Got an email from Zerodha at 7:15 PM today (Aug 17th, 2023) stating:
You are required to revalidate your mobile number and/or email address with the KRA (KYC Registration Agency) as per this SEBI circular. Please validate your details with the KRA before August 18, 2023.
Failure to do so will result in your trading account getting blocked. You will not be able to place any new orders or exit existing positions. Your open positions may be squared off by the Zerodha risk management team if required.
Given the grave penalty for not completing this re-KYC BEFORE TOMORROW, shouldn’t this email have been sent earlier or prompted this message when we login to the app/web?
We’re sorry for the inconvenience. However, we got the list from KRA (KYC Registration Agency) yesterday, post which we immediately informed the clients through all the channels.
Thanks for the update. Glad to know it isn’t on you guys.
Anyway, did the KYC yesterday itself, but this morning I got a “nudge” in Kite that I cannot trade till the KYC is validated and sent to you. Hopefully within a week or so.
Luckily I didn’t have any open positions. However, since they sent the list so late and by the morning my account was “locked”, what would have been my fallback if I actually had positions open? Would I have been able to call the helpdesk to close any open positions?
The nudge will be updated once we receive the fresh list.
The account wasn’t locked. Only fresh orders weren’t allowed. As a broker, we had to take that call as this can in turn result in defaults. Hence the majority of the brokers in the industry also followed the same.
Yes. This facility was available.