Selecting a broker

  1. You don’t have to move any accounts. You need start a new demat account with Zerodha and will be taken care of as part of the setup process.

  2. You don’t have to start any new bank account. You can attach any of your existing bank account to Zerodha and you can do fund transfer to your trading account as and when needed.

Hope this clarifies. Please reach out to Zerodha and they will answer all your queries. If you any of your friend has an account, please refer him.

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Didn’t expect to read this after the obscene brokerage that ICICI Direct charges and claims to be amongst the best trading platforms.

Anyway - the same happened with Zerodha as well on their new application - Kite, could not place any orders till 10am or so. But I can’t really criticize Zerodha as all my delivery trades are at 0 brokerage/free so can’t have very high expectations for their trading platform (in no way implies that it’s bad - in fact their platform Kite is a very slick and tidy web-based trading portal)

Also their mobile app was a saving grace which was working fine during that mayhem period so not much opportunity loss as such.

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Hello Rohit,
How is the mobile application of Zerodha?Is it good?
Kindly tell me the brokerage charges of Zerodha?

Thanks,
Subhajit

Interface is html based… minimalistic and looks very classy. Everything is easy to find. Charts are absolutely delightful. Search for the youtube video of latest release of kite (web based). They have a detailed demo about all the features…They also show mobile interface in the video.

Brokerage on delivery trades is zero. Only charge is she, which is govt mandate. I don’t do fno or day trading so dont remember clearly but fno brokerage is 20rs flat. Details available on their website.

Hi Gaurav,
Thank you for pointing this out. We’ve changed the declaration and it now says “I do hereby declare that I have not been involved in any unlawful activities and I have not been declared a defaulter”.

Also, though the heading says “Voluntary” all signatures are compulsory on the application form. If it’s not signed, our account opening department will not go ahead and process the form. To be on the safe side, you should sign all marked fields.

@Nikhil.A I was also asked to sign “Power of Attorney” sheet which was voluntary. When questioned, they said it is for transfer of shares from seller to my demat account. Not sure of this.
Need more clarity on this.

@whipsaw This is the other way around. So, to operate as an online broker, the PoA is unavoidable in order to execute your sell trades. It’s like this. Whenever you sell a share, it’s a debit from your demat account. In order to execute this debit, we require power of attorney from you. Else, the other way to do this would be for you to provide us with a DIS (Delivery instruction Slip) each time you sell shares.

Also, it’s not a complete power of attorney, just a partial PoA allowing us to debit shares in certain conditions. Needless to say, the number of regulations governing us keep it perfectly safe. Check this link for more details.
Feel free to contact support@zerodha.com for more details or email me directly on social@zerodha.com.

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Hi Nikhil

Really appreciate that you guys could find us here and reply. I thank you for taking care of language of declaration.

But I still insist that you should further amend the form and either remove the word Voluntary or otherwise make it what it really is i.e Voluntary. If it needs some petitioning to SEBI, I am ready to work with you.

@Nikhil.A Thanks for the clarification.

Hi Gaurav,

I understand your take on the matter, but removing the word “Voluntary” isn’t an option for us. You see, this signifies that your signatures on the application form and the terms you’re agreeing to are voluntary i.e., of your volition. As it happens, without these permissions/declarations from you, we’d not be allowed to maintain your account.

Want to share a couple of things about Zerodha

  1. They have just launched the iOS app for Kite which is fantastic as I can now do all my transactions as well as monitor my portfolio live (not that it’s a recommended practice) straight from the app!
  2. Trying to file my ITR today and I’m having an absolute nightmare :angry::angry::angry: to get details as per ITR requirements. They don’t have any report which shows you the brokerage, STT, etc per transaction for the financial year and it’s ridiculously difficult to try and calculate STCG/LTCG as per ITR cut-off dates like 15 Sept, 15 Dec, 15 Mar - driving me nuts!

Before opting for Zerodha - please consider point 2 if you file your own or family ITR!!!

Please log in to back office…under profit and loss u will get brokerage and other charges for the period u select

Not sure if it’s only working for you - please try selecting the custom period from 16 Mar 2016 to 31 Mar 2016 and compare it with 1 Apr 2015 to 31 Mar 2016 - I’m getting exactly the same numbers for all STCG, LTCG, Brokerage charges, every single thing, etc - so it’s definitely not working on my account.

One drawback that I see in Zerodha compared to ICICDirect is the lack of VTC (Valid till cancel) Order feature. So if you are tracking a stock and want to automatically buy once it reaches a price level, then you need to login to Zerodha and put a buy order everyday till you buy the quantity that you need. This is a pain.

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Hi whipsaw,

Yes, we recognise this limitation and will be providing VTC orders soon.

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Hi, I have three brokerage accounts (myself-religare), wife (religare), HUF (Zerodha). I wanted to open another account, a minor account in name of my daughter (already applied for PAN). I also wanted to open another account for an AOP (Association of Persons) that I run. I have spoken to a couple of brokers who show the option of minor accounts, but when I call them, they say they are not interested in minor accounts. Also a few of them told, you can’t trade in minor accounts only buy IPOs & NCDs, Govt debts etc, basically primary market activities. For stock trading, one has to purchase on own demat account & then transfer to minor account. Is this true? Also I wanted to know, if one can open two demat accounts with separate brokers & are there any tax implications for same?

Hi @Nikhil.A,

Nice to know that you are on this thread to understand customer requirements and concerns and recognize the need to provide VTC orders.

I hope that it’s done on priority basis. sooner the better.

Have you set any timeline for the same?

Regards,
Aksh

Hi @Nikhil.A,

I moved from ICICIDirect to Zerodha recently. While I am in love with Kite, I’m keenly awaiting VTC feature, which I miss.

Hope this will come out soon.

Zerodha saves a lot from brokerage in terms of delivery , as its zero brokerage…only u need to pay is the taxes and stamp duty according to state…I think ICICI direct and all reputed ones like hdfc or sharekhan…
but if u calculate that brokerage on a yearly basis , it comes huge…so i shifted to zerodha…only feature i want to see is u can put the order during non trading times…like VTC

I have been using Zerodha for few months. I like the pleasing UI and ease of use. But, transferring of money is pain. Zerodha uses ATOM payment gateway and it keeps on failing. Bank deducts money, but it doesn’t reach Zerodha. Very unpleasant experience. I haven’t lost money, but it needs email/phone follow up. Hope this Gateway will be replaced soon. I faced same issue with RKSV with the same ATOM gateway.

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