Did you receive login OTPs by Kite app? Zerodha calls it, 'maintenance activity'

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Zerodha only broker in India to charge ₹200 to open a demat account; here's why "Please ignore this email. We're sorry for the inconvenience caused," Zerodha added. However, some people responded to Zerodha's clarification, asking the brokerage firm to invest more in technology.

"Don't say sorry... Rather upgrade your platform. Many brokers offer advanced charts and a smooth login process with QR-scan...

But you are still stuck in OTP-based. That's why Zerodha is falling behind and lost his no1 broker rank," another user added. Recently, the Bengaluru-based brokerage firm lost its status as India's largest stock broking firm to its rival Groww.

NSE's active client base data revealed that the number of Groww users surged to 66.3 lakh in September while Zerodha's client was at 64.2 lakh. Last month, Zerodha reported a 39% jump in profit after tax to ₹2,907 crore for the financial year ended March 31, 2023. In comparison, the brokerage house had posted a Profit After Tax (PAT) of ₹2,094 crore in the financial year 2022-23.

Also read: Groww overtakes Zerodha as top brokerage with 6.63 million active investors, Upstox distant fourth Also, the company's revenues surged by 38.5% to ₹6,875 crore in FY23 from ₹4,964 crore a year ago. Bengaluru-based Zerodha manages about ₹3 lakh crore worth of customer assets. Overall, the country has more than 12 crore demat accounts and NSE active client data indicates 3 crore investors who traded once a year on the exchange."Exciting news! Mint is now on WhatsApp Channels