Hi,
Just need a clarification. Multiple SEBI circulars makes things difficult to follow.
I trade only in futures, and I was on holiday between 23rd Dec and 3rd Jan. I had traded normally in Dec till the 21st. I did not take positions in the first week of Jan due to event risks of the Iran-US showdown.
On 9th Jan, ALL my zerodha funds ( which I use to trade futures with) were transferred back to my linked bank account. Since I was about to take positions that day, I scrambled to transfer back the funds to the zerodha trading account. A transfer of 7.4 Lakhs got failed due a technical reason. After that I couldn’t re-transfer the funds. I called my bank and they said that since it was a failed NEFT transaction, I could only transfer 2.6 Lakhs ( As NEFT allows only 10 lakh transfer a day and even a failed transaction is counted as using up the limit for the day). So, I transferred the 2.6 Lakhs only on 9th Jan (yesterday).
I then called the zerodha call centre and they told me that the funds were transferred as a part of quarterly settlement. I told them that this had happened some previous quarter as well and that I made the settings change ( on zerodha console) they asked me to so that the auto transfer to my bank account doesn’t happen again. THEY SAID THAT SEBI NOW MAKES IT MANDATORY TO TRANSFER BACK ALL UNUTILISED AMOUNTS TO THE BANK ACCOUNT AS A QUARTERLY SETTLEMENT.
Is that the case? Do I have to endure this auto-transfer to bank account every quarter? Please clarify?
Thanks/