Don’t loose hope. May God give you strength.
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Did you raise complaint in sebi or exchange?
You will get all answers to your questions provided you do this
Make a list of all the queries you have and then raise complaint. If there is anything wrong from Zerodha side, you will get a refund. If not atleast a valid explanation about the process. Its a win- win you got nothing to lose
Hi @VenuMadhav - Looping @nithin as well.
@d_p has raised his concerns since he got dissatisfactory answers from customer care.
I myself have experienced that nowadays not only Zerodha, even most of the companies customer care persons are not knowledgeable enough to guide and resolve the customer queries. Even the customer himself has more knowledge than them.
The top brass people who started and worked in the company from the beginning has very good knowledge, but when they scale up they just do mass hiring of people. Those people doesn’t even understand what we are asking. They just simply copy paste the answers which are already available in the company support forum. The same forum even customer can access and read it.
Their main motto is just to close the ticket in their bucket list by hook or crook rather than actually care to resolve the customer real queries/problems.
We as a customer have to right to ask the questions during dissatisfaction and Zerodha as public company must resolve our queries. This is what we already discussed in this forum as the lack of transparency here.
What happened to @d_p might happen to other customers also tomorrow. So everybody cannot run behind your tail for these issues. You being a senior person who has more insights, When we get correct answer from you now, Everyone can benefit by reading in this forum even after many years when they face this same type of issue.
I recommend even you can add this in varsity or in zerodha blog for more clarity.
When you give proper clarity to all of us, then we might know who is actually wrong here, whether it’s your company or @d_p.
You don’t need to give any account specific information here,
What we want to know is when 50% of shares is already bought by RMS. Why the contract note is sent for full 100% for close out basis. I can understand that you told to put ourselves in shoes of buyer and being a buyer myself, I can able to understand this. But if the stock hits upper circuit on 2nd day then your point seems to be valid. But when it actively trading in large qty and even though the RMS has bought 50%, still why there is a need to punish the seller for full damage ?
Also pls clarify the queries which were asked here - Youtube - A new way of manipulation and Scams! - #45 by tradewealth
If you give a proper answer to this then it will be beneficial for all the customers here and we all will get more clarity and transparency, then we are good to close this topic.
We all have seen many times, a tiny spark is enough to get a bad name for any company which will grow over the time as a huge snowball.
I hope zerodha as a customer centric company you will give proper answer to resolve this confusion which will bring more trust and transparency on zerodha as well and this is the chance you can close the issue before things getting out of your hands, later more and more retailers will join hands to question you on this topic.
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Totally agree @xmenwolverine you & @d_p. As a user of Zerodha we can raise concern here as it’s a platform of Zerodha. Zerodha is liable for any concern of their customer and try to resolve their queries. They have spent a lot of time to respond here but what about helping them with their concerns due to unfair things. I have read all the threads here and found that it’s totally unfair to held someone for 100% loss.
@VenuMadhav and @nithin if we chose Zerodha don’t you think you have also some responsibilities towards your client?
Zerodha customer care is really pathetic they don’t even read and response accordingly but giving copy pasted answers.
For Zerodha it might be a small case as they are India’s leading brokerage firm. But for someone it is a life changing disaster event. You just can’t take it granted. Really disappointed after reading all this
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Is the above absolutely clear to you?
Not misinterpreting/misunderstanding any parts of the response on the ticket, right? -
If yes to 1, have you asked on the ticket - “Why 100% close-out if Zerodha RMS did have some shares?”
- If not, then ask on the ticket.
- If already did maybe need to review/understand the response to that.
- Also, IMHO, there is no fair-unfair here.
How do you know what they did wasn’t the most fair overall.
-
Perhaps there may have been some other individual who’s short a larger amount and these available shares were used to partially fill their short position?
-
Or perhaps the RMS chose the option to distribute shares between the various short individuals in the least complex way for them logistically?
Instead of trying to seek something subjective like fairness,
how about we focus on
what all is the broker/RMS legally required/mandated to do in this situation, hmmm?
