Problems Facing With Zerodha Client Services.

[PGDIMES]

Again same thing happening to one of my friend. He transferred money at 9.30 AM in morning yesterday & he is chasing till now for amount to get reflected. If you guys feel its okey to take more then 24 hours then no words to say. I can give all the proofs of this transaction. If if this is not zerodha's problem then whose ? They should check with their bank why NEFT takes 24 hours to get in their account ??? Or if bank says we takes more then 24 hours then they should change bank or arrange alternate payin ways.

I am not new to market i have tasted ICICIDirect & Indiainfoline. I am in market for a long time now. I never faced this kind of problem with above 2.

And yes friends take this thread as my personal feedback. What i have experienced i wrote. Every single line is true. I am not compititor i am client of them and operating two terminals in my family names and referred so many people to them.

Freeguy,

Nobody is saying that Zerodha is perfect. But they try to resolve the problems fast and are quite responsive. Even I have faced problems with Zerodha while paying-in. My amount was reflected in nowonline but not in now.exe. So I was unable to take positions for some time. The moment I called them, it was OK. I think Zerodha has direct link with HDFC and Axis Banks. So better try to create accounts there. Even RKG has direct account with HDFC only.

 

[Freeguy]

Freeguy,

Nobody is saying that Zerodha is perfect. But they try to resolve the problems fast and are quite responsive. Even I have faced problems with Zerodha while paying-in. My amount was reflected in nowonline but not in now.exe. So I was unable to take positions for some time. The moment I called them, it was OK. I think Zerodha has direct link with HDFC and Axis Banks. So better try to create accounts there. Even RKG has direct account with HDFC only.

I am used to of this and in future i will do things in advance like 2 days for payin or payout.

 

[my investment]

I think zerodha should and will fix the backoffice issue here and also money transfer should ideally take 3-4 hours ,my broker does it in 1 hour ( my be i am a prefered client )

BUT FREEGUY YOU SHOULD NOT EXPECT MARGIN ON STUPID STOCKS RISK MANAGEMENT IS THE KEY TO SURVIVE THEY GIVE YOU 5 -10 TIMES MARGIN IN Z -- B OR WHAT EVER STOCKS AND IAMGINE YOU ARE LONG OS SHORT IN THE STOCK 10X

THAT IS THAT YOU PAY FOR 5000 SHARES AND BUY OR SELL 50000 AND STOCKS HITS UPPER OR LOVER CIRCUT YOU CANT BUY OR SELL AND SHARES GOES TO AUCTION ,EVEN THEY CANT BUY OR SELL DO U EXPECT ZERODHA TO TAKE A LOSS FOR IT FOR 20 RS PER TRADE :clap:

common man they are inexpensive brokers have any amount of compliants with them
get them to sort out back office and fund transfers but dont expect them to take risks
for your gamble in other thread also i saw you were complaining about z category stocks

RK global does not let me short nifty against blue chips like infosys ,reliance sbi or gives me magrin then why to expect zerodha giving margins for stocks like ginni filaments ,or bag films :rofl:

 

[Zerodha]

Hi All,

I have not posted anywhere outside the Zerodha thread till date, don't want to do it either...With all this discussion happening and the love I have for Zerodha I am forced to comment on this....

As far as the discussions are concerned:

1. PAYIN: Why would we not want to update funds in your account if it shows up... Our business involves making brokerage from your trading... If we don't update funds, you won't trade and we don't make any brokerage..... RTGS happens within 2-3 hours, but with NEFT it is very tricky... We don't have any control on it, we update it when we receive it... If it takes long, you need to understand we are as clueless about this as you are!!! But that said, as I had already mentioned, we have tied up with atomtech(FT company) and we are running the final level of testing , following banks http://www.atomtech.in/banks.html and a few more would be available soon.... This gateway would be available on the backoffice and not on nowonline.in

2. Payouts, We can process payouts only once days trading is done... Final processing happens between 6 to 7 pm everyday and hence we say that we will process the withdrawals after that...So even if you put the withdrawal early in the morning, we will process it only by 7pm.... Here is the tricky bit, the last NEFT transfers for the day from RBI is done at 9pm, if there is a big queue they push it to next day morning.... Any of our client who has hdfc bank account will vouch for the fact that the funds come in the same night, as it is an intra bank transfer(we bank with hdfc)!!! for inter banks I could share with you documented proof on what time NEFT is executed at our end, once we have done our bit, you need to understand that we will have no control on how fast it hits your bank account!!!!! It is then upto the bank and RBI....

3. Backoffice: Come on guys, I understand this is not the best interface, but in terms of reporting it has everything that is required in the simplest format!!! I understand that it has a problem with compatibility with all browsers, but we have told the workaround!!! If you look at a report on a browser that is not compatible, it definitely won't work right!!!!
But we are trying to figure out ways to make it compatible with all available browsers...

4. As far as the margins are concerned: When we started out, the idea was to be as honest as possible and we thought that we will get the same response from our clients... 90% of our clients are, but there are the 10% out there who want to put us in a spot.... I know it doesn't sound fair that we remove the margin factor for the 90% because of the 10% rotten apples... But if you put yourself in our shoes there is no way to know who will cheat and who will not... Recently with a few Z category stocks going up and down in circuits, we have had clients defaulting...
None of the established brokers give any margin on Z category and with this problem we faced, we won't either.... As far as B category is concerned, if any stocks suddenly starts moving up and down 10%, again for risk management we have to reduce the margin factor till it normalizes... Even NSE VAR margin is based on volatility of stocks... If an SKS moves 15 to 20 % in a day, as brokers we have every right to charge extra margin to manage our risk.... What you would have to understand is, this is done in the common interest for everyone involved with Zerodha.....

