Mutual fund distributors earned Rs 6617 crores in commissions in FY 2020-2021

If you’re new to the markets and thinking of investing in mutual funds, there’s one important thing you should know. All mutual funds come in two plans: Regular and Direct. When you invest in a regular plan, you pay up to 1% as commission every year for as long as you’re investing.

But when you invest in a direct plan of a mutual fund, there are zero commissions. On Coin, we offer zero commission direct mutual funds.

Here’s an example. The regular expense ratio of Axis Bluechip Fund is 1.76%, while that of the direct plan is 0.49%. The difference of 1.27% is paid as a commission to distributors for selling the fund.

The thing about commissions is that they compound over time. The more your corpus grows, the more you pay in commissions. Look at the illustration above. On a monthly SIP of Rs 5000, you would’ve paid Rs 12.3 lakhs as commission over 20 years. This is a simple illustration since you’ll obviously invest more as your income grows.

So, if you’re a Do it yourself (DIY) investor, it makes no sense to invest in regular plans of mutual funds. If you’re new to the markets, you might have heard the pitch that regular plans of mutual funds are free. That’s not true; you were just mis-sold.

Why is this important?

Always remember, costs are one of the biggest drag on performance in the long run. Keeping your costs low is one thing in your control, and even tiny differences add up over the long run.

Commissions earned by distributors in FY 2020 - 2021

In 2020-21 mutual fund distributors earned Rs 6617 crores as commissions. Here are the top 20 distributors by commissions earned:

Name of the ARN Holder Gross Amount paid (Cr)
NJ IndiaInvest Pvt Ltd 873.86
State Bank of India 488.62
Axis Bank Limited 393.03
HDFC Bank Limited 344.01
ICICI Securities Limited 264.43
Prudent Corporate Advisory Services Ltd 263.19
ICICI Bank Limited 227.22
Kotak Mahindra Bank Limited 172.97
Citibank 107.34
Darshan Services Private Limited 91.66
Hongkong & Shanghai Banking Corporation Ltd. 84.50
Standard Chartered Bank 76.66
Julius Baer Wealth Advisors (India) Private Limited 70.90
Bajaj Capital Ltd. 65.48
Karvy Stock Broking Limited 59.59
JM Financial Services Limited 59.09
Geojit Financial Services Ltd 48.05
HDFC Securities Ltd 44.36
Total 3922.56

Banks are the biggest distributors

The total commission numbers on their own don’t tell you much. But the interesting thing here is that banks are the biggest distributors. The top 20 distributors earned 3922.56 crores as commissions and just the top 20 account 59% of all commissions out of 1087 distributors. Just 7 banks accounted for 48% of all commissions earned by the top 20 distributors. Banks are among the largest distributors.

It’s been the same historically

Year Banks in top 20 distributors (Cr) Total commissions paid (Cr) Number of distributors
2017-18 3103.7 8,533.73 979
2018-19 2691 7,938.22 1037
2019-20 1720 6,148.12 903
2020-21 1844 6,617.49 1087

I am saying this because banks are notorious for mis-selling mutual funds and insurance policies. They are driven solely by commissions, and they don’t really care about whether funds that are sold are suitable for investors. In the past 5 years, banks have been involved in all the major mis-selling incidents.

Around 2014-17 banks aggressively sold dividend plans of hybrid mutual funds as guaranteed dividend plans. This changed when the taxation for dividends changed. Then credit risk funds which are highly risky debt funds, were sold based on returns. Several funds saw double digits fall after a series of defaults and credit events during the IL&FS crisis.

So, if you’re a new investor, odds are your bank relationship manager might have tried to sell you some mutual funds. Never ever buy mutual funds from a bank. They’ll just sell you some high commissions funds that aren’t suitable for you.

Not just mutual funds, avoid buying insurance policies from banks too. They’ll sell you terrible policies like ULIPS, endowment policies, cashback policies etc. They’ll often show misleading returns to clinch the sale. In fact, don’t buy any investment or insurance products. Just stick to using your banks for banking and nothing else. For your insurance needs, you can check out Ditto.

