Zerodha - Number One Discount Broker in India

Glitches happen. The thing is how they handle it. There seems to be no urgency, just a complacent attitude of "it's not my fault, it's your fault".
More painfully they might charge interest on the overnight margin. Do check ledger after the settlement of this trade. Same thing happened with me in Dec'16, I was charged 0.5% interest on the total margin as my position could not be squared-off during the day's session because of Z's OMS failure. It was closed at next day's market open - a Rs.7,658 profit turned into a loss of Rs.12,923.50. After that incident I never traded with Zerodha. I liquidated my portfolio and moved to a different broker. They did not take any responsibility.

Yeah, that's "The Hypocrite Zerodha"! Within the internet ecosystem or in social media atmosphere Zerodha shrewdly wears an "Angelic shroud" but you get to see the reality once you join them. They tactfully delete posts/threads that unveils the true picture of their pathetic technological infrastructure be it in YouTube, tradingqna, etc. Special steps are taken to ensure Zerodha's image as the best broker on the contrary to its true nature.

To my utmost dismay, nothing has changed over the years. It clearly shows Z has no intent to rectify these erroneous mishaps rather it makes me ponder whether these issues are deliberately made for Zerodha's own proprietary gains.
 
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Try Upstox(2nd largest discount broker) or other brokers
Comparatively Upstox is better than Zerodha, in terms of their web platform, tools like option chain, and honestly I love their simple BackOffice. To add Upstox's customer service is far professional than Z's.

But now-a-days UpStox has also started to show symptoms of the same disease. I am still waiting for a reply on the issue that I recently faced.
 

Raj232

Well-Known Member
Surprisingly, my funds have been sent to my bank account inspite of trading at least 2 times in the last week. It mentions.. withdrawal of funds as per user request ....
not sure what more to say :) .. i'm happy and will not be putting the funds back with Z.
 

Raj232

Well-Known Member
Ok. Lodged a complaint with SEBI, just for the record.
@timepass ji.. please put in some steps here which will help others as well to make formal complaints. Most of the corporates are carefree when it comes to provding quality services, but not so when they deduct charges from the account for providing little or no service.

So I feel SEBI should be involved in such cases. More the traders better it is.
 
Surprisingly, my funds have been sent to my bank account inspite of trading at least 2 times in the last week. It mentions.. withdrawal of funds as per user request ....
not sure what more to say :) .. i'm happy and will not be putting the funds back with Z.
lol lol lol lol
Z sent your money because of quarterly settlement of funds (SEBI rules)
 

Raj232

Well-Known Member
lol lol lol lol
Z sent your money because of quarterly settlement of funds (SEBI rules)
My understanding was the account will be quarterly settled only if there is no trading activity. At least I have not experienced this quarterly settlement done in the past 12 months with 0-dha.

In the remarks they mentioned " withdrawal of funds as per user request .... ... " ... which user has requested ??? ... my friend ???
They should mentioned clearly something like "Quarterly Settlement as per SEBI guidelines", etc ... :)
 
I think there is no clear cut rules on QS.
Perhaps it all depends on broker to broker
One of my broker used to send all amount after retaining 9k, the other with whom I was trading frequently previously, used to send all amount on QS (even after repeated request). The current one, with whom I am trading now, has not done it even once, in last more than an year.
 

bpr

Well-Known Member
My understanding was the account will be quarterly settled only if there is no trading activity. At least I have not experienced this quarterly settlement done in the past 12 months with 0-dha.

In the remarks they mentioned " withdrawal of funds as per user request .... ... " ... which user has requested ??? ... my friend ???
They should mentioned clearly something like "Quarterly Settlement as per SEBI guidelines", etc ... :)
settlement has nothing to do with trading activity.
if you have a open position during the settlement day then they can keep 2 to 3 times the margin (not sure exact) the fund and need not settle.
Also if you have less than 10k cash then they will not settle.
Zerodha gives a workaround to its users in Q settings to avoid settlement
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Probably your choice is to settle so you have settlement.
 
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