Creative accounting and cheating by some brokers

[rupeshmandal]

I have found many. Maybe I have a nick of spotting things that others overlook.

1. Coin cut-off timing to sync with SEBI guidelines.
   Ticket No 20200921976293
   Last status: Zerodha team is correcting it since last 6 months. Zerodha team does not respond to the ticket anymore. Ticket is open.

2. ICICI US Bluechip Equity Mutual Fund realized profit wrongly showing as STCG Equity Profit in P&L.

ICICI US Bluechip Equity Fund is an international fund and is considered a Debt fund and redemption before 3 years is treated as STCG-Debt profit. But Console P&L shows it as STCG Equity which must have caused investors to file wrong tax returns.

Thanks to Kuvera Capital Gains Report for FY 19-20 where I spotted this tax liability error last year and reported it to Zerodha.

Ticket No. 20200505437383
Last status: They corrected the P&L only for me so I could file the correct tax return last year. The ticket is still open. Zerodha team does not respond to it. I asked the team have you informed the hundreds of Coin investors who have this fund in their portfolio and their P&L is still showing incorrect information, Zerodha team never bothered to reply. Ticket is still open. It’s been a year.

@nithin please see if you can get these tickets resolved and close the tickets soon because I don’t know about Zerodha team, but I certainly don’t like to keep tabs open.

On a lighter note, is there a bounty for finding out such bugs? It could be my parallel source of income.

[Neelesh]

@rupeshmandal

Ticket No. 20200505437383

This was fixed back in December 2020 for all. You can please download the tax P&L statement from Console and verify it.

[TradeB2B]

Yes I also traded lot of broker zerodha is the honest broker I agree , @nithin thanks for building a good and honest brokerage house in India

[rupeshmandal]

@Neelesh

This was fixed back in December 2020 for all. You can please download the tax P&L statement from Console and verify it.

Better late than never.

@rupeshmandal

I asked the team have you informed the hundreds of Coin investors who have this fund in their portfolio

As a moral obligation, Zerodha should inform all coin investors who had invested in this fund and had redeemed it. There could be cases where the investors blindly believing the tax P&L statement already filed their income tax before December 2020 while the issue was rectified only in December. Those investors need to resubmit the correct ITR. So that’s why Zerodha should inform such users. I have not received any email yet.

[Joe_Chris]

It can’t be Zebu as it is owned by his relative.

[rupeshmandal]

@rupeshmandal

As a moral obligation, Zerodha should inform all coin investors who had invested in this fund and had redeemed it. There could be cases where the investors blindly believing the tax P&L statement already filed their income tax before December 2020 while the issue was rectified only in December. Those investors need to resubmit the correct ITR. So that’s why Zerodha should inform such users. I have not received any email yet.

@nithin and more so @VenuMadhav, Ticket No 20200505437383
Shouldn’t Zerodha inform the clients who had this fund an email with an apology who may have filed wrong tax returns due to the mistake of Zerodha showing incorrect tax P&L which was fixed only in December 2020 while clients may have filed their ITR by then already? Don’t you think you have a moral obligation to inform clients you fixed a wrong and the clients having this fund, may have to correct and resubmit ITR?