From : Prabu P
at 01:51 PM - Feb 12, 2012
Dear Fellow Traders,
We are very happy to announce the Zerodha 60-day Challenge which we will run on Equity (Cash and F&O), Currencies and Commodities from February 15, 2012.
Zerodha was conceived with an idea of being able to completely remove the concept of brokerage from trading. Thanks to your continued support, today we can implement it. This would mark the culmination of the first part of our dream of offering a brokerage-free platform. The other parts of the dream include multi exchange on one platform, advanced charting tools, ability to program your trades and so on. We are hoping to have all of this done in the next 3 months.
Zerodha 60 Day Challenge-Offer Details
For now this would be a one-time offer and we will continue it based on the response we get.
Exchanges Applicable: NSE (Equity, F&O, Currency)
The Zerodha 60-day Challenge will start from your first trade on or after February 15, 2012. The contest will run for a total of 60 trading days. If the cash balance in your account on the 60th day is more than what it was on day one, you will get back all the brokerage you paid us during this period.
1. Money transferred into your trading account during the contest period will not be considered. This means you can transfer funds to top up your limits, but it won’t be added to your profits.
2. Money received from the sale of shares from your demat account will not be considered for profitability.
3. Stocks bought for delivery will not be considered for the challenge. Only the cash and the f&o position value on the last day of the challenge would be considered.
4. Funds withdrawn from the trading account will be disregarded. This means that you can withdraw funds and it will still be considered for your profitability.
5. Option premium received for writing (selling) will not be considered as a credit.
6. Both Equity (intraday equity and f&o) and Commodity will be considered as separate individual challenges.
7. No conditions on minimum number of trades or turnover. For example, you could have done just 1 trade which is profitable, over the 60 day period and still get back the brokerage paid.
8. During the 60-day challenge you will continue to pay Rs 20/executed order or 0.01%/0.1%, whichever is lower as brokerage.
9. To win the contest, you simply have to be net profitable after paying all your taxes and costs.You need to login to the backoffice and click on request for crediting the brokerage paid, back to your trading account. The credit will happen within 24 hours.
10. The contest is valid for all our existing clients as on Feb 14th 2012. For all our new MCX clients, this offer would be valid for all the clients who open an account till the 15th of Mar 2012.
Message from Nithin:
We have a first mover advantage in the online discount broking space. What started as an idea, today thanks to all your support has put Zerodha amongst the top members of NSE in terms of turnover.
If you have had any association with team Zerodha, you would have realized that we are in the business to give all of our clients an edge while trading. The Zerodha 60 day Challenge is our way of trying to give you an advantage,bring back the fun in trading and also give you an added motivation to be profitable.
When I first thought about the 60 day Challenge, the question that was asked by my team was, how will Zerodha make profits?
We are a low cost broking firm and true to our business model we have very low operational cost. A team of 40 does the same amount of business that a broker with a team of 1000 does. As I keep telling everyone, in today’s online world, you shouldn’t ask us why we charge so less!! You need to ask everyone else why they charge so much more for online trading.
We need your support to keep this offer forever. We expect that the new business that will come through because of this offer will make up for any revenue drawdown. To support, look at the revamped associate program on our website http://zerodha.com/main/zerodhareferatrader.html . Refer your friend using our BackOffice, inform him that Zerodha team would contact him and leave the rest to us. We would be also sharing any revenue generated by your referred friends, Let’s Grow Together!!!
A lot of you have had complaints about charting on NOW. We would be migrating to NEST in the next 2 months. We would be providing you a single platform to trade on NSE, BSE and MCX. NEST has a lot of additional features compared to NOW and we would be collocating the servers to give you the same speed and reliability that NOW is offering. This would be available free of cost for all of you.
I thank you all once again; look for your continued support and will keep trying to find ways to surprise you positively. Do send me suggestions on improving our business for you on firstname.lastname@example.org.