorney for Demat Account - Explained with Examples and FAQs
How do I safeguard my Demat Account with Power of Attorney to Broker?
Are there different types of Power of Attorney?
What is the validity of my Power of Attorney for demat account?
Are there any charges associated with Demat Power of Attorney?
Does broker allows time bound Power of Attorney for Demat Account?
Should Power of Attorney be printed on the Stamp Paper?
Can I sign Power of Attorney online?
Can a Broker misuse the Power of Attorney?
Can a Broker withdraw money from my linked bank account using the Power of Attorney I gave?
Can I use Broker Pool Demat Account to keep my share and do not give Power of Attorney?
Can I trade in Futures and Options without Power of Attorney to my Demat account?
My signed Power of Attorney is still in courier. Can I still trade?

answered Thursday, October 21, 2021

1 Comments

1. Abhishek

| Link|Mar 16, 2020 9:55:20 AMReply

Hello,
What if we give PoA on stamp paper rather than plain paper what are the cons as compared to plain paper.

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I am not a frequent trader on stock exchange. What should I do with Transaction Statement?
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How do I safeguard my Demat Account with Power of Attorney to Broker?
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What is the validity of my Power of Attorney for demat account?
Are there any charges associated with Demat Power of Attorney?
Does broker allows time bound Power of Attorney for Demat Account?
Should Power of Attorney be printed on the Stamp Paper?
Can I sign Power of Attorney online?
Can a Broker misuse the Power of Attorney?
Can a Broker withdraw money from my linked bank account using the Power of Attorney I gave?
Can I use Broker Pool Demat Account to keep my share and do not give Power of Attorney?
Can I trade in Futures and Options without Power of Attorney to my Demat account?
My signed Power of Attorney is still in courier. Can I still trade?
How can I get dividends directly to the bank instead of the cheque? Is there any online application?
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What happens if I do not pay AMC for a demat account?
Can I open Demat Account without PAN Card?

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