Many of my friends and members of our family including me are maintaining trading accounts with M/s Zerodha. At present we are able to sell the stock in holdings by first come first out basis only. Instead, if we are permitted to sell a chosen stock bought on a specific day (any day shown in the “View Breakdown list”) we can continue to do our trading activity for profit. Otherwise we have to wait till the earliest bought stock to turn profitable.
Example ; Suppose I have bought 50 shares of Dixon Technologies on different dates. Say, on 10.07.2021 10 shares at Rs.4,300.00
on 20.07.2021 10 shares at Rs.4,100.00
on 30.07.2021 10 shares at Rs.3,900.00
on 10.08.2021 10 shares at Rs.3,700.00 and
on 20.082021 10 shares at Rs.3,800.00
Here, I propose that I must be permitted to sell the stock bought on 10.08.2021 (the lowest price of all in list).
We are in the habit of selling stock if it fetches a profit of 5 percent. Recently the stock prices of our holdings have fallen by more than 20 percent. If we buy some shares at this price level, the average cost of stock may go down but we should wait till the first bought stock is in profit. Sure, it will take some time, say, two or three months. As a result we are unable to make profit from the price fluctuations taking place now.
So, it compels us to open two more trading accounts with two different companies, so that we can continue trading at different price ranges. Had Zerodha permitted us to choose the stock bought on a particular date for selling, we would not have looked to their competitors for this purpose.
We are convinced that Zerodha is the most trusted platform for equity trading. I request the management to consider or take up with the concerned department - the idea of permitting the customer to sell the chosen consignment (stock bought on a particular day) in place of the unfriendly first come first out design. I think, the Income Tax department or SEBI may not object to this idea.
Having more than one trading account with the same broker is not possible at present. Those who wish to do short term as well as long term trading necessarily have to open a trading account with at least two companies to do so.
If this idea is implemented it will stop opening too many accounts with so many brokers and losing sizable business to competitors. Further, it will increase the volume of trading per day to a considerable level particularly when the correction in the market is taking place.
This design is beneficial to some people who never wish to sell the stock bought in an IPO or shares gifted by beloved ones on special occasions such as birthdays.
GTT facility provides what to sell or buy at what rate in future. View breakdown list provides almost every detail of stock history. Then what else is required for techno savvy Zerodha to realize this idea?
With regards …
K Surendra