What does this all mean? I’m a new investor. I don’t understand

While it seems like a trivial thing, where you buy your financial products is also important. So the simple thing is to stay away from banks. At Zerodha, for example, you can invest in direct mutual funds for free.

As for what and how to invest, we have Varsity for that

Related posts:


If I may ask,

  1. March 2020 onwards, how many new users opened Demat account with Zerodha?
  2. How many of that new user base is investing in mutual funds on Coin?

It’s okay if this is a confidential number and you can’t share it, but please analyse the following:

X% of total new investors, from March 2020 onwards till now, who opened a Demat account with Zerodha are investing in mutual funds. What about the rest?

Chances are that the new joinees are primarily on Zerodha for stock investing and trading due to low cost, but they are using sites like Kuvera for mutual fund platforms?

I don’t know. I am just asking. As per Kuvera homepage, where they publicly share the AUM they have been managing, I am noticing it grow significantly.

The above analysis can help you derive the attention Coin deserves to make it better. To stop the leakage (Zerodha users using other platforms to invest in Mutual Funds).

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Some interesting data about mutual funds in this twitter thread.

@Bhuvan Noticed you don’t interact much on the forum lately. Sending ‘hi’ to you. :slight_smile:
Related to your post, if I may ask another question - earlier, you could invest in regular funds on Zerodha Coin. Later it was changed to only direct fund offering.
Since your original post talks about how the MF distributors keep on earning huge commissions, I would like to know if there is awareness amongst the Coin user base to shift to direct funds. Of course, this means Zerodha is losing the commissions, that it used to earn but it is better for the investors. If you can throw some light on whether those regular mutual fund holders on Coin moved on to direct plans? How does the progression in percentage look like?

You can invest in mutual funds directly with the respective AMC. In addition, you can create an account with MFUtilities to not only invest, but also update your details with multiple AMCs from one place.

You can get a consolidated statement of your investments from CAMS or Karvy Fintech website. You also get a consolidated statement of all your stock and mutual fund holdings from NSDL. This includes mutual funds that are not held in demat account, and even stock holdings held in CDSL demat accounts.

Using a demat account to hold mutual funds offers hardly any benefits, is inflexible and only increases complexity. You also cannot do SIP from Coin. Zerodha itself says that SIP is actually processed as a series of lumpsum investments. The other option is to create an AMC SIP, which means Zerodha places the SIP order directly with the AMC, which you might as well do directly with more flexibility. There is also no SWP or STP, and no option to pause and resume the SIP either.

In the last recent times I have seen many investors shifts from Regular to Direct. And the main reason behind this which I have found is that it’s not about expense ratio, it’s more about wrong selling. And even after selling fail to give proper services to investor.

Yep, has been steadily increasing over the past couple of years but direct is still a small part of the overall assets. Overall at an industry level, around 18% of the total assets are direct. Most of the increase in awareness has been due to the proliferation of digital platforms like ours but still early days.


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Quite the opposite, you can manage all your investments in one single place as opposed

to manage your stocks, bonds, ETFs in one place vs MFs in another place. You have a single nominee for all your investments, which makes pledging, obtaining loans easier and makes rebalancing easier because of the single view of all your investments.

SWP/SWP will be available noon, they were delayed due to some regulatory changes we were expecting.

You can instantly pause/resume/modify your investments anytime :slight_smile:

Agree that many years back having MF was a hectic task. Multiple folios, scattered here and there. But with the new age solutions like Kuvera, Paytm Money etc. all mutual fund investments can be managed from one single place.

Yes, this is human truth to have all under one roof. But currently, Coin has many deficiencies that creates unnecessary ‘Rodha’ in the way of an investor.

This is possible with new-age mutual fund platforms like Kuvera, Groww, Paytm Money. All hiccups which mutual fund investors faced earlier don’t exist anymore. With features like TradeSmart in Kuvera, rebalancing is much easier than Coin.

