Mr. Kamath (or anyone else from the zerodha team).
I am a 22 year old, been trading in the markets since a couple of years now. I am well versed with the markets.
I would like to know on what basis zerodha blocks its customers from purchasing shares in stocks which are in the S+ framework of the BSE. Is zerodha a brokerage or an investment advisory?
I tried purchasing shares of a scrip called MARG LTD. (530543) on BSE and was told that your RMS department has BLOCKED all purchase of this security through zerodha. I was fortunate enough to have an account with another broker who allowed me to purchase my shares.
If the BSE allows trading to continue in a stock, who is zerodha to decide whether or not i should be able to purchase those shares. Its my money. Just because a stock is in the S+ framework does not automatically make it a fraud company. I have been tracking marg since the past 4-5 years and i am convinced about its business. How can YOU decide that i cant buy the shares? Specially AFTER i have already deposited the money with you?
Your responsibility ends at ensuring that the person buying knows that the scrip is in the S framework. I’m sure people with an IT background such as your team can ensure that such a message pops up before the order is completed.
On the day that i wanted to purchase the shares of marg, on the 19th, 20th and 21st of February, the price was around 17-18 rs. As of Thursday 1st March, the price on bse is Rs. 21.15. That is a 17% increase in price. What if i did not have another broker to purchase the shares through? Would you compensate me for this loss?
I would appreciate a reply from someone in a position to answer this question.