-
Is it legally required that
when an RMS has some shares,
they have to equally partially distribute them
across all the individuals that are short? -
Is there any other mandate on
how the RMS must distribute shares across individual accounts that are short? -
Is the broker/RMS free to partially/fully fulfill any individual account at their discretion,
and let the other accounts hanging / trigger a close-out?
I do NOT see any value in trying to understand the logic Zerodha RMS may have applied in distributing the available shares at their discretion as that can change in each instance / over time.
If it is legally mandated to distribute at the broker/RMS discretion,
then best to assume 100% close-out risk in one’s risk-assessment calculations
(and subsequently thank our stars if the RMS is able to get any shares and partially fill our short order)
If you are unsure/unaware on what is legally required in this situation,
and receive no further clarifications / responses on the ticket
and no one else on this forum comments about what is legally mandated in this situation,
please post this query in your feedback on SEBI SCORES.
PS: On a side-note, Zerodha not engaging more on this topic-thread publicly
to educate everyone interested about this scenario,
makes it appear as if
- either they themselves do not have sufficient clarity.
- or the broker’s and individual’s incentives do NOT align in this scenario,
and they would rather not draw attention to this.
(it is what it looks like, even if perhaps the lack of detailed/clarification/responses is due to them being busy with other work, or due to any other legal reasons why they cannot publicly comment on the individual scenario.)
This is what I am assuming too. If they followed the SOP, then they would have advised the user and the user would be convinced.
@xmenwolverine - well written - This is what I feel too. For every other query, someone from Zerodha jumps in to give a reply. In this case, I find it difficult to understand why it takes this long to inform the SOP that is followed. Understood dont tell this here, Call up the customer and explain - is it too much of an ask. Related query, do Zerodha as a broker get commission for doing this transaction or is it free?
Did not expect this from Zerodha team. This is inspite of user tagging Nithin.
Hi @cvs, @neha1101, there are multiple threads with same queries. We’ve already explained the process in detail here:
Was the procedure followed?
I have a few more inquiries:
- Shouldn’t I have been allowed to settle my position?
- Queries raised by @tradewealth in the same thread: a) Regarding internal settlement, is a manual decision made when submitting the voluntary auction file from your end, whether to proceed with voluntary auction or buy directly from the market on T+1? Assuming it’s in the client’s best interest to close out short-delivered positions internally as soon as possible. b) When you mentioned the team decided to buy IREDA from the open market, why couldn’t they procure it when it was actively trading for the majority of the time during T+1? Also, you mentioned a ‘desired price’. How does the broker decide the ‘desired price’? Shouldn’t the best available ask suffice? And even if the broker procured some quantity, shouldn’t it be pro-rated across all short-delivered clients to ensure fairness rather than a few clients bearing all the consequences? Also, regarding this link: Youtube - A new way of manipulation and Scams! - #45 by tradewealth
- If the Single Risk Management Policy is applicable, was it followed? Reference link: https://zerodha.com/z-connect/zerodha/how-safe-is-it-to-trade-with-zerodha-recap
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Can you update your page? When short delivery the app no where shows SHORT with stock name in red. Infact nothing shows anywhere on zerodha until two days so the customer is left wondering what’s exactly happening ! No contract note is sent until asked or created a ticket !
Hey @d_p you got refund ??? is it true??? https://twitter.com/dipikapaul40/status/1755923487946834200
Is it for real?? Refund seriously!!!
Hi @d_p
This depends on the internal policy of the broker. The Stock exchange does not really prescribe the manner in which stocks have to be distributed if there’s a short payout. Interestingly, there was also a consultation paper by SEBI day before yesterday on direct payout of securities to clients
We will need to see if the implementation of this consultation paper brings about any change going forward.
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Hi @Meher_Smaran just wanted to check Is there any limitation on no of shares for a single script Zerodha can buy in open market to fulfill any short position of its client?
@d_p oh.! This is bit of a surprise
Are you still trading with zerodha?
I thought you stopped trading with them long ago
No i don’t, not sure if they will respond to my query . 
nyc nyc! I hope you stopped trading in risky intraday selling in stocks near UCs 