Is it legal for a broker to charge interest on my outstanding dues?

[SKG]

I have taken about 100 share of SBI few days back. for which I have given a cheque to my broker the very next day. The cheques took a normal 3 day period to credit into their account. Now when I have checked their statement, they have charged me an interest on the whole amount @18pa for 4 days. Is this legal???

[Author]

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