Zerodha....

[Zerodha]

Hi,

As You are collecting less stamp duty from your clients (actual collection is as per the residence address proof provided by client... state-wise to be calculated and deposited in bank every month. ACCOUNTING SOFTWARE HAS SUCH PROVISION FOR CALCULATION).
The Brokerage firm will not be held liable to pay difference of stamp duty with penalty(10 times of deficit) anytime upto ten years from the date of contract.

Kindly correct me if my understanding is not right.

Hi Bhat,

According to stamp duty law, the business has to pay a stamp duty according to that particular state only if there is any kind of operations that happens out of that state... We don't have any office outside Bangalore and all our business is done online...
But as everyone knows, this is a totally grey area, no one in India knows what stamp duty to be charged... If you followed the article in economic times, we are all hoping to have an end to this issue in the next 6 months, anmi is pushing govt to come with rules stamp duty for stock market related transactions... Ideally according to indian stamp duty act, stamp duty arises only when goods are delivered, hence f&o should not have any stamp duty at all......We are hoping to have clarity on this soon, as far as penalty goes, there is no penalty of 10 times and all, usually the penalty is @ 12 to15% , but again the issue of penalty comes only when there is a rule broken... Today all our business happens in Blore and the legal opinion we have received from one of the best lawyers in the country says we have to pay stamp duty only when we have operations in that particular state...... .... We are pushing for NSE to give us an opinion in writing,

 

[baludalal]

dear Zerodhaji, (Giriji)
Is it possible to hook ICICIBANK S/B account for doing trading through your broking system.
If so, pl. let me know, i wnat to immediately switch over to you, in view of exxhorbitant brokerage which small trader like me can illafford.
Please clarify in such a case, the holding in ICICI demat account get transferred without any extra charge, because they are anyway in demat form and only controlling body is NSDL or some NSE agency.
thanks for your patient reading and response thereof.
my email id:[email protected]
Regards

 

[stoch_guy]

Zerodha, Can you tell me the mobile I should buy that works well, fast for trading with cellphone. It shouldn't be too expensive. Cheaper one I am looking for, but I can spend little more, if for any specific model the trading works efficiently(no complain).

 

[J_D]

Hi Bhat,

According to stamp duty law, the business has to pay a stamp duty according to that particular state only if there is any kind of operations that happens out of that state... We don't have any office outside Bangalore and all our business is done online...
But as everyone knows, this is a totally grey area, no one in India knows what stamp duty to be charged... If you followed the article in economic times, we are all hoping to have an end to this issue in the next 6 months, anmi is pushing govt to come with rules stamp duty for stock market related transactions... Ideally according to indian stamp duty act, stamp duty arises only when goods are delivered, hence f&o should not have any stamp duty at all......We are hoping to have clarity on this soon, as far as penalty goes, there is no penalty of 10 times and all, usually the penalty is @ 12 to15% , but again the issue of penalty comes only when there is a rule broken... Today all our business happens in Blore and the legal opinion we have received from one of the best lawyers in the country says we have to pay stamp duty only when we have operations in that particular state...... .... We are pushing for NSE to give us an opinion in writing,

Zerodha,

what action from your clients from other states is necessary.Do they need to do anything to take care of this stamp duty issue?

 

[vishal7176]

@ zerodha


can you give us detail about charges .....

i want to ask you charges in future?, option ? per cr .

please mention charges seprate of future and option ...with mention of buying and selling side ....per crore

please mention seprate charges like ...s.t.t ,turn over charges,service charges ,...etc per crore ...

thank you ..in advace ....

one more things is that ....if possible mail me on my i.d. -goodidea.vishal (at) gmail . com

regards

 

[Zerodha]

dear Zerodhaji, (Giriji)
Is it possible to hook ICICIBANK S/B account for doing trading through your broking system.
If so, pl. let me know, i wnat to immediately switch over to you, in view of exxhorbitant brokerage which small trader like me can illafford.
Please clarify in such a case, the holding in ICICI demat account get transferred without any extra charge, because they are anyway in demat form and only controlling body is NSDL or some NSE agency.
thanks for your patient reading and response thereof.
my email id:[email protected]
Regards

Yes you can hook up icici bank account, all our clients till now had to do a NEFT/RTGS transfer if linked with icici. We have set up an icici account for all these clients which will enable instant fund transfers.... The account details should be up in the next couple of days...

If you do equity delivery based trading, you will have to open a separate NSDL demat account through us which is managed by ILFS(we have a tie up with them)... Once the account is opened, you will have to transfer all the shares from your icici demat to ours, this can be done by giving a delivery instruction slip to icici. We won't be charging you anything buy icici may charge you around Rs 20/Scrip...

I will be sending you details on account opening to your email...

Cheers

 

[Zerodha]

Zerodha, Can you tell me the mobile I should buy that works well, fast for trading with cellphone. It shouldn't be too expensive. Cheaper one I am looking for, but I can spend little more, if for any specific model the trading works efficiently(no complain).

You can buy a second hand blackberry phone, the qwerty key board helps in order entry... Otherwise, you can use any android phone, works very nice on that also...

 

[Zerodha]

Zerodha,

what action from your clients from other states is necessary.Do they need to do anything to take care of this stamp duty issue?

There is no action required from our clients, the stamp duty that we are collecting presently is as per guidelines... We will change it as and when we are told to do so....

 

[Zerodha]

@ zerodha


can you give us detail about charges .....

i want to ask you charges in future?, option ? per cr .

please mention charges seprate of future and option ...with mention of buying and selling side ....per crore

please mention seprate charges like ...s.t.t ,turn over charges,service charges ,...etc per crore ...

thank you ..in advace ....

one more things is that ....if possible mail me on my i.d. -goodidea.vishal (at) gmail . com

regards

Have just sent you an email with all the details including account opening forms... ... Cheers...

 

[veluri1967]

Whatz the account balance required in order to be able to write options?