Nithin Kamath
@Nithin0dha
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Founder & CEO @Zerodhaonline @Rainmatterin Learning at @RainmatterOrg Musings on business & life: Views are personal. Nothing here is advice.
Bengaluru
Joined August 2013
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It was an honour to meet our PM
@narendramodi
.
My new health & fitness goal is to be able to operate at his intensity when I am 72. He spent almost 30 mins late in the night interacting with
@nikhilkamathcio
& me, despite all his meetings & travels through the day.
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Being content is the only way to true freedom. A person who embodies this is my father-in-law, Shivaji Patil
He was in the Indian Army & voluntarily retired as a Havaldar after losing his fingers to frostbite during the Kargil War. He started a grocery shop in Belgaum after. 1/5
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Turned 44 today at 14.3% body fat, the lowest I have been. Sharing publicly for accountability, so I don’t slack and revert back to the mean, 🥶and maybe inspire a few folks and remind that age is just a number. 😬
And thanks everyone for the birthday wishes.
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Around 6 weeks ago, I had a mild stroke out of the blue. Dad passing away, poor sleep, exhaustion, dehydration, and overworking out —any of these could be possible reasons.
I've gone from having a big droop in the face and not being able to read or write to having a slight droop
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Just watched Kantara, & it is one of those moments when you feel proud to be a Kannadiga. Even more, since my roots are where the movie was shot.
Still have goosebumps from the last 30 mins. It is a must-watch.
@shetty_rishab
♥️
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No Business Background
No Pedigree education across the team
No VC/PE
No Advertising spending
No Spamming customer
@zerodhaonline
is an example that a successful business can be built by not following the norm, by average folks with common sense wanting to solve a problem.
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Seema, my wife, was diagnosed with breast cancer last Nov. She decided to share her journey & learnings till now to create awareness on cancer & the importance of regular health checkups, health insurance & overall health & well being.
Happy Women's Day.
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Starting tomorrow, India will become the first major market to completely move to a T+1 settlement cycle (China is partly T+1). It is crazy how far ahead we are in terms of market infrastructure and safety, even when compared to the developed world. 1/3
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What Gen Z & even millennials don't think about enough is that the retirement age is dropping fast due to technological progress & life expectancy going up due to medical progress.
In 20 years, retirement could be at 50 & life expectancy at 80. How do you fund the 30 years? 1/5
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We add millet (ragi) to wheat flour and dosa batter at home. It's healthier & tastier.
Most of us don't know that millets are also good for the planet because they consume much less water & pesticides. The reason why everyone should introduce millet & talk about it too. 1/5
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There's a new scam in the name of FedEx, Blue Dart, and other courier companies that you need to be aware of 👇
A colleague got a call from a person claiming to be from FedEx saying that a parcel had been confiscated by the police because drugs were found in it. 1/4
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I’m surprised by the unwanted noise around this whole salary news of
@nikhilkamathcio
, Seema (my wife), & me. The headlines are misleading. We are a private company & no obligations to clarify, but we thought maybe we should, as there are folks who are misinterpreting this. 1/7
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The worst times in my life have been when I owed money for spending it on things I didn't really need. In a world where everyone is trying to lend, the first lesson of personal finance is to borrow only when you are sure that it can earn a return more than the cost of money.
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It has been one of those years for Seema Patil, the types that could have broken anyone. To the strongest person I know, happy birthday 🎂
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Twitter
@verified
just reminded me of my school & college days, almost always rejected. 😭😬
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We have a habit of looking west and thinking what they do must be right. With all the craziness going on in the US capital markets, I thought it will be a good time to share some of the reasons why India is way better in terms of capital market regulations. 1/n
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As we celebrate Laksmi Puja this Deepavali, here's an interesting anecdote.
Lakshmi, the goddess of wealth, sits on a lotus. Saraswati, the goddess of knowledge, sits on a rock.
The symbolism is that money, like a lotus floats & knowledge, like a rock once gained stays forever
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I have spent the last couple of years thinking quite a bit about health. Experimenting with myself and our team, and supporting startups that are trying to help Indians make healthier choices.
A few thoughts on how and why you should focus on your health. 1/9
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I still remember the formula for the area of a circle or that CH3OH is Methanol from school.
