@zerodha Why your team recommends forcefully to sign PoA when I intend only DDPI as per recent circular from sebi? This is unacceptable
This is what our team replied to me.
Why collect PoA if we’re already collecting DDPI? DDPI limits debiting shares from investors’ accounts ONLY for secondary market transactions. This means if a client wants to place a mutual fund redemption or buyback order (for which we’ve to debit MF units/shares), DDPI won’t work. For this, we’ll still need to collect PoA from the client.
But that said, we are seeking a final confirmation from CDSL for trust accounts which will solve the above issue; once that comes in, we will remove POA from everywhere and just have DDPI.
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The effective date of this is November 18, 2022. We are confirming this with CDSL if this covers all. I will confirm on this.
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If you choose to give only the DDPI you can print the last two pages from here and fill,sign and send it to our Bangalore HO. Zerodha, #153/154,
4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru – 560078
Hi Zerodha team, @lindo @nithin
Q1) GTT (active for 1 year) will work without CDSL pin- > with DDPI active and POA revoked… please confirm
Nithin sir pardon me for tagging you but couldnt see anyone else from zerodha team in this chat thread hence tagged you and lindo.
Q2) also if we have sent the POA earlier we can send the POA revocation form and along with it send the DDPI activation signed form as lindo described above to get DDPI benefits, and post that in our CMR(Client Master Record) copy POA will come as non active
Hey @lindo
Can DDPI now be used for Mutual Fund redemptions? The DDPI form uploaded on Zerodha does not mention mutual fund redemptions (see image below):