Same mobile number for non individual investor

Feature Requests ✋
1

No broker allows same mobile number to be used for creating more than 1 individual demat accounts.

But many brokers including zerodha allows same mobile number & email id for creating a joint account or non individual account (like HUF) because a HUF is not an individual that it will have its own separate mobile number. But the Dhan platform doesnt allow same mobile number even for non individual category.

So if the Karta wants to invest in stocks via HUF demat account but he already has his own individual demat account on Dhan, then indirectly you are hinting that the karta should open his huf demat account with some other broker or buy 2nd sim even if he doesnt want to.

Pls try to understand that using the primary number provides ease of usage for support, otp, etc. Maintaining another number just to use huf demat account is making the customers wonder whether to opt for huf or for individual account. This reduces the number of new demat accounts automatically and thereby reducing growth of your app.

I would suggest to please provide same number allowance for non individual category. kindly throw your opinion on this issue

2

I have tried to explain this multiple times to Dhan but they are adamant that their system is built to have mobile used only in one account, its sad as we can’t open another account, Infact using other mobile may be a borderline violation of SEBI norm where it says the mobile should be of the user or relative, So if i use my sister mobile or parents who are not dependent as per SEBI should not be done and therefore having another mobile just for this is not worth the effort anyways.

1 Like
3

Yes it maybe a violation so thats why i am asking same mobile number for non individual account atleast

4

Hi @krishag @manikwalia It’s not anything about being adamant, our systems are designed that way where a retail broking account irrespective of it being individual or HUF will have only one unique mobile number linked to it.

5

But atleast consider it as a requirement and put it under review where you can put same mobile number to be used for non individual accounts atleast.

For example - If i want to have an individual account, HUF account , my pvt ltd corporate demat account, do you expect one human to maintain 3 numbers just for investment purpose.

You may charge additionally some amount for using same number. But atleast for non individual accounts, this is a must feature. This wont be a violation of any kind as well.

Pls think about it . If nothing is possible then atleast allow switching accounts through gmail’s popup email selecting login with pin / fingerprint like there is in groww app.

I believe either of the feature is feasible technology wise. Pls check groww app

1 Like
6

Hi @krishag

We will surely consider your suggestions to enhance this feature, thank you!

7

when i wrote adamant it was not willing to reconsider, I know if the system is made it is difficult to change but consider the below

  1. I have self account as that will be first to be opened, I have a company for my business, a partnership firm for investment, and HUF… I will need 4 mobiles just to use Dhan
  2. When I open account with Dhan with the diffrent number that is updated in the KYC records, now some MF pick it up from there and changes the existing number? So if i have to deal in those account s i am dependent on new number. and transactions are a mess with diffrent numbers
  3. SEBI recently ordered all MF to ensure the sell OTP is form the number in records so now if i have my father’s number i am dependent on him to do do any transaction in Mutual funds

I have less knowledge than you on your systems but generally they are designed as per my understanding for below reasons

  1. Meeting regulatory need - One mobile is not a regulatory need and in the case of Non individul using someone else number is actually borderline non-compliance
  2. Ease of use for customers - I leave it to you to decide if multiple number is ease of use
  3. Benefiting to customer so that they do more business with your application- again you decide if multiple mobiles help
  4. Sclable to meet Future regulatory need - If SEBI tomorrow only allows the OTP on KYC number and askes you to update the number in KYC in acocunt, it will cause major issues for you as i can get same number updated KYC with another broker of financial provider like bank or MF and how will you manage that, as i will not have this number in other investment as they allow same number.

This is my last post on this, i leave it for you to decide if this si something that is important enough for you to make a change (Hope this is not primary key in system and only change you need to make is on the login screen and removing it a unique), as you have launched the non individula accounts and in future if you launch minnor accounts, there is a need to change and not just live with existing system which may be great from tech perspective but not customer as per me.

PS: Just emagine i give you a number and then change my number, old number is reissued to someone who wishes to open an account with Dhan as you have my number you will strugle to open the account of person now holding the number, hope you can handle this form back end

8

Hi @manikwalia Well, I understand what you are trying to suggest - but unfortunately our systems are not designed to suit your specific requirement, neither are we suggesting to use any mobile number than yours. As mentioned, it has to be single mobile number that is mapped to an account - Retail or HUF; to use same as of now you will require more mobile numbers.

For now we have noted your feedback as we do for almost every request or suggestion we get. Having said that, broking systems are complex and we do not want to make adhoc changes or commit to something and not deliver on them. We are simply stating the fact the same is not possible as of now. Hope this clarifies.