Similarly, If we taught finance basics in school, like why start investing early, inflation, insurance, retirement planning, etc. These lessons will be helpful throughout life. 1/2
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Luck is a big part of any success in life. It starts right from birth, with our genes, parents, family, etc.—all of these are the luck of the draw.
None of the success that's ascribed to us would have happened without my father. He was not only the biggest cheerleader of
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Seema is now cancer free. We celebrated by running the super fun
@DevilsCircuit
last week, along with a few others from
@zerodhaonline
.
1 year from diagnosis to surgery to chemotherapy to radiation to back to full fitness.
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Almost 20% of all
@zomato
applications through
@zerodhaonline
.
@deepigoyal
, returning the favour from everyone at Zerodha for all the tasty food Zomato delivered when we were hungry. 😋 Wishing you and the team at Zomato a blockbuster listing. 🍻
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Right now, is probably the stupidest time for fintech firms like
@zerodhaonline
to be raising money. It is quite crazy the number of folks reaching out & the different deals. We might regret it in the future, but we are not raising & here are the counterintuitive reasons why. 1/7
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We are running a fun health program at
@zerodhaonline
. Anyone on our team with BMI <25 gets half a month's salary as bonus. The avg BMI of our team is 25.3 & if we can get to <24 by Aug, everyone gets another ½ month as a bonus. It'd be fun to compete with other companies 😁 1/3
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I have been geeking out about increasing healthspan or how to live a good life until the end.
I have no doubt that the answer is to be content and never stop being active mentally and physically. Money can't buy this, and he is the best example. 5/5
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We just received the final approval for the
@ZerodhaAMC
we are building in partnership with
@smallcaseHQ
.
Our motivation to start a mutual fund was twofold. The first was that the biggest challenge and opportunity for Indian markets is the shallow participation. Even after
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We’ve just created an internal AI policy
@zerodhaonline
to give clarity to the team, given the AI/job loss anxiety. This is our stance:
"We will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant." 1/8
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Nifty futures turns 21 today. Nifty has been a big part of my life. I must have said Nifty more than any other word & looked at Nifty charts more than any other pic.😬I am guessing it must be the same for all of us in the markets as well.
So on behalf of everyone Happy🎂 Nifty!
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The new cars from M&M & Tata have to be making each one of us feeling proud🇮🇳 Finally feels like we can not only beat international cars in the same segment in pricing but also in terms of the look & feel. Just like with apps from new-age Indian technology first businesses.
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A lot of messages asking me if one should exit FDs, Debt funds & buy the dip. This is what I am saying: Not every dip is like March 2020 where the bounce back is immediate. This time around, if things get worse, it may take a long time to recover. Nobody knows. 1/5
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Seema has bounced back in just 10 months since her breast cancer diagnosis, the mastectomy, chemo, & radiation, thanks to her healthy lifestyle before & after.
Investing is not just stocks & MFs; it's also about taking care of your health.
Context:
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A colleague had to visit a bank branch offline to close a personal loan he took online. This branch was one of only 2 in Bangalore. It's the same with many other banks. Making it hard to close an account is a dark pattern, and maybe there should be regulations on this.
By the
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"The hour of the Indian economy," says La Vanguardia, a leading Spanish daily.
Quite cool that the world is taking notice, but the cultural caricaturing, a snake charmer to represent India, is an insult.
Wonder what it takes for this to stop; maybe global Indian products?
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Corporate governance issues coming to light in Indian startups will only increase with time. While founders will be blamed, the venture capital (VC) ecosystem is equally to blame
The root cause of this is the overestimation of the size of Indian markets by founders and VCs. 1/10
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Someone I know got scammed & lost money.
It started with a response to a part-time job offer on WhatsApp. The first few tasks were about leaving fake reviews for resorts & restaurants in random places like Peru. ~Rs 30k was transferred to the bank for the tasks completed. 1/8
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While we all work together to figure out what we can do to help in the current situation, I think the only long-term fix is for as many of us to move away from large cities. This is the answer to many of India’s problems. And now is probably the right time to work towards it. 1/5
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How large is the Indian market for B2C tech businesses in terms of users who can generate revenue?
Maybe 15 crores max!
