Very hard to solve greed: Zerodha CEO Nithin Kamath on fake M2M screenshots
Nithin Kamath's statement came after Twitter user named Darshan Mehta on Monday addressed the issue and asked him to do something to stop fake M2M snapshots as majority of them belonged to Zerodha app.
PremiumAfter complaints of majority of fake mark to market (MTM) screenshot belongs to Zerodha app, CEO Nithin Kamath has said that it isn't easy to make money trading by following someone else.
His statement came after Twitter user named Darshan Mehta had on Monday addressed the issue to Kamath on social media and asked him to do something to stop fake M2M snapshots as majority of them belonged to Zerodha app.
“Fake MTM snapshots will always cause big losses to retail participants who blindly flow fraudsters without verification. High time Zerodha does something to stop this as majority of MTM fake screenshots are of zerodha app," Darshan Mehta wrote in a tweet.
In response to his tweet, Nithin Kamath said that it is very hard to solve greed and added that if someone believes tall claims then they are bound to be taken for a ride.
In a tweet, Kamath wrote, “It's very hard to solve greed. If someone is gullible enough to believe tall claims, they will be taken for a ride, one way or another. The only fix is to create awareness. It isn't easy to make money trading, almost impossible, by following someone else."
As per Zerodha website, “Mark to Market (MTM) in a futures contract is the process of daily settlement of profit and losses arising due to the change in the security’s market value until it is held. The MTM calculations are done daily after the trading hours, based on the closing price for the day. The P&L is settled on the same day to your trading account and won’t reflect in your positions on the next day."
After his tweet, many users commented saying about how can this be avoided while some supported the company by saying that why should Zerodha take responsibility for this.
Abid Hassan, CEO and Co-founder of Sensibull said his team is working on the issue. "We are working on this as we speak. Days away from launching it. This will cover Zerodha, Upstox, Angel, ICICI Direct, 5Paisa, and IIFL," he said.
Some user wrote, “WOW.. zerodha is India's largest stock broking platform and not into solving screenshot problems on a social media platform. Great times for product feature requests and prioritisation for product managers." Another user wrote, “Instead of stopping screenshots. Can use a sharable link which will display the profit and etc"
Some wrote, “Awareness don't work everywhere, there should be some solution like unique ID assigned to user on the day if they takes trade and it should be shown with MTM . So that any viewer who is seeing the screenshots can cross-check the MTM figure on another window asking that unique ID."
Another said, “How do you think Zerodha can stop this or even verify which screenshots are fake and which ones are authentic… All anyone can do is educate people to not follow any screenshot handles."
Some other wrote, “Greed is responsible for all failures.......When banks r giving 5 to 6% on FD then people r not satisfied......With some discipline a trader could make 2.5 to 3% per month which results almost 30% a year....But everyone wants to double their capital overnight which is dangerous." Another user wrote, “Why on earth should Zerodha take responsibility for this? If you go by this logic, you should be asking Twitter/Telegram/Instagram to "do something" as they're the platforms that are being used to share!"
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