I just came to know from few of my friends who have opened trading accounts with 5paisa and Motilal without sending the POA . These brokers are offering e-signing through Digio. I wanted to understand why Zerodha is not offering a fully digital account opening process without any physical POA submission through Courier?
@Rakshit : Another way is to open demat account with SHCL or a bank and trading account with a member of nse/bse who allow delivery of shares sold through Speed E or Easiest . no POA is required at any stage .
@Rakshit,
Our Account Opening is online and you can eSign the account opening form using Digio. However, the Power of Attorney document is a legal document that cannot be eSigned and requires a hard signature. While you can open your account online and buy shares, you would require to submit the PoA to be able to sell the stocks.
Below is the reference from the IT Act, 2000:
"1 (4) Nothing in this Act shall apply to, —
(a) a negotiable instrument as defined in section 13 of the Negotiable Instruments Act, 1881;
(b) a power-of-attorney as defined in section 1A of the Powers-of-Attorney Act, 1882;
Please check with other brokers like 5paisa Motilal Oswal allows you to sell as well without poa. So please let me know are they doing anything illegal?