Is it possible to revoke the POA from the broker (Zerodha for example) that was provided at the time of opening the account?
My concern stems from the cases like Karvy where the broker misuses your securities and potentially jeopardizes the shares held in the DEMAT account.
ps- I trust Zerodha but still wanted to know if there is an option like that.
Yes, you can revoke the POA by instructing your broker and following the required steps. Mostly by sending the POA revocation form.
Update: @Neha_Raghuraman All the new Zerodha accounts are non-POA accounts. You will soon be able to revoke POA online and move to the non-POA or eDIS route.
@TheGouda: Is there an ETA for this?
All the new accounts are Non-POA accounts so eDis is route is already available for them. Revoking POA online is the only process to be updated. No ETA but soon
@TheGouda Thanks for the info. Looking forward.
Any updated on revoking POA online?
Can you give link to the form for revoking POA ?
Request you to raise a ticket at support.zerodha.com
What are the Drawbacks of revoking POA? Also can anyone point me to the process to pledge securities for Non POA account. @TheGouda
@ShubhS9 I am contemplating revocation of POA. Are there any consequences I need to be careful about besides the requisition of TPIN to sell holdings??
No, all else remains the same. Only that you’ll have to provide TPIN authorisation when selling shares.