Please note:

  1. If you have MF in SoA format, you can also register for MFUtility and get a CAN number and then once you submit a change request to MFU, it gets reflected by all AMCs. From nominee change to bank a/c or address change etc. One application to MFU and changes are updated everywhere. Even in case of death, the nominee can go for MFU single window. Currently, some of the processes are offline. But MFU is making the process online as we speak.

  2. Holding mutual funds in Demat format has one major drawback - Cut-off timing is not in sync with BSEStarMF. While Coin cut-off is at 1:30 pm, for all funds and for both buy and sell orders, with Kuvera, Paytm Money, Groww you can place an equity fund buy order till 2:30 pm (you get 1 hour extra) and sell order until 3 pm (you get 1 hour 30 minutes extra). So with MF in SoA format you get extra time to place an order compared to having MF in Demat format.

  3. Another drawback of having mutual fund in Demat format is you can’t take the benefit of insta redeem liquid funds and upcoming insta redeem overnight funds.

  4. If you have mutual funds in Demat format, after redemption, it takes longer to reach your bank account. First, the redemption amount goes to your trading account, and then you have to manually withdraw it to your bank account which takes additional time. If you happen to receive funds late on Friday evening, or if you forgot to withdraw it, you will only be able to withdraw on Monday when the market reopens. With MF in SoA, the redemption amount goes directly to your bank account which is faster.

To sum up, the argument that having a mutual fund in Demat format gives you the benefits of one platform to do everything is not exclusive anymore. Because the new-age platforms like Kuvera and MFUOnline provide you the single window access.
Apart from the single-window argument, the above-listed demerits of having mutual funds in Demat format actually give a minus point to having mutual funds in Demat format.

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@nithin I would appreciate if you can spare your thoughts is this debate of holding mutual fund in Demat format Vs SoA format.

Let me add a disclaimer before proceeding ahead:
This is not about Coin vs this or that. This is purely about MF in Demat Vs SoA. And my attempt to understand why does Zerodha offers mutual funds in Demat format when MF in Demat format has so many drawbacks as I have listed above which create unnecessary ‘Rodha’ for investors.

  1. Apart from the pointers listed above (request you to read them), earlier you have mentioned earlier that currently, Zerodha absorbs the DP charges by not passing it to investors so that we can get the service for free like the mutual fund platforms that offer MF in SoA format. To get into detail, Zerodha is losing Rs 5+ on each buy and sell order of Mutual funds.

  2. In the past whenever I had brought up a comparison between MF in Demat vs MF in SoA format, you had submitted an argument that those platforms are being run by deep-pocketed VC money and they are not profitable yet. Yes, you are absolutely true in saying that. But it doesn’t take the fact away that Zerodha Coin, the mutual fund vertical of Zerodha too is not profitable today, and is, in fact, losing in this battle as each mutual fund transaction incurs in DP charges and is adding to the cost and needless to say that as the number of mutual fund investors increases on Coin, the expenses for Zerodha (from the mutual fund vertical, Coin) also increases. I know you recover that loss from other businesses of Zerodha but citing that example would be comparing apples and oranges.

The truth is, both kinds of mutual fund platforms - offering MF in SoA, and Demat, both of them are losing money today.

  1. The other argument commonly encountered on this topic of mutual fund in Demat vs SoA - to be able to manage the portfolio at one single platform. In my above comment (I would request you to read my previous comment), I have already countered the argument that there are entities like MFU Online exist now, that act as a single-window for investors. So having mutual funds in Demat doesn’t provide anything that is exclusive.