Here's why, with Fintech as a reference, since some data is available. I guess it is important to know this, so we can all be rationally optimistic. 1/11
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This will be the Nudge on Kite tomorrow for people trying to buy Lakshmi Vilas Bank without knowing the news. Nudge is by far the most exciting thing we're working on at Zerodha. We're trying to incorporate nudges to warn users when they're about to break the basic trading rules.
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Allowing NRIs to open demat accounts online is the low-hanging fruit to attract money to India. The process today is physical and cumbersome.
With Indian markets doing well, there's a great interest to invest here, but the tough onboard process leads to massive dropoffs. 1/4
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We,
@zerodhaonline
, just got to 1 crore customers.
Looking back, the biggest tipping point was AADHAR for online account opening. Can't thank the Government & SEBI & Exchanges & Depositories enough for making this happen.
A few things we did that had unintended benefits. 1/5
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It is ridiculous how many things can go wrong when running a business. Everything from rapid change to market sentiment to waking up one day and being unable to access money in the bank, like with SVB.
I think an underrated skill set for running a business is being pessimistic.
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Why not IPO
@zerodhaonline
when you can potentially get ridiculous valuations?
Firstly, we think an IPO is the beginning & not the end. As soon as you have lakhs of conservative retail investors on your cap table, the obligations go up exponentially. 1/4
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SEBI allows T+1 settlement for stocks. We are now amongst the first few countries in the world to allow this.
So when you buy you can get stock to your Demat or get funds for the stock sold on the next day (T+1) instead of 2 days (T+2) currently. 1/2
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Most large Indian cities weren't built in a way to handle as many people living in them today. Disasters are bound to continue. The only real solution is to have many smaller cities with their own economies.
Over 50% of our team now live there; a silver lining from Covid. 1/5
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🇺🇸: Be fearful when others are greedy and greedy when others are fearful.
🇮🇳: Risk hai toh ishq hai.
😬
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India is unique. Copy-pasting models from the US, etc, has hardly worked. Paytm's speaker for Indian vendors that reads out payments is one of the best examples of a product made specifically for the Indian context by an Indian fintech.
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Every time there is a corporate action like a stock split in
#IRCTC
today and the stock price drops in adjustment, retail investors tend to buy the stock wrongly thinking that the stock has become cheaper.
We now have a nudge to inform users👇 1/4
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Only about 50 lakhs or 0.3% of Indians go to a gym. Strength training is integral to increasing healthspan & we need more to focus on this.
There is enough research to prove that exercise delays death & prevents cognitive & physical decline better than any other intervention 1/5
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The number of people having severe heart issues in my extended circle is terrifying. The common thread seems to be sleep deprivation, and not nearly enough is spoken about the importance of sleep on overall health & well-being. The problem has gotten worse post-COVID & WFH. 1/3
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I don’t know if I am the only one, but stock markets going up the last 3 days not caring about everything happening around us is quite disgusting. I know money shouldn’t care, but maybe it should. Maybe why today’s capitalism is broken?
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The sharp fall in the stock prices of high growth tech companies across the globe is getting crazy, feels like the dot-com boom.
India has weathered the storm mostly because not many such companies are listed & many private ones raised a lot of money last year. 1/7
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Every budget day for the last 15+ years, I've woken up hoping that STT is reduced. 😬 Zerodha customers alone pay ~₹2500 cores in STT, stamp duty, & GST annually. Overall, traders lose more money in transaction costs & impact costs than to the markets. 1/2
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We have good news for all
@zerodhaonline
option traders,
@BeSensibull
will now be completely free.
We cover the costs so that
@abidsensibull
& Team can focus on only one thing: Help option traders do better.
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The only reason why we do a valuation exercise at Zerodha every year is for our ESOP buyback.
I keep getting asked why are we valuing ourselves at
just $2Billion currently when smaller players are raising money at far higher valuations.
Here is why we're conservative👇 1/8
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This is probably the first time our markets are less volatile than the US markets, something to be proud of. I think this is mainly due to much lesser leverage, both for intraday & margin funding for delivery in the system. 1/4
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So, we just got our in-principle approval for our AMC (MF) license. I guess now comes the hard part.
