Re: new cheapest broker is here. Zerodha
Just now, I talked to one Mr. Bharath of Zerodha, about account opening forms and also requested that a senior member of zerodha may answer so many queries being raised by members. Looks like Mr Nitin Kamath, the founder or another senior person may answer the queries.
In the process of discussions, it is understood that :
1) Their main operations are from Bangalore and may open offices at Mumbai, Delhi etc and associates at other places.
2) Transfer from trading account to bank account (even HDFC Bank) will take place by end of day after adjusting for the day's trading and expenses.
3) If one wants to close the account with them, it can be done within 2/3 days of making a request to them, no questions asked.
4) Their web site needs some improvement. While entering my address for mailing the application, it got submitted with half filled address when I pressed 'enter key' for typing-in the second line of address.
From the talk I had with him, it appeared that they are serious about their business, not withstanding the initial deficiences though.
murthymsr