  2. In the past you had also presented arguments in favour of holding MF in Demat that sooner or later regulatory would ask investors to hold mutual funds in Demat format, like how it asked investors to get their physical shares converted to Demat format.
    In counter to this view, I would like to bring to your kind attention that despite that so many people still hold physical shares. It would be so until the time regulatory forces you, by making a statement that either move your paper shares to Demat or you lose that completely. Until that day arrives, people would be still holding physical/ paper share certificates. Coming to the mutual funds in SoA format, so the units are already held in electronic format, the buy and sell of units already happen in electronic format. Also, if you compare the universe of mutual fund held in SoA format to the segment of mutual fund held in Demat format, it’s a tiny part of the entire universe. Even if the regulatory some day asks us to compulsorily have mutual funds in Demat format when that day arrives, it would be a massive task and there would be processes set for the migration and timelines to be given. Whenever it happens, (if it happens at all), we’ll see, and we’ll be in that boat, and regulatory would draw a process for that to switch easily for the investors.

Thus, as I have mentioned earlier currently there is little to no benefit of having mutual funds in Demat format.

As a concluding remark, if I may ask, wouldn’t it be smarter for Zerodha to provide mutual funds in SoA format until that day arrives when regulatory asks everyone to switch to mutual fund in Demat format? Wouldn’t it be making more business sense for Zerodha to offer mutual funds in SoA to reduce the transaction costs + overcoming the demerits of mutual funds in Demat format?

I wouldn’t name another broker, but it is doing the same thing. Though share trading is done in demat account there, it offers mutual funds in SoA format. Thus it saves cost on each MF transaction and investors too get benefits of managing under a single window + features that are available for MF in SoA format. Best of both worlds.

I can’t read your mind. So I would request your comments on this. :slight_smile:
I would really appreciate hearing from you on this.

P.S. I would like to reiterate, this is not against Zerodha Coin or Coin vs this or that. This is only a discussion about MF in Demat vs SoA.

Apart from all the arguments that I have made that you have mentioned above, an important one that you have missed is that by offering Coin in Demat, for us operationally the effort involved to power this platform isn’t much. Settlement of MF in Demat works almost similar to how it works for us with Stocks. So, no it doesn’t make business sense to switch to SoA. Also, it will be a nightmare operationally if we offered both SoA and Demat offerings at the same time. We have to choose one, and we have made that choice long back. The only reason we started Coin was that we could run the platform in Demat mode which will incrementally add no load on our business.

Yeah! I had made mental notes before writing that these are the points I would cover but I forgot it in the process of drafting my response. Maybe I need to have Almonds in the mornings now :smiley:

Maybe that’s a conscious choice that time when Zerodha had decided to go for MF in Demat mode only and maybe you are right at your place from operations pov. But, thinking from investors’ pov, if at all there is still some room for doubts, which each new feature launch for MF in SoA like insta redeem etc are making that doubt stronger, it becomes too late for Zerodha to turn the ship now. It has now baggage and legacy issues (which K had mentioned in his latest post well) which it has to live with. I perfectly understand that it is easier operationally for Zerodha now and, despite all the disadvantages MF in Demat format offer to the investors, with a little help, maybe.

If I can talk about this legacy issue or baggage I can cite examples of the telecom sector. Before Jio there was 2G, 3G, 4G etc. and the telecom companies had those legacy issues to migrate to 4G though knowing it is the future. They were only milking the legacy networks. When Jio launched it completely discarded the old systems and built a new 4G only system which made the legacy issues of the other players visible and Airtel, Vodafone etc had face challenges to adopt to the new technology.

The only difference was initially to use Jio SIM you needed those 4G SIM compatible phones but with the launch, that market for smartphone opened up and that drawback wasn’t there. In fact, strategically to break the barrier, Jio had launched a low-budget 4G smartphone brand LYF only to nudge the phone players to make 4G LTE compatible smartphones. And once the mainstream mobile layers launched their 4G phones, Jio killed LYF brand as its purpose was served. It was just a bait.

The only difference I can see here is that Zerodha is attempting by offering us free transaction of mutual funds and is absorbing the DP charges etc but the fact is that in this model of working, the investors are still facing some issues and are not able to avail some features which Zerodha can’t help about, not that it doesn’t want to (unlike in that Jio example where Jio flooded the market with LYF low-budget phones to counter that issues of availability of Jio compatible phones). I do not question Zerodha’s intention but in this game, somehow the investor is still losing something out with those drawbacks of MF in Demat format.

