Zerodha CEO Nithin Kamath Announces Instant Withdrawal up to Rs 1 Lakh Daily at No Additional Cost
Zerodha’s Co-founder and CEO Nithin Kamath on Thursday said that the online brokerage platform will now let you instantly withdraw up to Rs 1 lakh daily between 9 a.m. and 4 p.m., at no additional cost.
New Delhi, May 30: Zerodha’s Co-founder and CEO Nithin Kamath on Thursday said that the online brokerage platform will now let you instantly withdraw up to Rs 1 lakh daily between 9 a.m. and 4 p.m., at no additional cost.
The CEO announced the development on X, saying, "One of our to-dos was to allow instant withdrawals. By instant, I mean instant". "To start with, we (@zerodhaonline) will allow instant withdrawals between 9 a.m. and 4 p.m., up to Rs 1 lakh throughout the week, including weekends, at no additional cost," he added. Zerodha CEO Nithin Kamath Says SEBI Proposal of Direct Transfer of Investors’ Securities to Their Demat Accounts Will Simplify Operations of Stock Brokers.
Kamath also mentioned that this is only possible "due to our amazing payment systems, thanks to the @RBI and @NPCI_NPCI". He also shared a video along with the post, explaining how this new capability can be used.
Earlier this month, Kamath, praising the Securities and Exchange Board of India's (SEBI) move, said that the proposal will significantly simplify the DP (depository participant) operations of stock brokers. In its draft circular, SEBI proposed that it should be made mandatory to ensure that stock brokers segregate client's securities so that they are not at risk of being misused. Google Says Nearly 2,500 Leaked Search Documents Are Real.
"Today, when a client buys a stock, it gets credited to the broker pool account, and then the broker credits it to the customer. In the new way proposed, the shares will get directly credited to the customer's demat," Kamath wrote. He said that even without this regulation, “we're probably the safest financial market in terms of the security of customer assets, given that everything is in the customer's own demat”.
(The above story first appeared on LatestLY on May 30, 2024 05:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).