To grow the capital market participation from the current 1.5 crores and address those who currently don't invest (Millenials), we think mutual fund as a product needs to be reimagined. So yeah, we have just applied for an AMC (Mutual fund) license. 🤞
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"India has 140 crore people, and if X% can become customers because of Y% in a developed country," is a dangerous line of thinking for founders and investors.
While building for up to 3% of English-speaking affluent Indians is easier, it's much harder and complex beyond that.
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Every time our financials are out, there is a lot of speculation about
@zerodhaonline
's valuation. It might sound counterintuitive for me to say it, but most assumptions, I think, are way higher than reality.😬
All of us on the core team have never thought of notional valuations
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We've always believed that bonds and maybe not stocks are the right stepping stone for most Indians—better than FD returns but lower risk than stocks.
But bonds have been an HNI product, and no one sold them to retail. But SEBI has just made some important changes recently. 1/6
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Starting this October 7th, every first Friday of the month, all brokerages must transfer unused funds back to the customer's bank account as part of the new account settlement (AS) process. I guess it will be more than Rs 25,000 crores across the industry. 1/8
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It took us 6 years to get to our first 60k customers, each of whom had to sign and courier 40+ pages of forms and wait for days. We got to 1 crore customers in the next 6, entirely eliminating paper in the process. This was enabled by eKYC, digital signatures (eSign), & digital
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After a long time, we have had massive activity in the IPO market, with Rs 2.6lk cr blocked in bank accounts for IPOs worth Rs 7.6k cr.
If this was 2003, it would take 16 working days (or ~1 month), and the entire money would have moved to investment bankers and cost investors
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My phone has become unusable due to telemarketing and is always silent. Guess what goes around comes around.
I spent four years at a call center, making unsolicited calls to people in the US. I guess Karma has a way of biting back. 😬
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Don’t know how to say it, but slowdown & all😬
We still don't charge brokerage for equity delivery & charge Rs 20 or 0.03% whichever is lower for intraday.
Many of our competitors, with similar pricing, now charge for equity delivery or have a higher minimum brokerage % 🥶
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Over $400billion went out of India to import gold vs $600 billion+ that came in through FPI, FDI & VC. Imagine, instead of gold, some of that money was invested in Indian startups & listed companies. There could've been immense and inclusive local wealth creation. 1/2
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Whenever students ask me for advice, I say, stay in India. Not just because we need to avoid the brain drain or that there's an obligation to the country, but because India will most likely have the best opportunities in future.
@SRajgopalan
explains👇 1/2
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How you take care of your health post 35 is what determines quality of life post 60. Thanks to medical progress most of us are going to live much longer than 60.
Internalizing this & not binging in any form is a big goal that I have met as I look back as I turn a year older.😬
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I keep getting asked how we use AI/ML/Blockchain at
@zerodhaonline
, and I keep saying we don't and haven't found any use-case yet. This time I asked our man behind the scene, Dr K, to comment. Couldn't help but share his response😬
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We just provided liquidity to everyone on the team through an ESOP buyback. My most satisfying day as CEO of
@zerodhaonline
.
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From Feb 2022, the T+1 settlement cycle will be introduced in a phased manner in the Indian markets.
The biggest benefit: You can withdraw funds within 1 day when you sell stocks.
We'll be the 2nd large market in the world to move to T+1, kudos to SEBI for pushing this. 1/2
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Buying a health insurance plan for the family is the most important financial investment you can make, given the costs of serious health incidents.
Even before you do anything else in your personal finance journey, get health cover to the extent you can afford. 1/4
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There has been a spate of suicides due to harassment by loan agents of shady and illegal predatory loan apps. If you are a victim of harassment, file a complaint at or call 1930. We have laws that protect you from harassment. 1/4
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We launched verified P&L at
@zerodhaonline
to bring accountability, given all the fake P&L screenshots and videos shared on social media to peddle courses, advisory, trading accounts, & other financial products.
The idea was that if someone shared a screenshot or video of the
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We celebrate valuations, but the more I speak to founders, the more I'm convinced high valuations are detrimental. Higher valuations are mostly a result of overstating the size of the opportunity.
Of course, there
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I have never seen him wanting something or complaining, not even about losing his fingers in the war.