I hope you have counted the load of transaction and DP charges because with the increase of MF investors on Coin, that load will only increase. Maybe for a new stockbroker it makes perfect sense to offer shares in Demat and MF in SoA without having those legacy issues. The advantages of starting new after learning the lessons from the existing market players. Since I do not know much about those platforms, it wouldn’t be sensible for me to comment about them any further.

But if I have to speak my mind, and you can judge me for saying this, the relationship between Coin and me is becoming like the relationship with my ex-gf, whom I loved, and with whom I wanted to live together, and in fact, we were in a live-in relationship, but I didn’t want to get married because of the bondage marriage brings in, whereas I wanted to be free. Marriage to me is in the mind. The idea of societal marriage at the core is vague to me. There was no other issue of cheating, adultery etc and for that sole reason, we got drifted away. Neither she was wrong, nor I was. It’s like some love stories are good only in books and movies, not in real life.

With Coin it has become like that, I want to be with Coin, but I find some bondages with this relationship that clutches my freedom. I see potential in Coin, which I want to be with. In fact, I have a small portion of my portfolio with it. Nothing is perfect and I also understand Coin can do this much only. But the demerits are nagging me every time I transact. As an investor to compromise on those features, and Zerodha though has all the good intentions can’t help much.

Here, too, neither Zerodha is wrong, nor am I. Both are right at where they stand. But at least I am bringing out, asking these questions, seeking truth, while others are unconsciously getting along to whichever platform Demat or SoA (or marriages) without being conscious.

I don’t know if you get my point, but I have spoken my mind. And you are free to judge me by my words. :slight_smile:

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Cost of supporting SoA >> the DP charges cost that we are bearing.

MF in SoA >> Demat mode in terms of legacy issues & external dependencies.

Even if we had to start Coin today, we would have decided on Demat over SoA.

From reading this back and forth between you and Nithin over many threads, this is the impression that I get:

  • Offering mutual funds in either mode is guaranteed to be a cost centre for Zerodha, for ever.

  • Offering mutual funds in demat mode involves an incremental cost over all the work that they anyway have to put in to keep up, grow, and improve their core profit centre, namely: daily trading on the stock exchanges.

    • Think: one extra developer to tweak some flags once in a while when something changes in the main trading engine, and to keep an eye on daily reports, test cases, etc.
  • Offering mutual funds in SoA mode involves a significant (and ongoing) cost, mostly divorced from their main work

    • Think: an entire team of developers, managers, liaison experts etc. to develop and maintain a totally different tech stack, and keep in sync with (and pacify!) all the twenty hundred external entities involved in the operation (MF houses, RTAs, payment processors, and types of beings which don’t exist even in my dreams) on a daily basis. Also add the risk of breaking the main trading tech stack because these two have to interact at some point.
  • Excel sheet at Zerodha goes brrrr… and spits out that paying 5 rupees per sell transaction is peanuts compared to the cost of this extra headache.

  • Ergo: demat, not SoA. Makes eminent sense.

Now, as you said, the demat mode is perhaps objectively worse than the SoA mode for some customers. But notice: demat is not worse to the extent of being unusable; it is only worse in a certain incremental sense, and questionably so: witness all the arguments and counters.

But offering MFs is not the core business of Zerodha: it is something that they offer us as an added convenience. Think of your favourite restaurant. Do they provide great food and ambience? Yes. Do they have to provide a large selection of great desserts as well? Not really: they can get away with providing a couple of good choices for dessert. An ice cream parlour or bakery, on the other hand, cannot settle with this if they want to be great: they have to provide a big selection of good desserts.

It does not make much sense for the restaurant to put in a whole of effort into enlarging their choice of desserts: they can stop at some point and say, yeah, 5 good desserts are enough. Not so for the cake shop.

If you are really particular about having a great choice of desserts after dinner, you will probably drive to the good cake shop after dinner to get the dessert. This is the kind of thing that (I think) is happening with Zerodha and mutual funds. An average user who wants to have both their trading and their MFs at one place can use Coin. Someone who is more discerning about cut-off times, instant redemption, and so on, can choose one of the other options for MF.

