Mumbai-based investor and IVF specialist Dr. Aniruddha Malpani has accused online brokerage firm Zerodha of preventing him from withdrawing his full balance from his demat account, despite having over ₹18 crore available. Malpani, who heads Malpani Ventures, shared screenshots showing his Zerodha account valued at ₹42.9 crore, with a used margin of ₹24.46 crore and a withdrawable balance of ₹18.46 crore. He claimed the platform limited withdrawals to ₹5 crore per day, calling the restriction a “scam” and alleging the company was using his money without consent.
Zerodha’s support team responded on X, explaining that larger withdrawals could be processed through a support ticket. After Malpani confirmed he had raised one, Zerodha co-founder Nithin Kamath clarified that his payout had been completed and that the ₹5 crore limit was a standard control measure to prevent operational risks. Kamath said such checks protect both the firm and clients from potential errors during high-value transactions.
Tax expert Ajay Rotti defended Zerodha, saying these controls are industry-wide safeguards similar to limits on bank or UPI transfers, designed to prevent fraud and ensure transaction security.
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