Zerodha - Number One Discount Broker in India
- Thread starter Traderji
- Start date
@Zerodha:
this concerns your payout mechanism.
I placed a withdrawal request at 5pm Friday 04/10/13 through back office. clear balance available.
Agreed, the next two days were weekly off. But why was this not processed first thing in the morning today?
to my reminder email, i got reply saying this would be processed Monday evening and i would get credit next day (tuesday). There were NO trading activity at all.
Questions:
1. How often do you guys process payout?
2. Why wait till EOD to process it, instead of doing it on regular intervals?
3. At times of emergencies (like this one for me) how to speed up payout?
its a simple HDFC - to HDFC transfer and credit should take place instantly, if you can initiate the withdrawal.
Please explain the payout process/policy that you have.
this concerns your payout mechanism.
I placed a withdrawal request at 5pm Friday 04/10/13 through back office. clear balance available.
Agreed, the next two days were weekly off. But why was this not processed first thing in the morning today?
to my reminder email, i got reply saying this would be processed Monday evening and i would get credit next day (tuesday). There were NO trading activity at all.
Questions:
1. How often do you guys process payout?
2. Why wait till EOD to process it, instead of doing it on regular intervals?
3. At times of emergencies (like this one for me) how to speed up payout?
its a simple HDFC - to HDFC transfer and credit should take place instantly, if you can initiate the withdrawal.
Please explain the payout process/policy that you have.
If that is the way you treat the data, I have no issues. If for NIFTY13OCTFUT, we see NIFTY13SEPFUT till the 26th of Sep, and NIFTY13OCTFUT from 27th onward (i.e. as a continuous contract), that is fine.
If you will assume that I understand near/mid/far month, maybe closure may be quicker. Perhaps I did not explain clearly.
In the image, the left table is from Vwap Statistics window of ZT for Crude. The data was taken to Excel so that it could be presented more clearly. On the right, is the data table for Crude from Nest Plus.
It is expected that the data matches. If you adopt continuous contracts as "standardized", then both the sources of data should be the same. However, they match after the 20th. The data prior to the 20th does not match. This is where the request to be consistent arose.
Also, if I am not mistaken, this did not happen during the previous expiry. When Nifty Aug rolled over to Sep as the near month contract, the Plus data continued to show the same contract data, i.e. NIFTY13SEPFUT when it was mid month and when it was near month (that is as a discrete contract). This seems to have changed only from the NIFTY13OCTFUT contract. If this observation is correct, that's just the way it is has changed recently. Maybe you could use your good office to verify this with Omnesys, and if they will continue to apply this principle.
Also, I imagine this applies to futures only, and not to options.
If you will assume that I understand near/mid/far month, maybe closure may be quicker. Perhaps I did not explain clearly.
In the image, the left table is from Vwap Statistics window of ZT for Crude. The data was taken to Excel so that it could be presented more clearly. On the right, is the data table for Crude from Nest Plus.
It is expected that the data matches. If you adopt continuous contracts as "standardized", then both the sources of data should be the same. However, they match after the 20th. The data prior to the 20th does not match. This is where the request to be consistent arose.
Also, if I am not mistaken, this did not happen during the previous expiry. When Nifty Aug rolled over to Sep as the near month contract, the Plus data continued to show the same contract data, i.e. NIFTY13SEPFUT when it was mid month and when it was near month (that is as a discrete contract). This seems to have changed only from the NIFTY13OCTFUT contract. If this observation is correct, that's just the way it is has changed recently. Maybe you could use your good office to verify this with Omnesys, and if they will continue to apply this principle.
Also, I imagine this applies to futures only, and not to options.
This blog entry has all the information you seek with regards to payouts at Zerodha.
Answers:
1. We process payouts Monday through Friday at 7:30 PM for EQ and 9:00 AM for Commodities.
2. It's a standardized process, just like NEFT. Keeping one standard time for withdrawals helps us manage customer requests better and faster.
3. Unfortunately, there is no way to speed up withdrawals simply because that is the cycle we follow. Imagine you sell stocks today and suddenly need cash the next day. The exchange will not release funds until the settlement happens, no matter what.
Answers:
1. We process payouts Monday through Friday at 7:30 PM for EQ and 9:00 AM for Commodities.
2. It's a standardized process, just like NEFT. Keeping one standard time for withdrawals helps us manage customer requests better and faster.
3. Unfortunately, there is no way to speed up withdrawals simply because that is the cycle we follow. Imagine you sell stocks today and suddenly need cash the next day. The exchange will not release funds until the settlement happens, no matter what.
@yusi and TP, this is specially for you guys 
Remember the issue about Backoffice passwords being kept unencrypted by Zerodha? Read the following email conversation that I just had with them last week (exactly after a year the issue was raised).
Me:
Zerodha:
Me:
Zerodha:
Me:
Do we need any other proof that the passwords are stored unencrypted? BTW, I am still waiting for him to send the activity logs. I am hopeful he would oblige me in this regard.
