I want to revoke the mandate for DDPI, I have given to dhan. Please tell me the procedure.
Hi!!
Any specific reason.
Is it not safe to hv a DDPI or do you want to close the account?
Dunno. Just had a gut feeling. MY account and investing will continue, no issues there. But, somehow I have started to think, it is better to validate my sell and pledge orders through CDSL. Dhan is an absolutely nice platform. But It’s Registered address is in bengal. How can i follow up with them, if something goes wrong? Valuable inputs from the community are welcome.
Hi @ManishThatte, our registered address is in Kolkatta and we operate from Mumbai. That aside, anything you would need - our teams are here to assist you, available on help@dhan.co.
Dear Pravin, first and foremost, allow me to congratulate you for developing the Dhan platform. I find it very intuitive and with all the necessary information but at the same time, simple to get used to. Yesterday, I interacted with support and they have sent me a form to be physically filled up and signed, to cancel my DDPI (POA). I will do the needful. Even so, I’d have rather preferred if I was able to complete the necessary formalities online and esign the cancellation request. Please consider it as a feature request.
That aside, if I may ask so, is there any specific reason for Dhan Registered address to be located in Kolkata, since as it is, you are operating from Mumbai?
Best Regards,
Manish
Hi Manish, Thanks for your kind words. I think Dhan is first stock trading platform to offer DDPI online, and till date possibly only one that offers it online… we usually build by user requests., this is the first time anyone requested to cancel DDPI. DDPI awesome and seamless process for investors and traders together, and it was requested by many users , many on this community itself. I am not sure if there is any online facility to revoke DDPI, if it is there and we have many requests - we will build it online.
Dhan operates as brand name for the entity Moneylicious Securities, and broking entity that was registered in Kolkata and it stayed that way. Our co-founder Jay started Moneylicious and is from Kolkata. As long as business is registered anywhere in India, it does not matter for the services it provides for. Like few years back, i realised that all businesses of ICICI are registered in Vadodara, while the company operates all across India.
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Hi @PravinJ ,
Just one doubt, since DDPI is new.How it is different from the mechanism that had the KARVY fiasco, since here also we are giving authority to sell without providing PIN.
Hi @Naresh301 DDPI is on Dhan for a while now, infact first broker to go live on DDPI in India.
At time of Karvy, stocks could be held in demat account of broker and/or client, there was no segregation and in many cases brokers had 3rd party demat service providers. Things have improved now, securities get delivered to your demat account - they always stay with you. DDPI is enabled with the depository, earlier case the PoA was just an agreement between two parties.
Regulatory frameworks have evolved and continue to evolve in India, infact one of the safest markets in the world.
Thanks @PravinJ for clarification.Kudos to Dhan for being first with this.