Zerodha Kite is down during trading hours (around 10AM).
Seeing these kind of issues makes me wonder about the chances of losing money, be it through fraud or otherwise. Looks like they are more interested in adding new customers than in providing seamless service to the existing ones.
Looks like one has to consider brokerage risk in addition to the risk premium that comes with investing in equities.
@myloginid
I beg to differ regarding point 2 of yours that the bulletin said the issue was fixed by 9.25AM:
At 9.25AM Zerodha acknowledged the issue and posted it on the bulletin. Then at 10.40AM, they gave an update
that it has been fixed. Hence in my opinion calling it a cover-up amounts to going a bit overboard.
This issue was indeed an unfortunate one for us. We do our best to inform our customers about such incidents via a bulletin on our website and other channels. Weâre looking into what went wrong today and will take steps to make sure the same thing isnât repeated.
Can you elaborate on how exactly you intend to do this by hiding complaint threads on your https://tradingqna.com website? Is this the kind transparency that you want to be know about⌠Even google goes down once a while⌠but they donât hide itâŚ
So the real question is not that the platform has issue⌠I am sure all platforms have had issues in the past too, but what do you really gain by trying to cover it up and lie about it? esp on a forum like valuepickr, if you are not trusted, you shouldnt be here.
As for the posts on TradingQ&A, the forum is meant for something else altogether. Posting guidelines are available on the site and the TradingQ&A moderators curate posts based on these guidelines.
That said, just like ValuePickr has this thread to discuss brokers, there is exists a thread on TradingQ&A to talk about Kite. The unlisting was not because it was a post criticizing Zerodha, but becase it wasnât adhering to posting guidelines.
Please consider making a provision to make changes in nomination online in KITE platform itself.
I sent the prescribed form for change in nomination. Customer care said there is a minor difference in the signature as compared with that found in the account opening form and did not take any action. This is where the traditional brokers make a difference in helping the clients.
Iâm afraid nomination cannot be accepted online. As a broker, weâd have no problem doing this, but this needs to be passed on to the depository, and they insist on physical forms. The form ideally shouldnât be rejected if there is a very small difference in the signature. Only if the signature seems to not be yours is there a rejection, in the interest of security.
This is becoming too regular a phenomenon with Zerodha, though i love their app and coin interface too and since i donât trade as such it is not a big problem for me, but Indiaâs largest broker is down 3 times in the last one month on a live trading day in market hours is unacceptable and to make it worse they delete posts regarding the same on their forums, can anyone share their review of Upstox, Indusind Bank is going to come up with a 3 in 1 account with Upstox and may shift there.
Iâm a little unsure about upstox as well. They say the charge Rs. 20/ trade but in reality they have hidden charges. Their platform doesnât work well. Once i tried to calculate a simple trade on their website calculator, I found that the calculation on the website and the calculation which was made on the contract were different and their client support couldnt help me with any issues.
After my upstox experience and reviews about zerodha, i learnt that one should not follow the crowd blindly.
I can recommend you Finvasia, the broker i am currently trading with. But again do your research.
This might be a little off-topic, but I would appreciate if anyone can help.
I sold a few units of IFCI NJ NCDs on Zerodha on the 25th of Jan, the record date for interest payment was 28th. 26th & 27th were holidays. Hence I sold just 1 day prior to record date. But I have not received the interest from IFCI, who told me that my name was not in their records on 28th evening.
I thought settlement was T+2, and indeed when I buy NCDs from Zerodha, I get them in my demat account on T+2. However, while selling, it seems like they debit from demat account on T+1! So does the buyer get the interest, or the seller, or nobody (or Zerodha)?
Mind you, the price of the NCD got adjusted downwards the day I sold, so I am losing out on my trade.
Also, just to take an almost exact example, the prices of HUDCO tax free bonds N2 & N3 have adjusted downwards today (15th Feb), when their record date is 18th (16th & 17th being holidays). That means the sellers expect to get interest while the buyers donât expect. But why did I not get the interest for my IFCI NCDs? Is it Zerodhaâs fault? @Nikhil.A
All brokers debit stock on T+1 to meet the payin obligation. Exchanges swipe stocks from the brokers pool account on T+2 at 10.30 am. So, debiting on T+2 is cutting it too close. If anything goes wrong, this would leave us with very little time to reconcile. And so, increases the risk of auction. However, if the stocks or NCDs are held in pool account on record date, then the broker receives the dividend or interest which we reconcile on a weekly basis and credit the trading ledger.
Thanks a lot for the reply. So I assume I will get the interest in my trading account within a few days. Will get back to you if this doesnât happen. Thanks again.
Zerodha is becoming increasingly unreliable these days . What are the more reliable alternatives that people are using with reasonable brokerage charges and reliability? My requirement is mostly Cash based delivery with bit of intraday dabbling once in a while.
You can try Finvasia, they offer zero brokerage across all segments, I myself am trading with them for the past year, and havenât faced any serious issue yet. Being an ex-zerodhite myself, I can understand you problem, and the mess theyâve made in the past days is seriously unbearable, Iâve heard lots of people are leaving them because of their lack of responsibility and nuisance.
When I shifted to finvasia, I was surprised to see my contract note, as all I had to pay was the government taxes, no hidden charges. You can give them a try.
Some of Zerodha customers had received an email from the brokers, telling them their previously mapped non-Zerodha demat account will be discontinued from 31-Mar-19. Please find one such email attached below
For people who opened accounts with Zerodha with a promise that demat account of their choice will be mapped to the investing account of Zerodha, this is quite upsetting.
Also this is in clear violation of SEBI publication available at link
The relevant portion is Question and Answer number 36, pasted below
36. Is it necessary to have account with the same DP as broker has?
No.Investor can choose any DP as per his / her convenience or choice and carry on trading activity through broker of his / her choice, irrespective of the DP of broker.
In-spite of bringing this to Zerodha attention they not agreeable.
Upstox has introduced a facility called e-Dis. This facilitates debit/credit from demat account without giving power of attorney to broker/dp. Read more about it
My understanding is OTP authenticates the transaction and shares are transferred from demat account of customer to pool account of broker. From pool account broker can transfer the shares to account of buyer if shares are sold.
This is a new offering and welcome one but I have few questions -
How quick is the transfer from demat account of customer to pool account of Upstox? General feedback is Easiest facility of CDSL takes almost one day for transfer!
Letâs say I have shares of company X in my demat account and market price of the company is Rs.100/-. I place a limit sell order for Rs. 120/-. While placing the order the shares are transferred from my demat account to pool account of Upstox via OTP using e-DIS. Imagine the order is not executed till EOD because price remains below 120 and order is cancelled. In such case What will happen to my shares transferred to the pool account of broker? Are they returned back to my account the same day? Do I have some option of portal where I can transfer them back whenever I want to?
I have used e-DIS of upstox. When you punch in the OTP, you are allowed to sell. However shares are not immediately transferred from your account to pool account. If your order does not go through, the shares do not get transferred. If your order goes through, only then the shares are transferred to pool account.
