zerodha says Since the OI position is too high ; they are recommending to switch to Orbis , if we want to trade in contracts with out the “strikes restriction” .
BUT , i wonder ; how will this make the difference ? because ORBIS is not the broker himself .
Orbis is just the clearing member only .
The broker is the same i.e. Zerodha (irrespective whether i trade with zerodha directly or i trade with zerodha via the orbis route )
Then , how will the OI limit restriction will get resolved ?
(1) may i know the reason ?
(2) if this is so then ; can we open in orbis for the cash equity derivative f&o and can we open in zerodha directly to trade in currency derivative f&o ?
i know orbis is not the broker , but the clearing member only . BUT , my payout and payin will happen with the Orbis account only . So , just , curious to ask : (in case of any mishap) .
just like i have investor protection fund of 25 lakhs from sebi/exchange ; in case of any default by the broker ;; do i also have the protection in case of any default by the orbis ?
The OI restriction is applicable per clearing member. Since the trades are being cleared through Orbis, the OI isn’t attributed to Zerodha.
Currency derivatives is a separate segment and requires a CP code to be assigned (like the CP code assigned for F&O). Separate ledgers are maintained for each segment, which may cause operational difficulty while liaising with the custodian (Orbis). We’re working on enabling this for clients who trade both segments.
No, there are operational challenges around this.
The note on NSE’s website makes the mention of claims being accepted in event of default of “members”. In this case, the broker and custodian are members of the stock exchange and clearing corporation respectively.
If this is so then why zerodha is having problem with OI restrictions as a broker ? Is zerodha also a clearing member ?
you mean to say that since the custodian (orbis) is the member of the clearing corporation BUT not the member of the stock exchange ; the investor protection fund claims will not protect us and is not available to the orbis clients , in case of any default by the orbis ?
A stockbroker is required to settle their trades through a clearing member. For the F&O segment, they can either settle the trades themselves (like Zerodha does) or appoint a professional clearing member to settle the trades.
The Guarantee Fund of the clearing corporation provides for compensation in the event default of clearing members:
Further, there are only 18 custodians registered in India and have to undergo very stringent reporting compliances. Generally, big investors (such as FIIs, FPIs, hedge funds, etc.) make use of the services of a custodian.
I have 2 questions on this topic. Request feedback:
Can I open a new Zerodha Account directly with Orbis to avoid transfer procedure from Zerodha to Orbis?
I understand that we can trade only F&O with Orbis linked zerodha account. In this can we get the facility of GTT orders in F&O which we have presently in Classic Zerodha account?
I am facing an issue with orbis, and no one is coming forward to sort it out. I placed a withdrawal request on 28th January, till now it is not credit nor my 60 day challenge figure is updated, so I placed a fresh withdrawal request again. When will I get my money credited to my bank account? My ticket number is- 20210201779882. Please look into it asap. I can’t wait for my money to credit in my bank account after 1-2 weeks timeframe.
Is it really required to show proof that you have 1 cr networth ? Can’t a person with say 20lakhs migrate to orbis to avail no OI restrictions benefit ?
Having this checked. Will have the team respond at the earliest. The funds will be received one day post the request is processed subject to sufficient funds being available in your account.
Can I get f&o margin in INTRADY after September 2021 sebi peak Margin rule applicable? and if I get than how much Margin I get in INTRADY in orbis account?
From September 1st, 2021, there will be no intraday leverage offered in F&O segment, you’ll need full SPAN + Exposure margin. You can check out this post for more information: Peak margin requirements from Dec 1st 2020 & its effects
Hey I am looking to migrate to orbis but have some queries. I trade weekly option contracts of bnf and nifty both intraday and positional.Will i still be able to sell weekly option contracts even on expiry day using orbis?
Will i be able to use api? After migration do i need to alter anything in the kite connect app which i use to connect to my algos?
For how much time my trading will be affected/stopped during the mogration process?
Is 1 cr net worth still a criteria for migration?
My account is under migration but they are saying I cannot use zerodha pi
Please note that for me pi is very much required as I’m an option hedger and need to place trades very quickly
Kindly clarify if I can still use pi after migration to orbis
You can continue to trade using Pi once you migrate as well.
There are no such restrictions that you wouldn’t be able to use Pi and are only required to use Kite once you migrate. You’ll still be able to use Pi and place orders.
However, there will be no more development on Pi as it is third party product.
