Is Dhan truly safe and reliable?
I’m curious because this was done by an employee of a well-known, long-standing brokerage firm.
Read the article below to understand my concern.
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@PravinJ I’d appreciate your thoughts on this.
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As in life, so in this, things are safe till the next crime.
I believe neither Dhan nor anyone can guarantee safety. It is for us to remain vigilant & follow our safety procedures.
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I like to know how the funds are handled and safe in Dhan kindly share the thought on this @PravinJ sir
Ya plz @PravinJ
Dhan is a SEBI-regulated trading platform and a Depository Participant (DP) compliant with all rules and regulations. You can rely on Dhan to invest in share market as thousands of others do as well. Furthermore, we take transparency and security very seriously. Our goal is to always ensure that you have visibility into pricing and other details. We also ensure that your data is safe at all times.
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In the above case, I believe the employee changed the email ID, mobile number, bank account, and mobile number, allowing him to get the TPIN, sell stocks, and transfer funds to the bank account. The CDSL report would also go to the new email ID, so the customer won’t know anything. I am wondering how the brokerage firm accepted the change of bank account without verification, which opens more questions.
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Right question to ask is, how does Dhan make sure if such thing does not happen with Dhan account? Motilal Oswal is SEBI regulated too. But fraud still happened.
Asking person X - is your business safe and reliable? Do you expect them to say NO we are not? Answer will always be Yes.
PS: I like Dhan btw and have developed reasonable faith. But one should never have blind faith. Stay alert and always read your emails / SMSes for any activity that you did not do but happened. (Like change of email, mobile number, address etc.)
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Dhan is safe and reliable. I havent’t seen anything that would lead me to believe otherwise. But be cognizant of the fact that all organisations are made of people and so people specific issues can happen. Like in this case a good company would respond and stand with the customer if something bad happens.
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It is possible to change the core database directly. Any data engineer with the update/modify permissions can directly change the values. It is similar to updating cells in an excel sheet.
I understand how db updates work, but doing this in production in a financial organisation is difficult with a lot of layers of checks, with staging to pre-prod to prod and tampering with production data is never as simple as running a DML and we are done. Hence, the involvement of multiple employees is a definite case, but then again, as @t7support mentioned, if the company stands with the customer and accepts the issue, then it’s a good company and can be trusted.
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A good company will have it’s own IT security measures implemented to prevent someone from accessing client info and change it.
Hi @Chintal_Shah Well, the question shouldn’t be in context of Dhan as we cannot comment as this such situation has happened at another broker… We can only make things good at Dhan 
Having said that, I have known Motilal Oswal sir personally for nearly past 2 decades from my student days - and I trust him personally well enough that - I’m pretty confident that the company must have paid the amount in full to the concerned user and they will not let such incident bring mistrust to its customers. No good brand or company will do that.
As @t7support rightly said…
In my personal experiences with Banks & Financial Institutions, or otherwise too - I judge the organisations based on my personal experiences and always ask, will this company stand by me in such events.
Broking businesses are super regulated, and frauds like these get captured in the processes and systems. Shares, funds, margins of all clients are monitored by us & exchanges multiple times in a day.
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Engineer can update data on broker database but same must also be passed on to CDSL / NSDL / NSE / BSE.
Who are supposed to (I dont know if that happens) send alert on old number / old email that we have received request to change mobile / email. That should alert the account holder.