Zerodha Part 2

[Zerodha]

can we trade in mcx with zerodha mobile nestmobile.

Yes u can..

 

[milkyblack]

Parttime,

Today brokers on futures turnover charge between 230 to 650 per crore in terms of transaction + clearing charges. So yes we are not lowest, but we around 250 from the lowest and around Rs 100 per crore from the average higher..

If you are paying Rs 150/crore extra, doesn't matter if it is intraday or overnight, it is Rs 150 itself. If you buy and sell 1 crore then the turnover is 2 crores and not 1 crore. So the example you have given is not really right.

What you need to understand is that it is futures turnover that you are talking about and this contributes only around 15 to 20% of exchange turnover and most of the contribution to futures turnover comes from institutions rather than retail.

Why we charge extra have explained a few times already. Options turnover is what contributes 70% volume on the exchanges and what retail is actively trading today. In options, the turnover charges hardly makes any difference and we are around the average that is charged by industry.

Btw, I guess had too much time on my hand today, spent time writing unnecessary blah blah blah posts once too many times.. .. Sorry if I bored you guys.. Good night..

Yes it was really blah blah blah from your end

and not actually addressing the actual question "WHY IS YOUR TURNOVER TAX Abnormally high"

 

[milkyblack]

Fine, we are aware about your passion for marketing and felt its heat. But all the brokers are passionate about their marketing, at least.

My question really is about a SWOT analysis of the algorithmic trading. In the "developed" nations they must have conducted umpteen surveys about it, so we would like you to post the results of some surveys for the benefit of us "underdeveloped" traders.

:rofl: :rofl: :rofl: :rofl:

 

[megapixel]

If I sell Shares (CNC sell) today , Can I put withdrawal request in backoffice today itself to receive fund into bank a/c ?

OR

I need to wait T+2 days to put withdrawal request to receive fund ?

 

[Smart_trade]

For buying you don't need POA, but without a POA you can't really sell it online...

I have been trading with 2 more brokers. They have on line trading . But they dont insist on opening a account with their DP or POA. What they have done is they have mapped all clients DP IDs and demat account numbers to individual client IDs. After selling the shares, a client transfers the stocks to the CMBP ID of the broker with the settlement number etc. It is entirely investors responsibility and he can transfer through Speed-e of NSDL or through physical demat transfer slips.

It works pretty well. In fact these guys have mapped 2-3 demat account and the shares could be transferred from any of the account and the software marks that against settlement obligation. All that done with a software and shortages are reported 1 hour before settlement time.

We dont expect shortages reporting. If there are shortages , it will go for auctions and the responsibility is client's.

I am sure you must have given it a thought , but this will save need of multiple demat accounts opened with brokers and also that of POA.

Smart_trade

 

[milkyblack]

Jamit,

In trading, the competition is always with yourself and no one else. Control your greed/fear and following proper risk/money management. The idea with the 60 day challenge is to push this point home..

And as far as clients stopping trading to get back brokerage before challenge is concerned, there is so much more to get back at the end of the challenge than only the brokerage and we are hoping that the traders don't miss that point.
Cheers..

Very right, it is really a very good initiative by you, and really beneficial for professional traders in making :clap:

 

[Smart_trade]

Very right, it is really a very good initiative by you, and really beneficial for professional traders in making :clap:

MB's account has come in net positive looks like.....Just joking MB.....

ST

 

[milkyblack]

MB's account has come in net positive looks like.....Just joking MB.....

ST

still more than 50 days to go

 

[marker]

If I sell Shares (CNC sell) today , Can I put withdrawal request in backoffice today itself to receive fund into bank a/c ?

OR

I need to wait T+2 days to put withdrawal request to receive fund ?

For equities: If you sell on CNC today(T), cash from the sale will come to your clear balance only on T+2. On T+2 you have to wait for the amount to appear as clear balance on the back office (Withdrawal request link). It happens about 5:30 in the evening. If you place a withdrawal request on T+2 before 7:30pm, it will be credited to your account on next day for non HDFC accounts(if it is not a NEFT holidy).

Regards
marker

 

[Zerodha]

I have been trading with 2 more brokers. They have on line trading . But they dont insist on opening a account with their DP or POA. What they have done is they have mapped all clients DP IDs and demat account numbers to individual client IDs. After selling the shares, a client transfers the stocks to the CMBP ID of the broker with the settlement number etc. It is entirely investors responsibility and he can transfer through Speed-e of NSDL or through physical demat transfer slips.

It works pretty well. In fact these guys have mapped 2-3 demat account and the shares could be transferred from any of the account and the software marks that against settlement obligation. All that done with a software and shortages are reported 1 hour before settlement time.

We dont expect shortages reporting. If there are shortages , it will go for auctions and the responsibility is client's.

I am sure you must have given it a thought , but this will save need of multiple demat accounts opened with brokers and also that of POA.

Smart_trade

Smart,

Because of the history of broking fraternity,everyone considers brokers as these demons out there to make fast money, even at the risk of the clients.

Not everyone is the same, but what retail doesn't understand is that there are lakhs of clients looking at loopholes to make a fast buck at the risk of the brokers. This never comes out, because we as brokers don't really have a forum to share database of defaulters today in India.

The problem with letting a client trade on a demat without POA is that, it becomes very similar to letting a client trade without money in his account. When we started our business, we had said that you can transfer even from other demats using DP slips and sell it with us. The issue was, suddenly there were cases where the stocks were not getting transferred in the right amount of time, mainly because of the regulatory infrastructure available in India( I know TP hates me mentioning India is underdeveloped, but if you work as a broker , you will know that underdeveloped is an understatement). We as brokers would get forced by the client, who would show us the proof of transfer to let him sell shares. There were clients who would sell it and if they see any price movement upwards, also sell it with another broker who has the POA and have the shares debited instantly from his demat. The DP slip he has given us would then bounce(similar to margin cheque) and we would be stuck with a short position and the auction penalty on our head. We stopped this process immediately.

SPEED e is very interesting and we are hoping that the systems will be stable enough in the next few months that we can tell all our cleints that they can map any demat of theirs to both buy and sell..


Can you also message me this broker you are talking about, PM? I can figure out the best practices, which might help us to offer the same...