Although, he did try to convince me to get a government job when I asked him permission to marry his daughter in 2007 when I was still struggling😬 4/5
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Watching famous personalities with huge fan followings trying to trigger their fans or retail investors to invest in super risky asset classes without talking about the risks, or caring about the risk profile of those who follow them is quite disgusting. 1/2
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My phone like for many has become unusable because of the nuisance of unsolicited calls, SMS, and WhatsApp messages I didn’t opt-in for. I waste at least 15 minutes a day marking emails as spam because, in many cases, the unsubscribe option is hidden. Then, there are the
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I just heard this story of a 40-year-old woman mis-sold by a bank. She visited her bank branch and asked to invest in mutual funds, but the manager kept pushing her to invest in an insurance product. She went back and did her homework, and this time she insisted on index mutual
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Bengaluru maybe needs a "Dalal Street" as well. 😬
Symbolism to indicate that over 50% of all retail trades in India, in a way, originate from Bengaluru, either from brokers or their tech teams based out of here.
13 years ago, when we were first starting, the first question
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Our capital market infrastructure & regulations don't get enough credit for being among the best in the world.
It is crazy & scary what is happening today in the Crypto world. Crypto Brokers & exchanges can act as banks in most markets, exposing customers to unlimited risk. 1/3
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You need to get a CA to validate IT returns (ITR) or get a tax audit if profit when trading is< than 6% of turnover or if the turnover is> Rs 10 crores. This is an anomaly that needs to be fixed as the markets grow.
Here is why it should be fixed. It may be easy too. 1/11
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The biggest reason active traders lose money is overtrading, the low brokerage doesn't help.
Traders forget that costs like STT, stamp duty, etc. are charged as a % of every trade & compound quickly. You'll now see the total cost of a trade on the order form. 1/6
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At current rates, T-bills & G-secs are much better than a bank FD.
Most people still don't know that you can easily buy T-bills & G-Secs on exchanges/your trading a/c without CSGL etc.
Btw, they're open for investing every Monday on
@CoinByZerodha
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Coinbase latest filing: Customer assets could be at risk in case of bankruptcy. Indian crypto investors on exchanges also need to be aware of this. Unlike the stock market where stocks are held in a demat with a depository & have no broker risk, crypto with exchanges carry a risk
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The good news for crypto is that it was finally acknowledged in the budget. That doesn't mean it's legal—it will only be after the crypto bill.
Until then, regulated entities in India can't offer trading in crypto. Here's my reading of crypto post the budget 1/5
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How useful is collecting & analysing tons of data is a question I ask my peers. We have no data team at
@zerodhaonline
as we believe it doesn't give useful insights & also since we never upsell.
Article & comments on this topic 👇are interesting
This 😬
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Life is like a marathon, and you need to be able to finish strong. Physical and mental health are among the most important aspects in life. You can't buy good health with all the money in the world.
I try to get a workout first thing in the morning with Seema; it also acts like
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I'm surprised that, so many are surprised that just 1% of active traders make more than bank fixed deposits over 3 years timeframe. Active trading is like running a business, only a small % succeed. The only easy bit about trading is starting trading. 1/3
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Extended trading hours for F&O will maybe signal the maturity of our markets. They also level the playing field for domestic traders against international traders and are also good for capital markets businesses in terms of revenues, but I'm conflicted. 1/3
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But yeah, all of these theses may be wrong. But the freedom of not being obligated to an investor is much more valuable than the biggest cheque. And having the option to say all of this is probably a moat in itself. 😬 7/7
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Mine 😬
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They say doing business along with family is tough, but it's been the opposite for me. One of the biggest reasons for our little success has been because there has been the brother by the side through ups & downs over the last 18 years.
Happy Birthday,
@nikhilkamathcio
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Finally, in some good news for options writers, ICAI has clarified that when calculating turnover to determine tax audit, only the profit or loss has to be considered. No need to separately add the premium received when writing options as turnover. 1/3
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At Zerodha, we have just killed all work-related chats post 6 pm & holidays. Also trying to get as many conversations to be asynchronous, moving them from chat to our internal instance of
@discourse
. Curious to see if this helps reduce the feeling of burnt out & brain fried. 1/2
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Thanks to the liquidity-driven bull run, we were able to grow >50% in terms of revenue & profitability on an already large base in FY21/22. Every time the press covers our financials, we end up sharing more context to avoid misinterpretation. 1/7
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