Zerodha Part 2
- Thread starter Traderji
- Start date
- Status
Dear Zerodha,
I have an account with you for about a year, I wanted to know when are you starting your own DP. I basically want to use my stocks in DP as margin to take positions in futures. I called your customer care and I was told about pledging and the process involved. I find going for a pledge very cumbersome i.e sending mails, time lag between trades, and costs involved. In my other account with a different broker I don't have to face such hassles.
I can see that you have started with automated trading and trading from Amibroker. I wonder how many people in India can do this fancy stuff successfully. I feel that providing a basic service like a DP is more useful to retail clients than automated trading. Just my views please don't mind. So I wanted to know about your plans about DP and using shares as margin without pledging.
Meanwhile I can't "claim" the brokerage regarding 60 day challenge due to my delivery buy only trade during this time. Your deadlines over phone and in this thread have all expired.
When I opened my account with ILFS initially I signed up for BSE trading in the form. At that time you didn't provide BSE trading . Later it was added. But I still can't trade in BSE because now i need to fill a new form and sent to you. Again hassles.
Fixed brokerage was probably the only reason to start trading with you initially. But that "Zerodha edge" has fast disappeared as well. Good luck for future. :annoyed:
I have an account with you for about a year, I wanted to know when are you starting your own DP. I basically want to use my stocks in DP as margin to take positions in futures. I called your customer care and I was told about pledging and the process involved. I find going for a pledge very cumbersome i.e sending mails, time lag between trades, and costs involved. In my other account with a different broker I don't have to face such hassles.
I can see that you have started with automated trading and trading from Amibroker. I wonder how many people in India can do this fancy stuff successfully. I feel that providing a basic service like a DP is more useful to retail clients than automated trading. Just my views please don't mind. So I wanted to know about your plans about DP and using shares as margin without pledging.
Meanwhile I can't "claim" the brokerage regarding 60 day challenge due to my delivery buy only trade during this time. Your deadlines over phone and in this thread have all expired.
When I opened my account with ILFS initially I signed up for BSE trading in the form. At that time you didn't provide BSE trading . Later it was added. But I still can't trade in BSE because now i need to fill a new form and sent to you. Again hassles.
Fixed brokerage was probably the only reason to start trading with you initially. But that "Zerodha edge" has fast disappeared as well. Good luck for future. :annoyed:
Last edited:
Bearish,
About the 60 day challenge, hopefully you will understand it is not as easy as it looks, there are a lot of things that happen at the back end end, we were ready with all of this, but guess some of our competitors had complained to the exchanges about this asking how we can refund and offer at 0 brokerage.
We had a meeting with the exchanges yesterday and have made changes in the process of doing refund according to the exchange guidelines. So monday evening onwards it should start happening.
The way we are offering margin on stocks, that is by pledging it with NSCCL is the correct and compliant way of doing it. It just takes an email to be sent to [email protected] and from the next day you will have the additional margins at no interest. What most of the brokers technically do is called margin funding and try to make the differential between the interest rate they get and what they offer, this actually is one of the biggest source of revenue for most brokers. But you need to understand that when a broker is taking that risk, you are indirectly taking a risk on a broker having lent too much on a particular stock. An black swan event like satyam and the broker risks going down. The icici/hdfc/kotaks of the world can do it, because their job is primarily that"lending", we as Zerodha don't want to take this risk of lending on a stock on our books, atleast for now.
About BSE, if we had our say, all account opening would be just online, but unfortunately regulators don't agree. ILFS account is a demat account and there is nothing called as a BSE demat account. There is only one demat account and you can take stocks from any exchange into this.
We are today enabled on MCX-SX also, so you can take delivery to the demat from mcx-sx as well.
You don't need to print the entire form, it is just a 3 page enablement form. Both BSE and MCX-SX are available on the download section.
Hopefully my answers make you feel no more bearish.
.
About the 60 day challenge, hopefully you will understand it is not as easy as it looks, there are a lot of things that happen at the back end end, we were ready with all of this, but guess some of our competitors had complained to the exchanges about this asking how we can refund and offer at 0 brokerage.
We had a meeting with the exchanges yesterday and have made changes in the process of doing refund according to the exchange guidelines. So monday evening onwards it should start happening.
The way we are offering margin on stocks, that is by pledging it with NSCCL is the correct and compliant way of doing it. It just takes an email to be sent to [email protected] and from the next day you will have the additional margins at no interest. What most of the brokers technically do is called margin funding and try to make the differential between the interest rate they get and what they offer, this actually is one of the biggest source of revenue for most brokers. But you need to understand that when a broker is taking that risk, you are indirectly taking a risk on a broker having lent too much on a particular stock. An black swan event like satyam and the broker risks going down. The icici/hdfc/kotaks of the world can do it, because their job is primarily that"lending", we as Zerodha don't want to take this risk of lending on a stock on our books, atleast for now.
About BSE, if we had our say, all account opening would be just online, but unfortunately regulators don't agree. ILFS account is a demat account and there is nothing called as a BSE demat account. There is only one demat account and you can take stocks from any exchange into this.
We are today enabled on MCX-SX also, so you can take delivery to the demat from mcx-sx as well.
You don't need to print the entire form, it is just a 3 page enablement form. Both BSE and MCX-SX are available on the download section.
Hopefully my answers make you feel no more bearish.
.So we are among a select bunch of brokers chosen to be part of a consultative group to help grow the capital market business:
http://www.facebook.com/photo.php?f...280.1073741828.152751141403042&type=1&theater
Some of the queries that we asked: Why no GTC, GTD, Consider bracket and Trailing SL as algo's and more.. The answer : other brokers had requested for this to be removed and NSE did it because there were too many complaints from investors/traders because they didn't understand the product well.
Good news: NSE collo prices have crashed, so we might be able to offer the fastest interface for clients who are ready to bear the cost for lower latency in the coming future.
http://www.facebook.com/photo.php?f...280.1073741828.152751141403042&type=1&theater
Some of the queries that we asked: Why no GTC, GTD, Consider bracket and Trailing SL as algo's and more.. The answer : other brokers had requested for this to be removed and NSE did it because there were too many complaints from investors/traders because they didn't understand the product well.
Good news: NSE collo prices have crashed, so we might be able to offer the fastest interface for clients who are ready to bear the cost for lower latency in the coming future.
- Status
Similar threads
-
-
-
-
Apart from zerodha's api and upstox API are there any other APIs available from any other trader?
- Started by Shanthiji
- Replies: 13