I’m planning to move my entire MF portfolio from ICICI direct to Zerodha coin. However, I’m skeptical as to the safety of the portal. Can someone explain safety in terms of the following:
Where are the MF units stored - which depository? and how safe is it?
What will happen to MF units if Zerodha Coin is hacked.
Also, to explore the portal, is it possible to hold funds in two different services like ICICI direct and Zerodha coin? if yes, will the folio number be same or different across portals?
All your holdings are sitting in your demat account with CDSL. So it is as safe as it can get. Even if Zerodha Coin got hacked, it has no implications on your holdings. The only way to move your holdings from demat account is if you sign and send us the delivery instruction slip (similar to cheque leaf).
Yes you can have parallel portfolios. Once you start owning MF in demat, you don’t have to worry about folios and all.
Thanks, @nithin. Does CDSL offer a portal to check my MF holdings on a regular basis. This will help cross-verify that the MF units are actually present in my demat account. I hope you don’t mind these questions - I’m a litttle paranoid on these things.
yep absolutely, you can create a login to CDSL portal and check this out. You will also get SMS/email everytime there is a credit/debit to your demat from them directly.
Surely as my MFs are in DEMAT I have to sell it through DP only and cannot sell them through CAN. But can I buy them from CAN and then deposit them to zerodha/coin DEMAT.
What are the additional tranx Buy/Sell charges that one has to pay for DEMAT MFs over and above physical MFs?
Yes, you can take payout of mutual funds in demat form and have it credited to your Zerodha demat. Yes, you cannot redeem through the other source where you bought them. When you redeem from demat, there is a DP charge of Rs 5.5 per redemption irrespective of the value.
Sir
I had my MF investments in Angel Broking. After i switched to zerodha i requested them to move my demat holding to Zerodha demat. But they just closed my Angel Broking trading account alone. Emailing them had no response. Now my MF holding just resides in a demat account without any broker account linked to it. What options do i have to move that to zerodha demat.
Suppose consider a scenario if zerodha decides to stop mutual funds operation in future ,how will i be able to sell or redeem my Mutual fund units!? we cant sell directly from CDSL right if the broker defaults?
I’n that situation,is it possible for the users to go to the depository participant that is CDSL in this case and redeem our mutual funds from there ? Does cdsl provide this service?