Why is Zerodha doing all this

1.First they removed 60days challenge brokerage refund and said regulators asked them to do it and promised an alternative in the new console, But nothing came

  1. They removed 10% referral earnings and gave same reason that regulator asked them to stop, but still many other brokers having referral rewards.

  2. Now they trying to remove intraday leverage by saying the same old reason, But all other brokers are saying they didn’t received any communication regarding intraday leverage from exchange so we are continue to provide leverage.

  3. They also removed some tools like Quant and stop developments on PI

I think @nithin is trying became monopoly in brokerage industry, as the main reason for ppls to choose full time brokers is leverage and thats why zerodha is very much interested in removing it ASAP

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  1. NSE specifically asked to remove referral plans, we pushed them for it, they have recently put a circular saying it can be given again. We are planning to launch this again this week.

  2. SEBI specifically put out a regulation that said brokers can’t do any form of rewards that might induce trading. So we had to remove brokerage refund for 60 day challenge.

  3. NSE and BSE has put out circulars saying stop intraday leverage. I have shared the link and screenshot here. If all other brokers are saying they haven’t received they are lying. It is on the NSE and BSE website. They are being stupid keeping quiet. What is needed now is to push for the rule to be changed.
    Why did the exchanges publish a clarification on no additional intraday leverage?

  4. Console is much better than Q our old backoffice. Now that console is ready, we are working on all types of visualizations to help get better trading, much better than what Quant ever was. Pi is a third party product, not in house. That company who has built Pi has stopped development on it.

As a financial services business, it is important to remain compliant to all rules and regulations. The repercussions of breaking them can be quite severe. And I don’t even know if you as a client want to be trading with someone who is breaking rules.

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I think being honest and open is hurting Zerodha’s reputation. Other brokers are not disclosing anything about the leverage restrictions, which is making people believe that only Zerodha is reducing the leverage. Other brokers are probably playing the ‘wait and watch’ game and hoping that the leverage restrictions are not implemented.

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Everyone sign this petition PLEASE

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