An investor has called Zerodha, a leading online stockbroking platform, as scam because he could not withdraw his own money from his Zerodha account beyond Rs 5 crore. The investor in the news is Dr Anirudha Malpani and his post has gone viral where he called Zerodha a scam because they only allow Rs 5 crore withdrawal limit per day. Following this, Zerodha's co-founder Nithin Kamanth has responded to the doctor.
Dr Anirudha Malpani Zerodha Tweet:
In the afternoon of November 4th, Malpani tweeted on X with a start "The Zerodha Scam".
"They don't allow me to withdraw my own money from their account, saying the daily limit for withdrawal is Rs 5 crores," Malpani tweeted. He added, "They use my money for free!" He tagged Zerodha with a screenshot.
But the screenshot blew netizens mind because Malpani showed a record of more than Rs 18 crore worth investment in his Zerodha account. Apart from accusing Zerodha, Malpani became a sensation overnight as netizens asked him on tips to become rich.
In another tweet on the same day, Malpani said, "The Zerodha tweet has gone viral, and people are asking me for "tips" on how to get rich.''
He said the answer is boring, adding, "Become a value investor and be patient and let the money compound.''.
But his viral tweet was enough to grab attention from Nithin Kamath.
Nithin Kamath On Zerodha Rs 5 Crore Withdrawal Limit:
"Hi Dr, your payout requests were processed yesterday. We need to ensure, for the sake of our systems' sanity (like all other financial services firms), that we have some checks in place when clients withdraw funds," Kamath tweeted.
The Zerodha chief further went on to explain the reason behind the withdrawal limit. He said, "As you can imagine, numerous potential issues can arise during the withdrawal process, and once funds are paid out, there is no way for us to recover them."
"Hence, Rs 5 crore is the threshold at which we ask customers to create tickets to withdraw," Kamath lastly said.
Malpani has replied to Kamath, saying, "Yes, I understand . My point is you are transferring the burden on the user . Your system can easily flag high value transactions and your customer service team can email and phone the user to confirm that it's a valid transaction . Why make me do the work ?"
Nonetheless, this has led to a wide-scale debate among netizens.
Who Is Dr Aniruddha Malpani?
Dr Malpani is a world-renowned IVF specialist, and the founder of Malpani Ventures.
Malpani Ventures is an angel investment firm that provides seed funding to innovative ideas. Over the years, the company has invested in the early-stage ecosystem across diverse sectors including Healthcare, Financial technology, SAAS, Consumer technology, and Education technology.
Dr Aniruddha Malpani is an IVF specialist who passed out from Bombay University, winning over 20 gold medals during his academic career. His clinic at www.drmalpani.com attracts patients from all over the world. He founded the world's largest free patient education library, HELP , at www.healthlibrary.com. He has authored many books , including - How to Get the Best Medical Care; Successful Medical Practise; Using Information Therapy to Put Patients First; Decoding Medical Gobbledygook, all of which are available free at www.thebestmedicalcare.com, as per AIC-NMIMS website.
About Zerodha:
Founded in August 2010, Zerodha is a leading Indian brokerage and financial services provider, offering services like retail trading of stocks, derivatives, currencies, commodities, mutual funds and bonds. It is a member of the National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), and the Multi Commodity Exchange (MCX).
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