It is said that more than 90% traders are losers in market. Even SEBI has introduced and mandated a message on the trading screen warning to traders that more than 90% traders loose in market.
But nobody tells that these innocent traders loose money because of wrong trades without knowledge and Risk Management, advised to them by tipsters.
I want to point out that out of these 90% , More than 75% losers are because of Zerodha.
When any newbie opens a demat account in Zerodha, Zerodha shares data of new customer to various tip providers. They call the customer on regular basis and try to lure them in mouth watering offers. They promise 50-60-70 % returns and newbie traders gets trapped and pays money to them and subscribes their services.
This starts the downfall of that trader and finally he loose all his money.
I opened a new demat account with my new mobile number nearly one year ago and even after one year till now i am getting 1-2 calls daily for joining or subscribing services providing 60-70% returns.
So, i request Zerodha to STOP sharing new customers data to tipster just to earn some money. Rather you can increase charges of demat to cover your expenses. But dont give a chance to tipsters to trap innocent traders.
@Sushil_Girdher how do you know it is Zerodha and not someone else involved in the registration process?
Also, not sure how well-trained in handling sensistive data are the employees working for our brokers. Employees of even reputed Indian banks are known to share sensitive documents over personal devices and unofficial communication channels.
I have taken a absolutely new mobile number . This number is not given to any friend or family member. Neither it is used in any bank account or aadhar or any app or any online service. It is absolute new mobile number.
I opened a new zerodha demat account in the name of my son ( named xyz) and given that mobile number which is with me.
I receive 1-2 calls daily from tipster addressing me as Mr XYZ and give me offer for their stock advisory service. Since XYZ is the name of my son, i came to know that this is my new zerodha account.
When i ask them, from where you get my number, some of them confirmed that i have opened a new demat account and number came in their database from backend. Here it is very clear that Zerodha is selling customer data.
Ummm… no.
The point i was (still am) trying to emphasize is that there are dozens of individuals involved.
It could be
either a rogue employee of Zerodha,
or someone dumpster-diving outside Zerodha’s office,
or some 3rd-party Zerodha uses for the myriad of physical paperwork / digital registrations.
IMHO, it is extremely unlikely that Zerodha (the company) would be selling customer data as it makes zero financial sense (for the risks-rewards involved).
It is very likely that some individual directly employed by Zerodha, or some 3rd-party being contracted by Zerodha, or some other individual further upstream in creating a demat+trading account is either negligent in handling user data/documents or is trying to earn something on the side by selling customer registration data.
Hi @Sushil_Girdher, as a regulated entity, we adhere to strong security practices and do not share client information with any third parties. You can learn more about our privacy policies here: Privacy Policy – Zerodha
I would be pretty happy with the honesty of my broker, if what you said was the only unethical practice it was doing . I believe some brokers are capable of doing much more, without being noticed. Technically speaking.
