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.
Gaurav, our team will get back to you on why your preference changed. What I can tell you is that by March 31st we are moving from our vendor backoffice platform (which manages the Quarterly settlement and trade process related work) to in house. Once done, we can alert you one day before that quarterly settlement is due. You will have an option to do whatever you wish. The liquid fund used is usually something which has 1000ās of crores AUM and not a small debt fund like of Taurus where risk is higher. But I get your point, nothing should happen without your consent. We will check and get back to you.
I like Zerodha - slowly increasing my exposure at Zerodha. Very soon, most of my trading will shift to Zerodha - have some issues with Kite (it doesnāt stay updated during non-trading times; Q-back office isnāt too great!), but is a great trading platform.
I prefer it over ICICI Direct, though most of my invested capital still lies with ICICI direct.
We need to share our experiences on these platforms.
UpStox is backed by Ratan Tata, Kalaari Capital & GVK Davix. Their pricing is similar to Zerodha. Anyone used their platform. Enlighten us about quality of their software.
I am looking for a broker with light weight interface and easy to use. I wonāt be doing intra day trades or FNO and mostly my trades would constitute of delivery over the long term. Is Zerodha reliable enough? I have read a lot of reviews outside valuepickr like this - https://www.quora.com/What-is-your-review-of-Zerodha and it seems the system is highly unreliable and the customer care is pathetic in solving issues. Would like to hear opinions of VPers here who use Zerodha as their main platform.
I have to do it this week and will mostly go with HDFC Sec / ICICI Direct. I usually buy and hold stocks and I am okay to pay a little more brokerage if that will give me peace of mind.
Yes, you can sell on BSE when you buy on NSE. Only thing is, youāll have to wait to get delivery (T+2) to do it. When youāre selling, sell from the marketwatch by adding the BSE ticker and invoking a sell order from there.
Hi I been using zerodha for more than 2 years. Zerodha Pi is very simple and easy to use. You can get daily and minute chart in any time frame.
I trade daily in F&o. Did not face any problems uphill.
For delivery they have zero brokerage and for transfer a share to DP- DP charges is just rs 5 but other brokerage take around Rs 14 and brokerageā¦
I feel they are providing great software, good customer service at a very rock bottom price.
Extremely satisfied with zerodha.
Most other discount brokerages trying to follow zerodha but they are also cheap enough.
In icici direct, F&o you have yo pay around Rs 500 for one contract but in zerodha itās Rs 20 per orderā¦ Even you put order for 100 contracts also just 20.
F&O most of the money is taken up by brokeragesā¦
Upstox is a decent option. They have easy to use interface on both mobile and web platform. Charting options are also available. But the most frustrating part for me is neither platforms display the cost price in the profile. So u end wondering what is profit / loss you made.
Upstox customer service is prompt and responsive. Their portals also work well. Frankly I have been using this account sparingly because of the unavailability of the feature I mentioned.
I have been using Zerodha for last 5-6 years after migrating away from ICICI and I havenāt had any issues with it. Customer care is also prompt in my experience. I mostly do delivery and occasional options and I like the platform but then again I am not a heavy user as I simply buy and forget.
One thing I liked for sure is the way they focus and continuously work on improving the user experience. They have improved a lot from the original ugly backoffice and not so great frontend to the current ones.
Iāve also received a similar email stating that my unused funds have been parked in some overnight fund and thatās also as per my request which Iāve obviously never made. I consider this to be a serious violation and breach of trust and it needs prompt corrective action on the mgmt part. Iāve already sent an email to support at zerodha. Kindly do the needful or Iāll have to initiate a legal action.
Now that you have moved to Coin, is there any change in how long one has to wait after selling MF units and use the proceeds to buy stocks?
Ideally, you should let clients sell MF and buy stocks on the same day as payout of MF will happen on the same day as pay-in of stocks so these two should settle together.
Even if MF payout is after stocks pay-in, you should provide margin funding for those days (should not be more than 2-3 days or even less for liquid funds). This will help clients take advantage of opportunities in equities and you will earn interest.
Long long term investors regularly move between equity and debt depending on valuations and opportunities in equity markets. However, if I have to wait for my MF payout before buying stocks, the opportunities in stocks will go away (or substantially erase) as stocks are much more volatile than debt funds. Its high time technology brokers like Zerodha do seamless settlement between various entities.
As a broker, you should provide seamless transactions across all the securities (equities, derivatives, MF, currencies and commodities etc) irrespective of which entities these transactions are settled with.
