@ShubhS9 Do we need to keep 50% cash/cash component for intraday positions also or only for overnight position?
1 Like
I have a similar doubt.
Just received an email which says that I need to have 50% cash / cash component for intraday positions as well.
However, this link: states that this is applicable only on overnight positions.
I only trade on expiry day, and choose NRML as the product.
Can someone please clarify if I need to bring forward 50% of my capital requirement in cash?
Thanks.
Intraday also?I see a post on June 15th stating that is not the case -
https://twitter.com/zerodhaonline/status/1669288277365473280
No update in the official link as well.
I think this is new update. From tomorrow they r asking cash components for intraday also.
Very harsh on intraday option sellers.
Unfortunately, many were already doing it for some time. Zerodha, IIFL, the ones who don’t are a minority.
Many are not getting insane profits and brokerages as Z does.!! And majority doesn’t charge at all. I really have to think to move my business some where else if its not revoked, i understand the overnight positions but intraday its too much.
I think lets wait for clarification!!
Check out Tradejini
Somewhat similar to Zerodha in terminal, punching orders
(They have a hell lot more)
Haven’t started trading with them yet, just slowly exploring them. Seems good
Yeah, need to look other brokers if this is not revoked. Many have equity portfolio and they pledge to trade intraday. Everyone will move out as 13% P.A is insane !!!
Raised a ticket regarding this - and here’s what I got:
Now it says the “charges are calculated daily” - does this mean it’s calculated at the EOD? Or during the day?
So if I start my trade at 10 AM and square off by 2:45, am I still going to be charged?
At EOD, I’ll have no positions open - and I’d like to know if I’ll still be charged this penalty?
Thanks.
@Meher_Smaran how will you even enforce this rule?
Even if you charge 50:50 cash:equity ratio for intraday, the rule says 0.035% interest per day. So logically 24hrs has to pass before you charge interest. If the client closes the intraday position and does not take anything overnight - you cannot ask the client to pay interest as the day rule is not officially met.
Will you be moving to an hourly interest say 0.001458% per hour to enforce this change?
What is SEBI’s stand or interpretation on this?
Couldn’t find equity MFs on kotak pledge list on their website. Please do let us know what are the options where brokers don’t ask for 50-50 cash margin rule for intraday margin utilisation and allow equity MFs as pledge. TIA.
Until now, Zerodha has been charging DPC on upfront margin shortfall (against the regulation). And even after raising a ticket, questioning here on TQnA and tagging @nithin and team multiple times, I never received a response (for over a month now).
Yesterday, I got a DM from one of the mods telling me they’re working on a refund for me. If the issue being discussed on this thread is a new development, I guess they are making up for the anticipated revenue loss from the upfront margin shortfall penalty in the form of DPC, which they have been charging till now.
I can’t stress more on the need to check your fund statements at least once a month. I wonder what % of zerodha’s profit figures are DPC collected by going against the regulation.
Buying is allowed. But I am referring to this pledge list on their website where they have mentioned the respective haircuts. I am unable to find any equity MFs approved for pledging. Mutual Fund Margin
https://www.kotaksecurities.com/securities-accepted-as-collateral/nc-mutual-fund.html
I pasted wrong link, sorry. Above is correct
1 Like