Migration to Orbis - Trading all Nifty/Bank Nifty strikes

Hi Has any one Migrated to Orbis Financial , due to strike price issue ?
If yes how is your trading experience , and anything important to note.

The migration to Orbis will allow you to trade all strikes of Bank Nifty and Nifty throughout the week. We’ve helping few of our clients to shift to Orbis at the moment. This will reduce our OI levels which cause the trading range restrictions. In this setup, while you continue to trade with us using Kite, your trades will be settled by the custodian, in this case, Orbis.

You need to open a custodian account with our partner, Orbis Financials Limited, which we will help you with. If you’ve received a call from our team and submitted your documents, we will get the ETA for your account checked. You can DM me your client ID and contact details.

Although you will still be able to use Kite, there are some restrictions:

  1. The Orbis custodian account can be opened by Individuals who have a net worth of at least 1 crore.
  2. Only F&O trades are allowed in this account.
  3. You will not be able to pledge holdings for collateral while trading.

Due to the restrictions, only some of our clients might be able to shift to Orbis. However, once these clients have been onboarded by Orbis, the problem will also be resolved for other clients as well (since the overall OI levels at Zerodha would reduce).

2 Likes

@AbdulZaid
whats the status on it now?
Hows it working?

Hello @mohitmehra & @siva I was migrated to Orbis few days back & during my migration i was told my brokerage fee will be waved off for 1st month. I wanted to check if that waved off money will be credited back to my account exactly one month after we moved to Orbis or is it on the month end?

Also will we be intimated on the brokerage fee reversal through email? Spread some light on this topic. Thank You.

Hey Abhijith, at the end of your first month with Orbis, the brokerage charged will be reversed. You’ll be able to check the balance in your Console ledger. We’re running the refunds around the middle of the month for all clients who’ve completed their first month as on that date. The last refunds were run on September 15th.

@siva @mohitmehra
I migrated to Orbis recently from then onwards I have observed many problems

Today the avg price in my positions shown wrong so my total P/L displayed wrong.
When I contacted to customer support in the morning they said like they are troubleshooting the issue but till the end of the day they did nothing.

They said like orbis clients will be connected to customer support quickly but I waited for 17 min on call but still not connected.

As I’m addicted to zerodha I migrated to Orbis…but in recent times the customer relation is not good.

Hi Laxman, could you DM me the other issues you’ve faced? We’ll have this checked.

how will i withdraw my brokerage reversal from zerodha…as withdrawable balance always remain -ve as charges are deducted daily @mohit