I have actively traded in Month of May 2020 and April 2020. And yet Zerodha has tramsferred my funds back to my Bank account? Why?
Even I have not recieved these funds in my account. I want to transfer it back to Zerodha account in next 3 days from today or Zerodha will penalize me with Quartelry fund settlement charges ( when did it started? does SEBI aware you charge your client for quartely settlement ). Dont try to lie on this topic or I will make mail from Zeodha a viral on social media ( a mail where zerodha asking me to transfer money back to trading account in 3 days or they will charge me for quarterly settlement)
I started trading with Zerodha back in 2012; a great startup back then; so friendly to trade with.
It is becoming a headeach to trade with as days are progressing.
Ok, before getting this checked can you confirm if you are doing intraday trading or you used to carry forward positions?
Also charges here include transfer charges ie payment gateway charges which are 10.62 rs which are charged for net banking. Mail is saying if you transfer back in 3 days we will bear those 10 rs on us and refund.
Check here for more on payment gateway charges.
I did not carryforwarded trades. Carry forwarding never works for me.
I did intraday.
There are no charges for NEFT then why Zerodha asking for settlement charges.
Tell me, how I will deposit back these funds to my zerodha account in 3 days if I will recieve this amount after 3 days?
Ok here is another query. What if I have 5 cr in my trading account which I will. And I am only doing intraday? will you be settling my account in 3 months?
Its not heaeache to transfer 1 lack but it would be hedeach to tranfer 5 cr. Does RTGS even support tramsferring that much money? and then RTGS charges. You see where I am going? Whats the solution
What if I buy one lot of USDINR and carryforward it. Will it solve issue of Quarterly settlement?
BTW quarterly settlement done on 23rd May 2020 must be for Jan to Mar 2020 right? In that case I did not trade with Zerodha in that quarter.
There are a bunch of math that needs to be done before ascertaining whether an account has to be settled or not. We run the program everyday and select a few clients that get settled. This is an ongoing process. You would have received an email and an SMS in advance stating that the quarterly settlement is due in the upcoming days.
We don’t ask for any charges, we state that if you transfer the funds back within 3 days via the payment gateway (which costs 9+GST), such charges will be refunded.
The Quarterly settlement isn’t our initiative, it’s a rule by the SEBI that every broker has to follow. If you’re being told by some broker that there’s a certain way to circumvent this rule, I’d advise you to remain cautious.
No, that’s now how it works. As I said earlier, there are a bunch of rules that are fed into the system (rules prescribed by SEBI), if you account falls due for settlement, funds will get transferred back.
If’s a continous process, this time the payout may have happened on Friday, next time it could get done on any other day of the week.
Payouts are done once every 78-85 days.
The idea isn’t to figure a way to avoid quarterly settlement. I can understand the grievance it causes to an intraday trader when the funds are there, almost like an opportunity loss, but do understand that this regulation was brought about by SEBI to ensure broker’s don’t misuse client funds.