@Zerodha (Sachin)
This is not a post to rant about it or any sort of complaint. I would reiterate that I still don't have any ill-feelings about your service (as mentioned last year). Just want to set the standards at an acceptable level..
Remember the issue about Backoffice passwords being kept unencrypted by Zerodha? Read the following email conversation that I just had with them last week (exactly after a year the issue was raised).
Me:
Zerodha:
Me:
Hi Venu,
Thank you for confirming the same. Thank you for also providing the access logs which mentions the LogIn and LogOut times from different IPs during the concerned period. However, I had asked for a detailed activity log which would have helped me to know what were the different reports that were accessed - the raw data is what I am looking for - the extract of the server logs related to my account for the concerned period. Hopefully, you would be able to arrange that for me
Moreover, when you say:
Can you please let me know what do you mean by "an admin access". How is this performed - does your team login and access the BackOffice manually for all/some clients accounts? And, was I the only one whose account was accessed or there were other clients as well?
Looking forward to a patient reply from your end
Thank you for confirming the same. Thank you for also providing the access logs which mentions the LogIn and LogOut times from different IPs during the concerned period. However, I had asked for a detailed activity log which would have helped me to know what were the different reports that were accessed - the raw data is what I am looking for - the extract of the server logs related to my account for the concerned period. Hopefully, you would be able to arrange that for me
Moreover, when you say:
Can you please let me know what do you mean by "an admin access". How is this performed - does your team login and access the BackOffice manually for all/some clients accounts? And, was I the only one whose account was accessed or there were other clients as well?
Looking forward to a patient reply from your end
Hi Aditya,
We're making some constant changes on our backoffice for it to be made accessible across all browsers. It is in this regards we randomly check if the reports being generated are compatible with all browsers.
In addition we are also making some changes to make a few of the reports simpler to understand. For this purpose from the Admin Login the authorised person would login as a client and try to generate a few reports with the sole purpose of checking the consistency of the report and with absolutely no interest of seeing/tracking client trades.
I will need access from my Tech Head to get you the user level report access which may take a little time as we don't have access to the server directly from here.
I will try to obtain the same and forward them to you. However as mentioned earlier, you can be assured of the safety of your privacy with Zerodha.
Have a Good weekend
We're making some constant changes on our backoffice for it to be made accessible across all browsers. It is in this regards we randomly check if the reports being generated are compatible with all browsers.
In addition we are also making some changes to make a few of the reports simpler to understand. For this purpose from the Admin Login the authorised person would login as a client and try to generate a few reports with the sole purpose of checking the consistency of the report and with absolutely no interest of seeing/tracking client trades.
I will need access from my Tech Head to get you the user level report access which may take a little time as we don't have access to the server directly from here.
I will try to obtain the same and forward them to you. However as mentioned earlier, you can be assured of the safety of your privacy with Zerodha.
Have a Good weekend
Hi Venu,
Thank you and take your time to get the server activity log for my account, just let me know the expected timeframe by which you would be able to forward it to me.
And, I am not much concerned about your team viewing my trades. But I am concerned that our passwords are stored unencrypted (without hashing and salting them) at your end, this has been proved with the conversation we have just had.
Once again, thank you
Thank you and take your time to get the server activity log for my account, just let me know the expected timeframe by which you would be able to forward it to me.
And, I am not much concerned about your team viewing my trades. But I am concerned that our passwords are stored unencrypted (without hashing and salting them) at your end, this has been proved with the conversation we have just had.
Once again, thank you
@Zerodha (Sachin)
This is not a post to rant about it or any sort of complaint. I would reiterate that I still don't have any ill-feelings about your service (as mentioned last year). Just want to set the standards at an acceptable level..
@yusi and TP, this is specially for you guys
Remember the issue about Backoffice passwords being kept unencrypted by Zerodha? Read the following email conversation that I just had with them last week (exactly after a year the issue was raised).
Me:
Zerodha:
Me:
Zerodha:
Me:
Do we need any other proof that the passwords are stored unencrypted? BTW, I am still waiting for him to send the activity logs. I am hopeful he would oblige me in this regard.
@Zerodha (Sachin)
This is not a post to rant about it or any sort of complaint. I would reiterate that I still don't have any ill-feelings about your service (as mentioned last year). Just want to set the standards at an acceptable level..
Remember the issue about Backoffice passwords being kept unencrypted by Zerodha? Read the following email conversation that I just had with them last week (exactly after a year the issue was raised).
Me:
Zerodha:
Me:
Zerodha:
Me:
Do we need any other proof that the passwords are stored unencrypted? BTW, I am still waiting for him to send the activity logs. I am hopeful he would oblige me in this regard.
@Zerodha (Sachin)
This is not a post to rant about it or any sort of complaint. I would reiterate that I still don't have any ill-feelings about your service (as mentioned last year). Just want to set the standards at an acceptable level..
