Selecting a broker


(Raj) #243

@Nikhil.A Has Zerodha resumed offering Non-PINS account (sing NRO account) to NRIs?


(Akshay.Atur) #244

@rajsuccess, Hi Raj
No, Zerodha hasn’t yet resumed the NRO (Non-PIS) accounts. We have been told that all tax deductions and payment (TDS, etc)has to be done by us for NRO (Non-Repatriable) accounts (like the way banks do it for PIS). We currently don’t have the bandwidth to support this. It will be best to come through the PIS route itself.


(Gaurav Agarwal) #245

@Nikhil.A It is Jun end. As per your last, Zerodha was supposed to move to new backend by 31-Mar-17. What is the update?


(Gurjot) #246

I wanted to understand the process of credit and trading of bonus shares and any potential dependency on brokers.

I received a message for credit of bonus shares of ICICI on Tuesday 27th June in my demat account (ILFS) and I can confirm through NSDL’s mobile app that those shares have been credited and are unlocked for trade.

However, my broker (Zerodha) is not showing those bonus shares in my current holdings. I called up Zerodha today and they said this will take 10-15 days to show up in my holdings for trade.

Now I found this strange that even though the shares are already in my demat account and are ‘unlocked’ - why shouldn’t they immediately (max 1-2 day to update) show up in my holdings with the broker. The Zerodha support person also said this is the same process (10-15 days) with all brokers .

So guys needed your inputs to confirm / reject this way of working at Zerodha and other brokers.


(Gurjot) #247

Strange - today itself I see that the bonus shares are showing up in my Zerodha holdings and are available for trade.

So all in all it took 3 business days after credit of shares in demat account.


(Satish Earthling) #248

Is there a trust deficit with Zerodha ?
I see an entry like this , i have never even known such a penny stock exists , but it is showing up in my trades in zerodha accounts .
3 28/06/2017 EQ Being additional security deposit for Solis Marketing Limited trade date 28/06/2017


(Gaurav Agarwal) #249

@satishwe You are saying that you never bought the shares Solis Marketing Limited and they are showing up in your account i.e Zerodha bought them and put it in your account!! Is it?


(Nikhil.A) #250

[quote]Strange - today itself I see that the bonus shares are showing up in my Zerodha holdings and are available for trade.

So all in all it took 3 business days after credit of shares in demat account.[/quote]

@gurjota Can you please PM me your client ID and the stock in question so I can have this checked?

[quote]Is there a trust deficit with Zerodha ?
I see an entry like this , i have never even known such a penny stock exists , but it is showing up in my trades in zerodha accounts .
3 28/06/2017 EQ Being additional security deposit for Solis Marketing Limited trade date 28/06/2017[/quote]

@satishwe @Gaurav_Agarwal This is a new deposit that is charged by the exchange for trading in certain penny stocks. Essesntially, the exchanges want to discourage retail participation in such stocks as movement is not necessarily justified by fundamentals and could be man-made. Check this post for more details.


(Satish Earthling) #251

Yes , i never bought them , it is not showing up in my list of holdings but i see this entry in transactions ledger and some amount deducted towards this.


(Satish Earthling) #252

@Nikhil.A Why is the deposit charged for me when i have not bought this stock ?
Did you read my message properly , i clearly mentioned i never knew this stock even exists , why do i care about GSM or not . When i have not purchased this stock why is the entry seen in my account and why is the money deducted.
this looks like a clear case of FRAUD to me , unless u justify it properly .


(Gaurav Agarwal) #253

@satishwe Can you post the screenshot of charge you are talking about without reveling any personal or sensitive information/blackening it out?


(Satish Earthling) #254


(Nikhil.A) #255

Ah, sorry. I missed that. Been getting a lot of queries on GSM. Anyway, normally, it’s best write to [email protected] to check why this entry was posted. That said, if you cna PM your client ID to me here, I can get this checked for you.


(sunnysachdeva) #256

same here… zerodha today showed ICICI bonus shares but i got msg 3 days back


(Kritesh Abhishek) #257

I have been using ICICI direct for two years. Although, I enjoy this platform and interface, still I think that the brokerage is little high (around 0.55%) and turns up to about 0.75% after adding STT, DP Charges, Stamp duty and all for delivery.
I have also used Zerodha and SBI smart (my friend’s account), however I found ICICI direct better.


(Gaurav Agarwal) #258

@satishwe I think you should write to them. They could have made genuine mistake by making an entry in your account instead of someone else.

But I think they have serious problem of not understanding that Zerodha is a Sofware company and not a broking house, also they have trader sitting at top, with I do not know how much software experience.

Their softwares have multiple serious problems

 1. They do not order confirmation, other glitches apart.
 2. They do not send tradewise, scriptwise contract note. Neither their backoffice which they were supposed to update on 31/Mar/17 have any way to analyze investment.
 3. They are of-course pioneers in reducing cost of investing. I do not know how long they can keep this competitive advantage.

(Nikhil.A) #259

The name of the stock entered in the narration on the ledger was incorrect, the debit is correct though. I’ve PMed you more details on this.


(Satish Earthling) #260

This is scary for retail investors like me who cannot sit and verify each and every transaction .
Its not a school attendance register where there was a mistake in marking .
Sorry things like this create a lot of trust deficit on the platform even if we believe its a genuine software mistake.


(Satish Earthling) #261

@Nikhil.A Email to Zerodha has been of no use , they are explaining to me what GSM is , and underplaying the issue reported.
Looks like we are left with only option of putting up here in this forum to get any meaningful response.
Not a great customer service.


(vij) #262

@satishwe my father had similar experience with IIFL and idiotic explanation. IMO the chances of such fraud happening is much more with discount brokers. A nick here and a scratch there and some hush hush giggles.