I am curious about how has the experience of people been with the secondary demat feature of zeordha?
Personally for me it was so horrible that i took out all the holdings in it and ended up getting it closed cause the holdings info was never correct. The balances or avg price during transfer to/from the secondary/primary was never accurate and always having some or the other discrepancy. The support on it was abysmal to say the least. A ticket that i had was open since October last year - is still pending fix for it. The holdings are already sold off, but the ticket is being updated that it is being looked into. Really horrible experience for me having secondary demat with zerodha.
Might as well open a secondary demat with other broker and then transfer stocks on your own. That would have been smoother and provided a better experience.
I decided against creating a secondary demat account after seeing multiple complaints on this forum about incorrect price calculations. It’s difficult to understand how a feature with such critical calculation errors was launched in the first place. When I raised this, I was told it’s still in beta and will be fixed in the future…
Price and related calculations are critical for all investors, making it surprising that the issue still remains unresolved even after so many months.
If I’m not mistaken, Dhan seems to be the only platform that has implemented this feature: when it detects an inward offline transfer to Demat, it prompts the user to enter the average price.
This gives users full control to ensure the average price they enter is accurate.
For other brokers, this is an area where AI-assisted auditing could be valuable. The user is given the facility to update the value and upload supporting documentation, and the AI would cross-check the information and authorize it.
Exactly. And now the same team is busy bringing in US trading feature into the system. I decided against even bothering to try it with Zerodha. It is better to just go with existing platforms that allow US investing. If there is even the slightest bugs in that, it will be a huge failure.
But dont you think it is too much actually? Asking the user to input the avg price each time would be a big hassle. This seems to be half baked too.
If i could chose between demat accounts at the time of order, that would have been very useful ( via api).
I dont want extra protection of not being able to sell quickly, and a flexible way to chose demat would allow mixing short term trading with slower but active investments.
Apologies. Some specific old transfers haven’t been adjusted correctly, and we’re working on a fix. All the recent and ongoing transfers are correctly handled in our reports. We have a planned bug fix scheduled for deployment over the weekend, so all affected transfers should be fixed for good.
My experience is same , My tickets are still pending . I have not yet closed the second demat . I am ready to give enough time to them to correct the issues . These stocks and etf are my long term assets . So I don’t want to sell .