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?
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?
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
I don’t wanna leave Z but this implementation has left me no choice, I can’t sell my Debt funds for cash equivalent as i will loose my indexation benefits as i bought them before 31st march 2023. I will loose majority of profits with interest charges.
What few things are not ideal there, apart from glitches ?
Basket orders are not available on the NEST terminal
Equity has a 0.25% brokerage
To redeem a pledged mutual fund transferred from other brokers, you have to send 2 emails - first to unpledge it and then to redeem it. Since the response to the email takes 24hrs, the entire process will take a while.
Isn’t that the case in Zerodha as well. If you are holding Debt MF, you would first need to unpledge and then sell them the next day. The instant sell without unpledging is only limited to equities. Isn’t that correct?
Yup, but i have only 10-20 % as CASH equivalent. Had i known this before 31st March 2023 i would have plan better. Govt gave only 2 days to plan just how Zerodha gave 2 hours.No body care for customers in this country!! Effective Immediatily wala culture hai