Since Zerodha uses ILFS as a broking partner ; will Zerodha services be affected by the debt problems in IFLS? I am really concerned if Zerodha has links with IFLS since its a sinking ship?
Can Zerodha clarify?
Indusind is acquiring the unit
what does this mean? Will Zerodha trading services be unaffected?
Can we safely continue trading with Zerodha?
Nope
Absolutely
i m receiving dubious replies from Zerodha support group, and from you. Support group says they have no relation whatsoever for any trading or demat account with IFLS but here u are saying something else.
We had partnered with IL&Fs to offer demat services before we were a depository participant earlier. We stopped opening IL&FS demat accounts after we became a DP.
So even if you have an old demat account with IL&FS which I am guessing you don’t, you have nothing to worry. The securities unit is being acquired by IL&FS and will have not ties to the parent group in question.
That’s the bottom line.
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@Ankit_Jain3 it is just a trading partenership for depository participant convenience. How does that has to do with debt problems in ilfs? Zerodha is a brokerage firm. How does its trading platform and business get affected by a investment companies debt issues? Why are we panicking anything and everything
i want to know where my money is kept? as free cash and as margin? if its with Zerodha its ok. If it is kept with IFLS it an issue since they can declare bankruptcy and all other crap and our money is at serious risk.
Bhaiyya, the company has been acquired by Indusind Bank. It is no longer part of the main IL&FS group, even if IL&FS goes bankrupt, it will have no impact! So chill1
OK thanks brother for much needed clarification
The transaction of ILFS financial services with Indusland Bank is not yet complete as far as I know.
People with ILFS demat account should be more worried about getting the refund of their AMC incase they have moved their holdings to zerodha CDSL. With them defaulting on debt payments, I wonder if they will payback the excess payment.
By the way money lying with zerodha may be theoretically safe. My money was debited for paying ILFS AMC twice without explicit consent. I have paid AMC to ILFS directly. So just because they have access to your money, they can take it interest free. But if you get a margin call, it needs to be paid immediately.
I use to keep upto 5K, now I empty it everday.