'Hi Dr': Nithin Kamath responds to Mumbai Doctor's claim about 'The Zerodha scam'

A Mumbai investor’s social media complaint against stock brokerage Zerodha triggered a lively debate in the trading community. Dr. Aniruddha Malpani alleged that he was unable to withdraw ₹5 crore from his account despite having more than ₹18 crore marked as withdrawable balance. His post caught traders’ attention and circulated widely online, prompting a response from Zerodha and its co-founder Nikhil Kamath, who later said that the payout had already been processed.

₹18 crore withdrawable balance shown

Dr. Malpani posted screenshots of his Zerodha dashboard, showing a total account value of ₹42.92 crore, with over ₹24.46 crore tied up as margin and about ₹18.46 crore listed as withdrawable funds. He claimed the system blocked him from withdrawing above ₹5 crore in a single day and accused the platform of holding on to investor money.




He wrote, “The Zerodha scam! They don’t allow me to withdraw my own money from their account, saying the daily limit for withdrawal is Rs 5 crores. They use my money for free!”

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The screenshot also carried the message: “A maximum of Rs 5 crores can be withdrawn per day. For instant withdrawals, the request must be between Rs 100 and Rs 2,00,000 per day. The withdrawal limit is subject to the availability of withdrawable balance in the trading account.”

Online reactions flow in

The post drew mixed responses. Several traders sided with Dr. Malpani, questioning withdrawal caps on high-value investors. Meanwhile, others argued that money platforms — including banks — impose limits for safety.

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One user remarked, “Why keep Rs 18 crore in a discount broker? Even banks and payment apps have per-day withdrawal limits. It’s a control measure, not a scam,” while tax expert Ajay Rotti added, “These are security protocols. There’s always an option to increase limits by request. Everything shouldn’t be labelled a scam.”

Zerodha responds

Zerodha clarified publicly that customers can withdraw above the ₹5-crore limit by raising a support ticket. The brokerage posted, “Hi Aniruddha, you can withdraw an amount greater than Rs 5 crores by creating a ticket. Please DM us the ticket number, and we’ll get this processed.”

Kamath explains the limit

Reacting to the viral post, Zerodha co-founder Nikhil Kamath confirmed the payout. He said the daily cap exists to protect the system and customers during large fund movements.



“We need to ensure, for the sake of our systems' sanity (like all other financial services firms), that we have some checks in place when clients withdraw funds,” Kamath stated.

Explaining further, he added, “Numerous potential issues can arise during the withdrawal process, and once funds are paid out, there is no way for us to recover them. Hence, Rs 5 crore is the threshold at which we ask customers to create tickets to withdraw.”