Zerodha's new feature allows investors to add family members' portfolios. How it works
Premium- Zerodha has introduced the family portfolio view on Console which tracks up to 10 family portfolios
Bengaluru-based online brokerage firm Zerodha has introduced a new feature - the family portfolio view on Console, which it said tracks up to 10 family portfolios and helps with insights on asset allocation, sectoral exposures and more.
The feature allows investors to add up to 10 family member portfolios (Zerodha accounts) and track the consolidated portfolio through one account. The combined portfolio shows asset allocation, exposure to stocks and sectors across all the accounts.
Only viewing and tracking is allowed after explicit authorisation from the family member’s account. Regulations don’t allow one account to place orders on behalf of another, even if the other account belongs to a family member.
“Throughout his career as a bank manager, my dad has invested in stocks, MFs and insurance through various entities. Despite working in a brokerage firm and my best efforts, I have been unable to help him consolidate his investments and help him exit the wasteful investments," said Zerodha's founder Nithin Kamath in a tweet.
“I'm sure many Indians must be facing the same problem, just like my dad. As a first step towards attempting to solve it, we are helping our customers have a consolidated family portfolio view across Zerodha accounts," Kamath added.
To add family accounts in Zerodha, investors need to visit https://kite.zerodha.com/holdings and click on Family which will redirect them to Console. Investors need to click on Link a sub-account and enter the sub-account’s Kite user ID, PAN, and mobile number to continue.
An SMS with the verification link will be sent to the mobile number of the sub-account holder. The sub-account holder must authorize by clicking the verification link in the SMS, allowing the requester to view their portfolio. The verification link is valid for 2 hours.
Kamath hopes that all banks, depositories, & insurance companies go live on the account aggregator framework soon. “The plan is to then work on offering a consolidated portfolio view across all assets, including insurance, & provide an easy way to liquidate whenever needed," he said.
Zerodha, launched by brothers Nithin and Nikhil Kamath, began operations in August 2010. The retail brokerage firm has over 9 million customers that trade in stocks, currencies, commodities, mutual funds, bonds through Zerodha app. Kite is its flagship trading platform with streaming market data, charts, and more which is available on Android and iOS devices.