Just wanted to clarify, the way some of you put up your posts, I was dazed on what we are doing wrong!!! If you have traded with brokers other than those who are banks(icici, kotak etc), you know that fund withdrawals can take time... Had taken 7 days once when I was trading with reliance money, 14 days with bmawc, 5 days with indiabulls..... We do it today in 24 hours, so still perplexed on the complaint!!! ...

Anywys, happy trading!!!

 

[Freeguy]

I think zerodha should and will fix the backoffice issue here and also money transfer should ideally take 3-4 hours ,my broker does it in 1 hour ( my be i am a prefered client )

BUT FREEGUY YOU SHOULD NOT EXPECT MARGIN ON STUPID STOCKS RISK MANAGEMENT IS THE KEY TO SURVIVE THEY GIVE YOU 5 -10 TIMES MARGIN IN Z -- B OR WHAT EVER STOCKS AND IAMGINE YOU ARE LONG OS SHORT IN THE STOCK 10X

THAT IS THAT YOU PAY FOR 5000 SHARES AND BUY OR SELL 50000 AND STOCKS HITS UPPER OR LOVER CIRCUT YOU CANT BUY OR SELL AND SHARES GOES TO AUCTION ,EVEN THEY CANT BUY OR SELL DO U EXPECT ZERODHA TO TAKE A LOSS FOR IT FOR 20 RS PER TRADE :clap:

common man they are inexpensive brokers have any amount of compliants with them
get them to sort out back office and fund transfers but dont expect them to take risks
for your gamble in other thread also i saw you were complaining about z category stocks

RK global does not let me short nifty against blue chips like infosys ,reliance sbi or gives me magrin then why to expect zerodha giving margins for stocks like ginni filaments ,or bag films :rofl:

They used to give and stopped without notice. Thats my complain. Circuits where their when they used to give. Its an feedback. I am not asking them to give it again.

I am watching most of people saying what u aspect out of this cheap brokerage broker. Services are services guys cheap broker doest qualify giving inferior services.

 

[sumosanammain]

They used to give and stopped without notice. Thats my complain. Circuits where their when they used to give. Its an feedback. I am not asking them to give it again.

I am watching most of people saying what u aspect out of this cheap brokerage broker. Services are services guys cheap broker doest qualify giving inferior services.

Why dont you just stop trading with them. Punch in the payout order right now, and by tomorrow morning, maximum by tomorrow evening, you could have the funds ready for instant transfer to your normal broker, who provides superior service. 10 times margin in z group is after all a norm with all other brokers, right?

Zerodha doesnt deserve clients like you.

 

[my investment]

They used to give and stopped without notice. Thats my complain. Circuits where their when they used to give. Its an feedback. I am not asking them to give it again.

I am watching most of people saying what u aspect out of this cheap brokerage broker. Services are services guys cheap broker doest qualify giving inferior services.

ITS is not inferior service sir it is risk management and i am amaZed that you are risk taker here and you dont understand the risks

They can stop giving margins anytime according to market conditons that is fair (even if they were giving previoulsy 10 -20 risky traders can take down whole of the ZERODHA and its clients balance ,so its for every ones good that levereage is minimal and none other that fno stocks or indexes or options )

WHAT THEY CANNOT AND SHOULD NOT DO IS SQUARE OFF YOU POSTIONS
WITHOUT INFORMING YOU ( HAVE THEY DONE IT IF NOT THEN THERE IS NOTHING TO COMPLAIN )

free guy i am not against you i dont even know you i dont know zerodha also i dont have account with them i trade with religare but you dont understand the importance of risk management at brokers end

 

[Freeguy]

Why dont you just stop trading with them. Punch in the payout order right now, and by tomorrow morning, maximum by tomorrow evening, you could have the funds ready for instant transfer to your normal broker, who provides superior service. 10 times margin in z group is after all a norm with all other brokers, right?

Zerodha doesnt deserve clients like you.

Thank you for kind advice. Seems u are frustrated with someone and taking out it here or you always present urself this way.

First : Their site claims 3-4 hours NEFT transfer time >> Takes more then 24 hours.

Second: Complain they took back privilege of 5 times in Z scripts. Not asking to give.

For you: Keep an hold on ur emotions it a feedback , try to read my thread heading or bold text i am not asking back privileges but letting people know my experience.

 

[Freeguy]

ITS is not inferior service sir it is risk management and i am amaZed that you are risk taker here and you dont understand the risks

They can stop giving margins anytime according to market conditons that is fair (even if they were giving previoulsy 10 -20 risky traders can take down whole of the ZERODHA and its clients balance ,so its for every ones good that levereage is minimal and none other that fno stocks or indexes or options )

WHAT THEY CANNOT AND SHOULD NOT DO IS SQUARE OFF YOU POSTIONS
WITHOUT INFORMING YOU ( HAVE THEY DONE IT IF NOT THEN THERE IS NOTHING TO COMPLAIN )

free guy i am not against you i dont even know you i dont know zerodha also i dont have account with them i trade with religare but you dont understand the importance of risk management at brokers end

I understand and that's right.

 

[sumosanammain]

Thank you for kind advice. Seems u are frustrated with someone and taking out it here or you always present urself this way.

First : Their site claims 3-4 hours NEFT transfer time >> Takes more then 24 hours.

Second: Complain they took back privilege of 5 times in Z scripts. Not asking to give.

For you: Keep an hold on ur emotions it a feedback , try to read my thread heading or bold text i am not asking back privileges but letting people know my experience.

Frustration? I thought I was giving you good advice, not to trade with people who go back on their promises. Whats wrong with that? I am just agreeing with you..... read my previous post again. Have I differed from what you have said?