P.S: If you are reading this and are part of the the Zerodha Coin team: Please don’t take the “one developer” example as an insult; that is just an example, and I know that it can take a full team to make things work.

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Good that we are having a healthy debate here. Unlike the TV news channels. :smiley:

@nithin I completely understand your point of running a business wisely to have optimal use of resources and thus offering mutual funds in Demat format. I buy all your points about the cost factor, legacy issues, and external dependencies so Zerodha prefers Demat mode for MF.

But, don’t you agree with me that in this bargain, investors are losing something? Out of all the issues of Coin that I have listed in this thread, the most important one is the rigid cut-off timing at 1:30 pm.

Nithin, in your previous response you have mentioned that the MF orders are executed the same way as the equity delivery orders.

If it is so, then why is that Coin has an additional gate that closes at 1:30 pm, while the BSEStarMF cut-off for placing buy order of an equity MF is 2:30 pm and BSEStarMF cut-off time for sell order of an equity MF is 3 pm. So Coin asks you to place a buy order 1 hour prior to BSEMFStar cut-off 2:30 pm. And Coin asks you to place a sell order 1 hour 30 minutes prior to BSEStarMF cut-off 3 pm.

If the structure of Coin is similar to how it processes stocks, then there shouldn’t be any pre-closure at 1:30 pm.

To everyone, who wants to counter my point by jumping with arguments like - it doesn’t matter in the long run, etc comments, please spare the discussion and honestly reply to this - if tomorrow Zerodha Kite brings in an additional gate so that you can’t buy or sell stocks after 1:30 pm while the market closes at 3:30 pm, would you say the same thing? How would you feel?

Moreover, what happened on 12th April when all lump-sum orders on Coin failed, should have been a wake-up call to resolve the issue ASAP. And this got me thinking that these two issues are interrelated.

If Coin could execute the orders immediately in real-time instead of holding on to them and then executing them in bulk post 1:30 pm, then there is no question of any buffer time required to validate the orders. Zerodha could have avoided that 12th April incident.

I did a lot of research on this cut-off timing. Went door to door of each broker website, spoke to their customer care, to find out which stockbrokers are currently offering MF in Demat format and what are their respective cut-off timing. There are stockbrokers who are also offering MF in Demat format + their cut-off timing is equal to BSEStarMF cut-off timing. They don’t pre-close the gate. So I know it is possible to get rid of the bumper on the highway that Coin currently has. If those stockbrokers can offer MF in Demat + have cut-off timing equal to BSEStarMF, then why can’t Zerodha do it?

I have tried everything so far by constantly nudging (which the team might be feeling as nagging by now), showing resentment and frustration, raising official Zerodha support ticket, waiting patiently for 9 months, and yet the needle has not moved. I didn’t want to, but then I was left with no other option and I submitted a complaint at SEBI (not an act of vengeance or revenge, but thinking if SEBI interferes, things would move, maybe), and you might be aware of the complaint is still open and the compliance team is not answering my questions in order to arrive at the truth.

I don’t know what more can I do. The SEBI guy called me when I made a further appeal, asked me that why don’t I just quit and move to another broker, I told him simply, can you email me what you are advising to keep on the records. If I wanted to move out, I would have just silently resigned. Nithin, if you are listening and if I can offer you something out of this discussion is - if a customer is ranting, it is only because he wants to be with you. And the rants are about what is troubling him. If he wanted to move out of the relationship he would have gone forever without making any noise and become indifferent. The same goes with interpersonal relationships also. People fight because they care.

@ZeroIndian welcome to the discussion. I read your post but I have a little concern about this statement of yours.

If Zerodha is in it, it should be in it wholeheartedly. Why play the game half-heartedly. Nithin being a sportsperson would agree with me.

This is just the impression that I got by reading Nithin’s responses over many threads; it may be wrong, only Nithin will know!

