Bengaluru-based online brokerage firm Zerodha has introduced a new feature – Family Portfolio View on the console, which it says tracks 10 family portfolios and helps with insights on asset allocation, sectoral exposure and more .
This facility allows investors to add up to 10 family members to the portfolio (zerodha accounts) and track the consolidated portfolio through one account. The combined portfolio shows the asset allocation, exposure of stocks and sectors across all accounts.
Viewing and tracking is allowed only after explicit authorization from the family member’s account. Regulations do not allow one account to be ordered on behalf of another, even if the other account belongs to a family member.
“Throughout his career as a bank manager, my father has invested in stocks, MFs and insurance through various entities. Working in a brokerage firm and in spite of my best efforts, I have been unable to consolidate their investments and help them to come out of idle investments,” Nitin Kamath, Founder, Zerodha said in a tweet.
“I am sure many Indians like my father would be facing the same problem. As a first step towards trying to solve this, we help our clients to view a consolidated family portfolio in Zerodha accounts. are doing,” Kamath said.
To add family accounts in Zerodha, investors need to visit https://kite.zerodha.com/holdings and click on family which will redirect them to the console. To continue, investors need to click on Link A Sub-Account and enter Kite User ID, PAN and Mobile Number of the sub-account.
An SMS containing the verification link will be sent to the sub-account holder’s mobile number. The sub-account holder should authorize by clicking on the verification link in the SMS, which allows the requester to view his/her portfolio. The verification link is valid for 2 hours.
Kamath expects all banks, depositories and insurance companies to go live on the account aggregator framework soon. “The plan thereafter is to work on offering a consolidated portfolio view across all assets, including insurance, and provide an easy way to liquidate whenever required,” he added.
Zerodha, launched by brothers Nitin and Nikhil Kamath, began operations in August 2010. The retail brokerage firm has more than 9 million clients who trade in stocks, currencies, commodities, mutual funds, bonds through the Zerodha app. Kite is its leading trading platform with streaming market data, charts and more available on Android and iOS devices.