Thank you for responding, @nithin
On March 2, 2021 the cut-off time was changed to 1 pm from the usual 1.30 pm. It makes me ask two questions -
- Why was the cut-off time changed to 1 pm on March 2, randomly, without any specified reason?
- If the cut-off time can be changed to 1 pm for a day, why can’t be changed to 3 pm to comply with SEBI?
If you read Kuvera’s email, they have clearly stated “in this exceptional instance”. It is obvious that it’s a one time gesture. And not to be done on a recurring basis. So no unnecessary expectations are set.
May I ask you a third question related to this -
- On 26 Feb, did BSE Star payment gateway failure impact Coin buy orders as well. If yes, how did Zerodha address this? How did Zerodha communicate to users? I don’t know so asking.
I agree with you in parts. The first part more so. But there are grey areas in the second part of your statement. In the case of Kuvera giving back the NAV difference amount (strictly, one time only) created a trust value - “don’t worry, we have your back”, this money can’t buy otherwise. Also, think of it as an investment. Instead of doing some media spends, marketing elsewhere to acquire customers, they invested back in existing customers at the time of a hiccup. Now, word of mouth travels. That’s the RoI of this investment. I am sure the value of me writing this post on a forum run by a competition (without Kuvera asking me to write), where the CEO of the competition responds, is way more than the Rs 630 that my brother received back. So from an investment point of view, not everything is quantitative. E.g. You can’t measure your mother’s love in quantity. That’s the qualitative aspect of life. What Kuvera did was a calculated risk, marketing.
Correct me if I am wrong, doesn’t Zerodha absorb the CDSL charges of Rs 5+ GST on each redemption order on Coin? Because the sell orders of MF in SoA format are free, so Zerodha has to absorb the CDSL charges in order to make it free. So in a way Zerodha is also taking a calculated risk. No?
In the other thread, I, in fact, asked why can’t Zerodha provide basic reports and data which is mandatory for free, but the deep analysis of the portfolio, similar to how INDmoney app is providing comes at a premium?
When you talk about the company-customer relationship, now, what is the value of a person like me (many others too) giving you ideas on how to better the platform. What are we getting out of it. I am not getting paid for it. I don’t own shares of Zerodha. We can choose to abandon and go elsewhere. Why is the involvement then? Ever thought about it? Because we are also investors in Zerodha. Not money-wise (that’s the easiest) but an emotional investment. We are investing our time and energy to make it better. So a company-customer relationship is always a 2-way street. And that requires mutual trust and respect.
I also wanted to say that I have never been a promoter of free lunches. Making it clear just in case you assumed it so. All I seek is value. Quality. People are willing to pay more for quality.
Zerodha may or may not make the Coin UI better, add features like SWP, etc, all those are secondary to the business.
But Zerodha pre-closing the cut-off time from what SEBI says is fundamental and discriminatory, in the first place. This is the fundamental difference. How can the internal stakeholders, watchdogs let is pass. How can the compliance officer at Zerodha sign-off on this? How can you let it happen under your nose for years and not even seeking a viable solution until now? This is the norm that I challenged. Let me tell you, even if I was working with you at Zerodha, I would have told you the truth only that we are doing wrong with the investers. Nobody was considering it a problem at first. “Chalta hai” attitude. A rule is a rule is a rule. Zerodha can’t change the fundamental rules of the game that SEBI has defined. Zerodha can tweak the gameplay, and it should. But not the game. This is what my real fight with.
Anyway, now that you have responded to this, I shall wait for the resolution. I have already waited for 6 months. It’s a long time, you know. The Earth has revolved half-circle around the sun meanwhile. I hope it gets resolved sooner than later, for once and forever. 