Mumbai: A Mumbai-based investor, Dr Aniruddha Malpani, took to social media to accuse online brokerage firm Zerodha of preventing him from withdrawing Rs 5 crore from his Demat account despite having over Rs 18 crore in his withdrawable balance. The post quickly went viral, sparking a debate among traders and financial experts over withdrawal limits and investor awareness. Zerodha co-founder Nithin Kamath later clarified the situation and informed that his payments were processed.
₹18 Cr Withdrawable Balance Seen In Zerodha Account
Dr Malpani shared screenshots of his Zerodha account on X (formerly Twitter), showing a total account value of Rs 42,92,98,198.10. The images also revealed a used margin of Rs 24,46,44,888.30, money currently locked in trades, and a withdrawable balance of Rs 18,46,53,309.84. However, he alleged that Zerodha’s platform did not permit him to withdraw more than Rs 5 crore in a single day, calling it a scam.
“The Zerodha scam! They don’t allow me to withdraw my own money from their account, saying the daily limit for withdrawal is Rs 5 crores. They use my money for free!” wrote Dr. Malpani in his post tagging Zerodha co-founder Nithin Kamath.
Screenshot shared by Dr Aniruddha Malpani |
A screenshot shared by him from the app stated, “A maximum of Rs 5 crores can be withdrawn per day. For instant withdrawals, the request must be between Rs 100 and Rs 2,00,000 per day. The withdrawal limit is subject to the availability of withdrawable balance in the trading account.”
Netizens React To Viral Post
The post triggered a flood of responses online. Some users sympathised with Dr. Malpani, criticising Zerodha for imposing restrictive limits on large investors. Others defended the brokerage, pointing out that such limits are common safeguards to prevent fraudulent or accidental large-scale fund transfers.
“Why keep Rs 18 crore in a discount broker? Even banks and payment apps have per-day withdrawal limits. It’s a control measure, not a scam,” one user commented. Ajay Rotti, CEO of Tax Compaas, also weighed in, stating, “These are security protocols. There’s always an option to increase limits by request. Everything shouldn’t be labelled a scam.”
Zerodha Responds To Viral Post
Responding to the controversy, Zerodha clarified that investors can withdraw more than Rs 5 crore by raising a support ticket. “Hi Aniruddha, you can withdraw an amount greater than Rs 5 crores by creating a ticket. Please DM us the ticket number, and we’ll get this processed,” the company wrote.
Zerodha Found Clarifies On Situation
Responding to the viral post, Zerodha co-founder Nithin Kamath clarified that Dr. Malpani’s payout requests had already been processed the previous day. Kamath explained that the Rs 5 crore daily withdrawal limit was a precautionary measure designed to maintain 'system sanity' and safeguard both the platform and its users.
“We need to ensure, for the sake of our systems' sanity (like all other financial services firms), that we have some checks in place when clients withdraw funds,” Kamath wrote in his response. He added that large withdrawals carry certain operational risks, and once the funds are released, it becomes impossible for the company to recover them if any errors or fraudulent activities occur.
“Numerous potential issues can arise during the withdrawal process, and once funds are paid out, there is no way for us to recover them. Hence, Rs 5 crore is the threshold at which we ask customers to create tickets to withdraw,” Kamath said, stressing that such measures are standard practice across the financial sector to ensure smooth and secure transactions.
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