So you can only transfer shares by paperwork. And the money from you demat account will will be operated only and only with 1 bank account only !! So technically 0 chances of hacking .
Any fraudulent activity by brokers is now traceable by regulatory authorities. Demat accounts are reasonably safe with these guidelines. However, there are few things that you, as investors, can also do to ensure your Demat account is secure.
No, the Power of Attorney given to brokers is for limited demat account related transactions. It can only be used for withdrawing the shares and when you pledge the shares for margin against share facility. POA has nothing to do with your trading account or bank account.
Let's first understand how scamsters can misuse a dormant demat account: After identifying a dormant trading account, a scamster can update material information in KYC, for instance, mobile number, bank account details etc, before executing trades.
Answer: Zerodha and Upstox are the most popular, trusted, and reliable Demat accounts in India. Others include Angel Broking Demat Account, Sharekhan, 5Paisa, and Motilal Oswal.
Yes, of course. You can authorize any other person to operate your Demat Account on behalf of yourself by using a power of attorney. After that, that person having the POA can operate the Demat account. ... The person holding the POA must also complete the KYC formalities with the bank.
Despite all possible security measures that CDSL takes to keep Site free from hacking and other interference, the Site, like any other website, is not free from such risks.
Check SMS sent by depository after every transaction in demat account. Once a month Depositories i.e. CDSL and NSDL send a Consolidated Account Statement (CAS) on your registered email id. Please make sure to check the same. Never keep signed delivery instruction slip (DIS) with the broker.
Yes, your Zerodha demat account is safe. The demat account is opened with CDSL (Central Depository Services Limited), one of the 2 central depositories in India. Zerodha's role in the demat account is limited to acting as an intermediary between the customer and the central depository.
A regulatory freeze of your demat account may occur for a variety of reasons. For example, your account may have remained idle for over 3 years and there may not have been any transactions. In such cases, under existing SEBI regulations, the DP will freeze your demat account.
The Client acknowledges that they are fully aware of and understand the risks associated with availing of online trading services through internet including the risk of misuse and unauthorised use of their Username and/or Password by a third party and the risk of a person hacking into the Client's account on Zerodha's ...
No, the discount broker maintains full security for clients to prevent the account not to be hacked by unauthorized persons.
This uncertainty on your broker is an unnecessary risk. Zerodha is a 100% fraud company and one should be very careful while dealing with this bunch of fools.
Yes. If you authorize any person to operate your account by executing a power of attorney, that person can operate the account on your behalf. However, you need to submit a Notarised copy of the POA to your DP. ... The POA holder is also subject to KYC norms of the bank.
No, you shouldn't. There is SEBI guideline that only the HNIs who are investing minimum of 50lakhs, then only agent can take their credentials and manage the money in their behalf. Else its illegal and risky as well.
The charge for an online account opening at Zerodha is Rs 200 for the Trading & Demat account.
Yes, Upstox is a safe broker. It is a registered member of SEBI, BSE, NSE, MCX and CDSL. The company is regulated by the stock broker regulations. It is audited regularly by the exchanges.
Upstox offers priority brokerage plan (at Rs 30 per trade) which has up to 25x leverage on Intraday, Futures & Options. Zerodha has one simple plan for all customers. Zerodha has much stronger focus and investment in technology which results in a better trading platform, trading tools and customer support.
No. Zerodha doesn't hold your money, their bank does. It doesn't even hold your securities, depisitories (NSDL and CDSL) do. So everything will be safe, if ever Zerodha's website is hacked.
No, you can only transfer funds from bank accounts in your name that are linked to your trading account as mandated by SEBI regulations.