Recently I had a very unusual experience with Zerodha. This is at time of Quarterly Settlement. We know their software (Kite & Q) has glitches from time to time and we live with it. They also accept that softwares have problem and they are always building a new one.
But this time around, backend Q changed the option for Quarterly Settlement from Transfer back to bank account to invest in overnight liquid fund on its own without my consent.
Now, they do not send you any confirmation (email/letter) on the option you have chosen for Quarterly Settlement neither do they ask you before doing quarterly settlement. Also, I had send them a mail few days back asking for the dated of Quarterly Settlement, they did not have dates in advance.
Now I am surprised as to why the system is lopsided in favour of Zerodha and in my case they can easily say that I did not choose to transfer funds to my bank account and get away with it.
I am quite disappointed, looking for the advise of fellow borders as what should I do? Should I send a complain to SEBI? How we can fix this?
I am little more concern by overnight fall in NAV of Taurus Debt funds. In this case we do not know where our money in invested, which mutual fund, how is the performance? etc.