• Source:JND
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Online stock brokerage platform Zerodha has been embroiled in a controversy after a Mumbai-based investor accused it of "running a scam", alleging that he is unable to withdraw the total withdrawable amount from his demat account registered on the portal. Dr Aniruddha Malpani, in a post on X (formerly Twitter), accused Zerodha of using his "money for free" and posted screenshots showing a withdrawable balance of Rs 18 crore.

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In the post, Dr Aniruddha, an IVF specialist and angel investor, said that he was unable to withdraw over Rs 5 crore from his demat account despite a withdrawable balance of Rs 18 crore. He revealed that his total holdings are worth Rs 42.9 crore, and around Rs 24.46 crore was tied up as margin in trades, leaving a withdrawable balance of Rs 18.46 crore.

He claimed that Zerodha had limited his ability to withdraw more than Rs 5 crore in a day. "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. They use my money for free!," he wrote in the post.

Zerodha denied his "scam" claims and responded to his post, explaining that withdrawals above Rs 5 crore require users to raise a support ticket through the official portal. "A maximum of Rs 5 crores can be withdrawn per day. For instant withdrawals, the request must be between Rs 100 and Rs 2,00,000 per day. The withdrawal limit is subject to the availability of a withdrawable balance in the trading account," the firm said.

However, Malpani confirmed he had already done so and shared a screenshot for verification. The company then assured him that his case was under review.

Zerodha Co-Founder Nikhil Kamath Responds

Zerodha co-founder Nikhil Kamath later responded to Dr Malpani's post, clarifying that his payout requests had already been processed. "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."

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"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 explained further.

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