Running a business is all about trade-offs. Yes, there are some misses in the way we offer mutual funds, but that is something we have made peace with. Some of these points we have already discussed many times in the past, not point going over and over on it.

You have captured the sentiment correctly. :slight_smile:

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I hope the compliance team also man up to own the facts in reply to my complaint to SEBI and acknowledges the truth because the last two responses are blatant denial saying “there is no deficiency.” These are Zerodha compliance team’s official words to SEBI the last two times.

I hope that Zerodha has not made a false promise to me on ticket no 20200921976293 and ticket no 20210419962395 that they will be resolved, while kept me on an endless wait (9 months and counting). More than you I am eager to see the tickets closed and RIP.

I also hope K and team are capable enough to get away the 1:30 pm cut-off roadblock of placing MF orders, and make it equal to BSEStarMF cut-off timing as those other brokers and their unknown, uncelebrated team is doing.

Only then I will make peace with it.
Until then let the fire be on because I know, and you too know at heart that what I am asking for is the right thing to do.

Life is a trade but certain things are non-negotiable.

I rest my case. :pray:

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@nithin Morning!
I was reading this book and found an interesting word that encapsulates the above-said feeling of mine. Reactance.

When you draw a parallel with basic features not available on Coin (that should have been, not like the restaurant example that was put up above, but because it is a business where services are offered as per guidelines of a regulatory). You may realize the underlying feeling when we are forced to an early cut-off at 1:30 pm. And now that you have a word that explains it.

This word ‘Reactance’ is applicable for both sides, me, as well as you and your team. By being reluctantly pushing, trying hard to help you and Zerodha team understand my point and why it is needed, it’s not only me who is losing the steam in the process, but also it might be putting off you and your team with a feeling that this guy just cribs. Why is Rupesh always so frustrated and sounds like a broken record. It has a negative rub-off effect on the team on the other side of the table. Your team may have a feeling of ‘Reactance’ that they are being forced to correct this Coin issue. I know it. I just wanted to convey to you that it’s never was the intention.

In this trade-off, now that Zerodha team had promised me last year that they would resolve it, and after 12th April, it must have been more clear to work on this issue, and find a middle ground which is a better solution than the current solution we have. I trust the team is working on it as we speak and I hope you realize (whether you admit it or not) that I too have been holding my patience for long. Yes, sometimes, the lid gets off. I am only human. 9 months is a long time. A baby is conceived and born in this time period. Can you feel the pain of a woman who is pregnant for 9 months but unable to deliver? And while I understand your part completely, the decisions that were made earlier so for business reasons. Maybe that time to launch it was the right thing to do. Is it today? I only want to draw your attention to think from an investor’s pov. Say for whatever reason, you got late by 1 minute and it’s 1:31 pm and you can’t order today. Have you ever missed a train or a flight by a minute? How does that feel? The ‘Reactance’ come into play then. Exactly. All I am saying is to find a middle path that is better than the current shape in which Coin is now, which of course the team is working on. I know and you too know that is possible. Yes, it would require some extra rigour. Some midnight oil needs to be burnt. That extra rigour, that extra mile the dev team has to walk now, I know it’s painful, but that’s the right thing to do. “What’s good for investors is good for Zerodha”, you have this philosophy or principle already in place and I see it in realize in form of Nudge or Kill Switch .etc. I only wanted to draw your kind attention to Coin. There are more number of investors than active traders in the market. It will always be so. Mutual funds are what they prefer. Even if it Coin doesn’t make money currently, it’s not that it can never be able to walk on its own feet, it has the capability to earn profits, and the human capital of this MF investor community will give you the returns in the long run which currently looks an intangible asset and so is neglected (for the lack of a better word).

It’s just about two people understanding each other. It’s never about me trying to be right, or trying to win the fight. Most issues of this world can be solved if two people can just understand each other. I have always respected and appreciated that you reflect honesty in your responses (there might be differences in opinion, that’s okay) and you take time to read and respond to people here despite your busy schedule. :pray:

Have a good day ahead!

so much to reflect on…