Zerodha’s new feature allows investors to add family members’ portfolios. How it works

Bengaluru-based online brokerage Zerodha has introduced a new feature – Family Wallet View on Console, which it claims tracks up to 10 family wallets and helps to get information about the allocation of money. assets, sector exposures and more.

The feature allows investors to add up to 10 family member portfolios (Zerodha accounts) and track the consolidated portfolio through a single account. The combined portfolio shows asset allocation, stock and sector exposure across all accounts.

Only viewing and tracking is allowed after explicit permission from the family member’s account. Regulations do not allow one account to place orders on behalf of another, even if the other account is owned by a family member.

“Throughout his career as a bank manager, my father invested in stocks, MFs and insurance through various entities. Despite my work in a brokerage firm and my best efforts, I have not been in able to help it consolidate its investments and exit from unnecessary investments,” Zerodha founder Nithin Kamath said in a tweet.

“I am sure that many Indians face the same problem just like my father. As a first step in trying to solve it, we are helping our clients to have a consolidated view of the family portfolio on Zerodha accounts,” added Kamath.

To add family accounts in Zerodha, investors should visit https://kite.zerodha.com/holdings and click on Family which will redirect them to the console. Investors must click Link Sub-Account and enter the Kite User ID, PAN and Mobile Phone Number of the sub-account to continue.

An SMS with the verification link will be sent to the sub-account holder’s mobile number. The sub-account holder must authorize by clicking on the verification link in the SMS, allowing the applicant to see their wallet. The verification link is valid for 2 hours.

Kamath hopes that all banks, custodians and insurance companies will soon be online on the account aggregator framework. “The plan is to then work to provide a consolidated portfolio view of all assets, including insurance, and provide an easy way to liquidate when needed,” he said.

Zerodha, launched by brothers Nithin and Nikhil Kamath, began operations in August 2010. The retail brokerage has over 9 million customers who trade stocks, currencies, commodities, mutual funds and bonds via the Zerodha application. Kite is its flagship trading platform with streaming market data, charts and more, available on Android and iOS devices.

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