@Meher_Smaran zerodha support team has been like this for years. Last time I posted support (around 4 support tickets) I got canned responses (a while back after which I stopped posting tickets). I had to DM @nithin to get someone from support to call me and address my concern. While regulatory complexities are a reality, the support team can at least send better correlated responses like zerodha guys (@nithin, @ShubhS9, @siva, you) do here on this forum. The general feel I have got reading responses from the support team is that this is a computer program sending responses because answer is not to the question.
1 Like
I too agree that the support system needs improvement. But, trust me, Upstox customer support is far far worse.
3 Likes
I think everyone takes it as a âpoint in time/day fixâ rather than considering it as a âmonth long fix to avoid even higher penalty.â And their lies the problem.
Let me explain, the way I look at it -
- This email / sms / call notification is not just required but quintessential because these margin penalties are a kind of strike based system which increase progressively. From here -
If the short collection continues for more than 3 consecutive days, a penalty of 5% is applied on the shortfall for each subsequent instance of short collection.
If there are more than 5 instances of short collection in a calendar month, then penalty at the rate of 5% is charged for every further instance of shortfall.
So it is better to know at the first instance when the shortfall occurred - overnight or intraday. And it is possible that you had shortfall intraday but no longer have a visible shortfall after market close. It is still considered a strike if exchange checked it and at that point you were negative.
-
If you have received the email - âProvisional margin shortfall for F&O positionsâ or call consider yourself already one strike down. It implies there was a margin shortfall intraday or overnight and the exchange may or may not have caught it based on the time they check (luck). Now being lucky should not be part of your trading strategy. So there is no point in brooding how much money should be added. It is better to think in terms of avoiding the next strike - by squaring positions or adding funds.
-
You will get to know the exact penalty only 10 days down the line in ledger with GST included. Earlier when these notifications were not made available on the same day and the rules were recently introduced - I used to get a super shock next month because I wonât square off my existing positions or add funds - resulting in 3 continuous strikes or 5 instances in a month before even the first inkling that there was indeed a shortfall. And that invariably used to result in 5% penalty day over day.
And I am sure right now also there is something new going on as well with the effective implementation of few changes on this around 01-Aug-2022 but trust me, it is better to cut your positions / add funds and ensure you donât get another strike than brooding over why you got this one strike. Clarity at the cost of 5% penalty is not worth it. So I take those âprovisional shortfall messagesâ as the point in time after which one should become extra cautious and conservative especially for the next 3 days and the month.
This margin thing is lot of headache. Thank God Iâm not into derivatives
I appreciate your response but I do not agree to any of what you have said.
Thanks anyways. 
1 Like
Dhan and Finvasia support is way way better than the big boys.
Correct. I can vouch for Finvasia as I have an account with them. Their live chat costumer support feature is their USP.
Live chat support is not for account maintainace like trade , account modification. They are just for general help and they are limited to ucc code , further support is by prism which they delay in response. Trades are only done by them is through trade and call feature only.
@Jason_Castelino did they charge you any peak margin penalty ??
Today i got a message that i need to add funds before end of day to avoid risk of paying peak margin penalty
So far itâs not debited to my account.
Further I got a response from Support saying there wonât be penalty charged as long as I donât fall short at the end of the day.
Again, received an email & call for the same thing, even though the account is well in positive like last time. Have reopened the earlier ticket : #20220811222448
@MohammedFaisal, this is getting really annoying now. Adding funds isnât always possible, and that too for something, which may not have been needed in the first place:
@Nithin, how are we supposed to contact Zerodha support if they shut shop at 5 pm and the email is received much after that? For new account opening, the time is 7 pm incidentallyâŚ
1 Like
@viswaram , was there any major difference between your Fridayâs EOD margin & todayâs BOD margin? And are the âEOD excessâ & âpeak excessâ columns positive or negative in your Fridayâs margin statement?
Fridayâs reported shortfall and today morning required margin tallied.
The margin requirements were higher as per my estimates, guess why?
At 2.27 pm the same position margin requirement fell by 8 lakhs and reverted to normal.
In your case, tomorrow opening margin requirement should be what you have + shortfall requested by broker
Update: Like last time, there was hardly any change between the EOD margin available yesterday (9.46L after adding 3.5L for apparent shortfall) and BOD today (9.35L).
Also, on the daily margin file, the âEOD Excess/Shortâ column is well in positive.
Also, there wasnât any hedge involved like last time. Again, all this was for nothing.
1 Like
@nithin , you may not like to hear this, but thereâs something not quite right with your EOD margin reporting system, at least for overnight positions. Somethingâs amiss in whatever changes have been made post the August rule change. This provisional shortfall thing has happened twice in the space of 8 days and I know for a fact that Iâm not the only one facing thisâŚ
I keep wasting my time writing these posts, and I keep wasting yours by tagging you repeatedly. So, please look into this.
CC: @VenuMadhav
2 Likes
Please DM me your client id to check.
Youâll receive a response in sometime.
Hey Sachin,
I have DMâd you the specific details for your account, please have a look.
1 Like