We haven't yet sent out any emails to clients, but yes 60 day challenge in the current format will end on 31st March. We will continue to run it as a challenge, but without any brokerage refunds, even if we refund, it will be limited to an X amount. We have had too many people trying to game the system, and putting unnecessary overhead on our operations.
The idea of 60 days challenge is that the traders become profitable by cutting losses and running profits.Brokerage refund for new traders it acts as a incentive. But the idea should not be misused by just being profitable by few hundred rupees and stopping trades in that account. These though are technically nothing wrong but they defeat the idea of 60 days challenge.
Zerodha may consider few rules to make sure that the challenge is not misused, keep a cap of Rs 10,000 per challenge for brokerage refund ( so that traders in learning stage will benefit. For traders winning more than 5 challenges, a refund of token Rs 5000 ( as a prize or incentive ) or brokerage which is lower along with certification can also be considered.
60 days challenge has helped many new traders to achieve consistant profitability and the initiative should continue with the loopholes plugged.
Smart_trade