Comment on POA - Power of Attorney for your Demat account
commented on
19 Sep 2015, 01:22 PM
Rahul, if you read the POA document, you will see that the power is limited to only debiting your demat account, and to offer the shares to the exchange. Like I have mentioned in the post above, without the POA we will not be able to allow you to sell shares. POA is required to debit your demat when you sell them and give it to the exchange. All brokers providing online trading today, this is the only way to trade/invest.
The only way to invest/trade without a POA is to provide physical DP slips everytime you sell shares. This would require you to find a local broker in your city who will agree to pick it up from your or u dropping it off at his office. Not possible in an online business model.
I don’t know what you have heard about at Indiabulls, but my guess is some RM might have done this to generate brokerage. At Zerodha we have no concept of relationship managers, no one has access to trade on any one else’s account except our central dealing team who can place call n trades only with your voice recording and after you sharing a PIN number with us. Above all, We are a team of 200+ and no one has a brokerage target.
Best,