Dear Sir, I recently got to know about Dhan and seeing the activeness and fast adoption of features by the company, I was really impressed and applied for a demat account. Please understand the sequence of events and issues faced -
Did kyc & e-sign on 25th Jan late night. It was completed and asked me to wait for Dhan approval.
On 26th Jan, when I opened the app to my surprise, I was being asked to do e-sign again. I was shocked at this as no notification /email /sms was sent in this regard. Also the reason for signing again was also not provided. If i had not opened the app, the application would have been pending on my part without me knowing it.
On 26th Jan, I immediately did the e-sign again and after a couple of mins, dhan approved & sent for kyc to the central agency.
Markets re-opened on 29th Jan (monday), I was told by your onboarding team that i will be able to access the account from tuesday but even till wed morning - 31st Jan (4:20Am), my application is still pending with central kyc / stock exchange. Your customer support team says 48-72 hrs whereas your chat team says 7 working days.
I simply have 2 questions -
Why esign again on the next day that too without assigning any reason and also no intimation (email/sms/push notification) that i have to re sign?
Apps like groww, Indmoney activated my account within 24 hrs, (same day i could access mutual funds and from very next day morning even the trading & demat account), then why does dhan is taking so much time ? Even after ignoring non working days, your turnaround time is so much more. How can this happen when Dhan claims to have inhouse tech team ??
Yes very slow account opening process
Other brokers take only 24 hours
My 2 friends opened account on 25 Jan and they still struggling. They did multiple time esign but same problem now @Dhan customer care telling them next step is from cdsl and we are done from our side. @Dhan it’s your duty if anyone submitted documents to you then follow up should be taken by you.
There may been times we have opened accounts in 5 mins, however these processes have changed and we follow them very very strictly. We have mentioned full details of the same here: Update: Changes to the KYC & Onboarding Process at Dhan
When accounts are opened, all information at Dhan is processed on the same day. In-fact 80% of account submissions are verified and processed for next stages within 120 mins of submission.
To your points, let me clarify what happens behind the scenes.
This is a normal process, as I mentioned we get done with our approvals within just few hours of receiving data.
You may have been asked to e-sign once again because there possibly may be change in data wrt to names received from KRA / Bank name or anything which is specific to your account (our CS team can help - help@dhan.co), and it required you to do eSign once again. Feedback noted on why there was no intimation - will have this checked.
Once again - process at Dhan gets done in minutes.
After this process - your account is registered at all exchanges (BSE, NSE, MCX), Depository Participant (CDSL in our case), KRA updation of record (if required), update to CKYC and so on. In middle of this, these regulatory bodies individually verify these records with respective authorities like KRA and IT Department. Till the time we do not get an absolute OK from all agencies - we do not allow accounts to become ready to trade.
Answer to your questions:
Answered above, feedback noted.
Some of the apps you mentioned start and do MF only process and do demat account separately. We do not do that, we process your MF transactions via our Stock Broking license and it is important that your trading and demat account is activated before we can give OK to Mutual Funds.
This has nothing to do with Dhan having inhouse tech team - all processes of ours are done quickly. Any delays, as you mentioned 26th Jan, them weekend and then 2-3 business days for accounts to open. When the process opens on Monday - all the above regulatory bodies and agencies: are flooded with applications from all 300+ stock brokers for verification and registrations.
@PNJ as mentioned - same explanation here. We work on weekends, but we can’t force other bodies or agencies to do so - note these are MIIs and Government Agencies which in-turn regulate us directly or indirectly.
Other brokers take only 24 hours… Yes, many accounts on Dhan even today get opened in 24 hours and most in 48 hours. But there are exceptions that are beyond our control. Hope this helps.
@PravinJ , I understood your point & hope you take our feedback in the right spirit as we only want Dhan to get better & seamless.
I would still want you to open 3 individual accounts simultaneously at same time same date on Groww, Ind money & Dhan.
Leave MF, just see the time taken for activation of trading & demat. I am sure you will be surprised. As around same time, I opened dad’s ind money account , mom’s groww account & it got opened in 1 day itself but my individual account on dhan not being opened so whatever it is with exchanges or RTA delaying, its not happening with them, hence I would ask you to pls take up the exercise of opening 3 accounts - 3 different platforms & pls do it discreetly on random date & time without letting your team know.
Will be sharing feedback on app UI improvements in my next post separately.
@PravinJ I would like to highlight again that even till today account has not been opened.
pls take note as the process is 3 times slower than other competitors.
Hi @krishag As I mentioned these are beyond our control. Hope you have connect with customer service team help@dhan.co and they will be able to check exact reasons.