I am currently trading in Derivatives through Axis Direct linked with my Axis NRO account. I have my CP code and would like to connect that with Zerodha.
I have also a Sizable Long-Term Portfolio linked with NRE account and would like transfer over to Zerodha.
Will you able to connect to AXIS DIRECT CP Code for me? as its quite a cumbersome process to get the CP code from IL&FS being processed from where I am right now. My doubt is if you could connect to AXIS PIS account then you should able to connect to Axis CP code as well - right?
Will you be interested in providing brokerage services to NRIs or only you focus on Retail Indian customers as priority, as I have been given that impression from your customer support team so that I make no attempts further to process the migration process?
I hope you will take a moment to write a response to me.
Thanks
S
Your observation is true. ZD is opening 30k accounts in a good month, so there is really no time for them to serve special needs of a NRI wanting to trade derivatives via CP. Also, their stretched IT backbone and relatively young staff means - they would have to spend senior resource time on managing this account which might not be feasible as far as I think.
By SEBI they are mandated to offer all kinds of accounts - but they dont want to grow their business on non-standard accounts to keep costs and/or operational hassel under control is my impression.
It appears to be true to me too, now that @nithin has not found time to answer this post of mine after 10 days. I think he would not have got time because he might be busy making Bahubali 3 with his brother and his team is busy cleaning the mess they have already created.
Frankly, it needs no special skills to handle NRI customers with the current set-up they have already created. All the people who serve me at Axis Direct are similar to the people in Zerodha, only I think Nithin has no interest here. I understand there are two parts of the business - one to meet the expectation of the existing customers and the other to expand into new avenues and Zerodha seems to give importance to only the first part - which may be okay as per their business plan.
It’s funny that their team first wanted to open an account for long-term portfolio and let me get stuck without having a derivative trading set-up until I run after IL&FS to open CP code.
Now, maybe this thread will go unanswered or get deleted as Nithin has no point to make
We can connect AXIS CP Code provided Axis is ready to give instant confirmation of F&O trades. Your funds will be sitting with the custodian, if they don’t give instant confirmation, we will run an open risk (there is a chance of you executing a trade and then saying you didn’t, has happened to us in the past) until they confirm. The reason they don’t give instant confirmation to a broker like us is because they fear losing their brokerage business to us. If you can manage to convince them to give instant confirmation, we will be happy to support. If they don’t, we can’t. The risk is just too high, and doesn’t make sense for us as a business to take with razor thin margins.
Of course we have a team who can help you out. If it is equity investing, it is quite straight forward. For F&O, like I mentioned above.
I didn’t get the reason behind the sarcasm though. I take time off whenever possible to answer queries on tradingqna and other places. There are chances that I miss out. If you have account specific queries that needs to be answered on time, best to send it to [email protected].
Thanks for finally responding @nithin. I have been writing your people from 1st of May (can send you all emails if needed) and ended hitting a dead end, which is frustrating. I had asked the same question to explain technically why they couldn’t connect to Axis CP code, which no one has answered for past 11 days. I understand people are busy and putting a lot of efforts to make things better, but I am sure you can get some time out to answer potential customers too.
Since so many days passed by, I am unable to get the exact documents required for this migration, being out of the country and processing being difficult at the place I am. I had directly contacted the IL&FS guys and they were helpful in explaining it in simpler terms. But if you can get things set-up with Axis, I could get little more benefitted.
I will check with Axis Bank if they can give the instant confirmation of the funds. Either they fear or not they will be losing the brokerage business, so don’t worry about that
I had learned a great deal from Varsity, and I really appreciate the efforts you are taking to make a change. I also request Zerodha to be more open to customer service than blank mail saying “no we don’t do it” - “we can’t” - “if you want, just do this”.
Yes, I have been way more personal and sarcastic but it was only to draw your attention and not to let you down.
Can you ensure that I get some response from your team or a person in charge whom I get in touch for replies in a “better” time frame?
@nithin - this is the response from your NRI helpdesk (dated 24th May), when contacted after getting no response to three emails to Akshay,
Akshay has moved into a different vertical in Zerodha and wouldn’t be available to answer email instantly.
Also, we offer the CP services through our Custodian who are ISSL (IL&FS). SO, You wouldn’t be able to use the same CP code and trade with Zerodha. You would need to close that account.
After I responded to this mail, even NRI helpdesk stopped replying.
Seems like you have to go a bit out of the way now and not give some generic solution.
@nithin I have checked with Axis Securities and as you said, they are not willing to share the CP code with Zerodha. So I am left with the IL&FS option only.
