Dealer Terminal with multi client ID access

[MRP1191]

Hello,

Please guide me on the following -

We friends (5 including me) have agreed to open trading account and that
I will be in charge of trade execution.

All the five trading accounts will be in individual names, but I will be the person having access to all of them. Separate individual bank accounts have been opened to link with these trading accounts. It is like have five different trading entities but the control will be with me.

At the end of 6 month period, my 4 friends will compensate me for the efforts by paying me 3000 rupees each to accommodate the efforts and infrastructure cost.

If the setup succeeds, we plan to continue ahead and include more of our friends and family members.

Kindly guide me how I can achieve this, as I have been searching on this forum and tried to get information from various broking houses as well.

I am also trying to get the NISM / NCFM certification for equity and currency derivatives to aid me in my goal.

So far nothing concrete has emerged. Any and all help is highly appreciated.

Thanks.

Brgds,
Mohan R Phadnis

 

[umeshmandal]

You will need to be Registered with SEBI !

 

[akhill]

what you are looking is for a sub-broker terminal i guess.

 

[Happy_Singh]

Hello,

Please guide me on the following -

We friends (5 including me) have agreed to open trading account and that
I will be in charge of trade execution.

All the five trading accounts will be in individual names, but I will be the person having access to all of them. Separate individual bank accounts have been opened to link with these trading accounts. It is like have five different trading entities but the control will be with me.

At the end of 6 month period, my 4 friends will compensate me for the efforts by paying me 3000 rupees each to accommodate the efforts and infrastructure cost.

If the setup succeeds, we plan to continue ahead and include more of our friends and family members.

Kindly guide me how I can achieve this, as I have been searching on this forum and tried to get information from various broking houses as well.

I am also trying to get the NISM / NCFM certification for equity and currency derivatives to aid me in my goal.

So far nothing concrete has emerged. Any and all help is highly appreciated.

Thanks.

Brgds,
Mohan R Phadnis

Get the NCFM certification done and opt for dealer terminal from any broker . . .

The broker will charge you some nominal amount / monthly fees for the dealer terminal

You can talk to Zerodha, they provide it.

but one issue in your case, you are allowed to operate multiple accounts for family and not for friends . . .

but as always u can find ways to get around all the limitations . . .

you can form LLP with all your friends and then trade on its account etc . . .

Happy

 

[MRP1191]

You will need to be Registered with SEBI !

what you are looking is for a sub-broker terminal i guess.

Get the NCFM certification done and opt for dealer terminal from any broker . . .

The broker will charge you some nominal amount / monthly fees for the dealer terminal

You can talk to Zerodha, they provide it.

but one issue in your case, you are allowed to operate multiple accounts for family and not for friends . . .

but as always u can find ways to get around all the limitations . . .

you can form LLP with all your friends and then trade on its account etc . . .

Happy

Hello,

Thanks for all the input, appreciate it.

Sub-broker ship and registration with SEBI is time consuming and costly.

Zerodha suggested to take AP (Associate Person), they have a single trading platform for equity/currency/commodity but the question of multi client ID access using a single log in ID remains unsolved.

Achiievers was very straight forward in their offer - they have different platforms (NOW for equity/currency and ODIN for commodity), multiple client ID access using a single log in ID is not confirmed so far.

LLP - this route requires registering and other legal documentation. We want to get this up and running as soon as possible with clear demarcation of funds and account.

We each of us either will take our independent decision or a unanimous decision to initiate or square up a position as per the circumstances.

What we need is a single window access to all the individual accounts.
If required my friends are ready to give me letter of authorization to operate their trading account, in the required format.

Thanks again, waiting for more inputs.

Brgds,
Mohan R Phadnis

 

[akhill]

Hello,

Thanks for all the input, appreciate it.

Sub-broker ship and registration with SEBI is time consuming and costly.

Zerodha suggested to take AP (Associate Person), they have a single trading platform for equity/currency/commodity but the question of multi client ID access using a single log in ID remains unsolved.

Achiievers was very straight forward in their offer - they have different platforms (NOW for equity/currency and ODIN for commodity), multiple client ID access using a single log in ID is not confirmed so far.

LLP - this route requires registering and other legal documentation. We want to get this up and running as soon as possible with clear demarcation of funds and account.

We each of us either will take our independent decision or a unanimous decision to initiate or square up a position as per the circumstances.

What we need is a single window access to all the individual accounts.
If required my friends are ready to give me letter of authorization to operate their trading account, in the required format.

Thanks again, waiting for more inputs.

Brgds,
Mohan R Phadnis

Zerodha and others' multiple client IDs with a single login is only for family members i guess. It is not available for friends or relatives...

 

[akhill]

The only option is you should get sub-broker/dealer terminal and register yourself with SEBI as a sub-broker by giving NCFM certification. Yes, it is time consuming, but that is the legitimate way. If any other broker offers you a work around, i can say it will not be strictly legal because you have to be authorized by SEBI to operate others' accounts from a single terminal and that authorization is sub-broker/dealer and no other option as far as i know.

 

[MRP1191]

Zerodha and others' multiple client IDs with a single login is only for family members i guess. It is not available for friends or relatives...

The only option is you should get sub-broker/dealer terminal and register yourself with SEBI as a sub-broker by giving NCFM certification. Yes, it is time consuming, but that is the legitimate way. If any other broker offers you a work around, i can say it will not be strictly legal because you have to be authorized by SEBI to operate others' accounts from a single terminal and that authorization is sub-broker/dealer and no other option as far as i know.

Hello akhill,

Thanks for the inputs, appreciate it.

I wonder why single log in ID is allowed for family members and is it not allowed for friends and others ?

Zerodha has not mentioned anything about family member accounts being provided single log in ID in their communication. I will ask them about this.

In my understanding, for the trading system each and every individual is a separate entity even though they may be closely related especially in matters related to money, where bitter legal battles are a probability.

Achiievers has offered me AP (associate person) terms and conditions, but single log in ID remains to be confirmed.

I have checked NSE website. Any person who meets the criteria can get registered as AP.

The question of getting a single trading platform for all markets (equity/currency/derivative/commodity) with a single log in ID for multiple clients is the only hurdle we are facing as of now.

In my rough estimate there are over 150,000 AP all over India and the number is growing steadily. Yet, I am unable to get concrete information.

What an irony of the computer / digital era, specific information sought is not readily available on the net or other wise.

Waiting for more inputs.

Merry Christmas and Happy New Year to all.

Thanks again.

Brgds,
Mohan R Phadnis

 

[MRP1191]

Hello All,

Please I request again for information on the subject topic.

I have not been able to get specific and concrete information.

Appreciate any and all help.

Brgds,
Mohan

 

[balab]

I am searching for the same answer.. IIFL allows this but the charges are ridiculously high (Rs 100 per lot option and 0.005% futures)