I just inquired with the customer support about opening a joint account and I was informed that it is not possible to open a joint account in Dhan.
This is surprising and shocking.
I think most of the brokers do allow to open a joint account for maintaining the portfolio as well as trading.
Why Dhan does not allow to open a joint account?
Also, I was informed by the customer care that even for an Individual account as well if the account holder is more than 75 years old then FnO and Commodities segments cannot be activated.
This is really an unpleasant surprise for me. I was almost planning to transfer my father’s portfolio to Dhan for better portfolio tracking and getting the margin against the stocks in the Demat by pledging and be able to trade in F&O segment.
Can any one explain why Dhan does not allow opening a joint account and also does not allow FnO and Commodities segments for Senior citizens above 75 years old?
Hi @Indian_Trader_007, We understand your concern. At present, we do not support joint demat account openings. This feature may be introduced in the future, although it is not part of our immediate roadmap.
Regarding F&O trading for senior citizens, the current restrictions are in line with our internal policy. This policy has been implemented to help safeguard account holders from the high-risk nature of derivatives trading, which carries the potential for substantial financial losses.
As a responsible intermediary, our priority is to protect the financial well-being of all our clients—particularly those who, based on our internal assessment, may fall under a higher risk category.
Ahh snap! Warren Buffett can’t trade in Dhan in that case.
Here I was preparing to write an email to Buffett to transfer his India portfolio to Dhan. Unfortunately now that won’t happen.
Acting like parents of senior citizens. So thoughtful. Next up… Old age homes.
Anyways, So I have to look for some other broker then …
No issues
I hope I find some one
Go for ICICI Direct in that case. Exceptional service and a really good platform.
Hi @Mohseen_Usmani and @PravinJ
Not activating segments for Senior Citizens is disheartening. I had closed his Kotak Neo account and opened one in Dhan bex=cause for the great features you have. I have managed his portfolio since 1999
Unfortunately he is not very tech savy or financially aware. He is unable to use or understand Dhan Web, App etc. In the previous downturn when the market had crashed 10/15% he ended up losing 25% of his capital
He got very depressed and you know what happens at tis age.
I am MBA in Finance and NCFM (erstwhile whatever it was called). I would like to ensure his portfolio is hedged using Collars, married puts and generate some income via long term OTM call shorts.
I am unable to do this and recently April till date has been very tough for him.
I am not an option trader (I use Barbell, with 90% of my assets in supersafe non volatile income generating assets) but I would like to hedge his portfolios in these uncertain times.
I would appreciate if you can relook into your policy, and hopefully revise it accordingly.
Thanks
@quantshire