I recently came across Dhan’s web app and was pleasantly surprised with their offerings. Kudos indeed to Pravin and team for building an app that caters to both traders and investors.
However, I have a serious concern that I wanted to bring up for the notice of the developers at Dhan. I wanted to login and get a feel of the app before I considered opening yet another demat account for which I sought the login credentials of my friend. However, to my surprise, both of us were able to login at the same time and place orders too! I explored and it allowed me to login from multiple browsers. At one time, I had 6 active sessions, with everyone being able to place orders at the same time. My existing broker (not a discount broker), doesn’t allow me to login from multiple places at the same time. Isn’t that a security threat, letting multiple logins? Please suggest if there’s a way to restrict login to only one system so I can proceed with my account opening?
Also, is there a referral bonus my friend can get if he refers me to open an account with Dhan?
Thanks for the kind words and yes, there is more to come on Dhan that what you see.
On your specific concern about having multiple users logged in to one account, we are following exactly similar norms that most popular services provide. For example, my Netflix account is shared with my family, same is true for by Amazon account as well. I personally have logged in to Gmail / Twitter from 8-10 devices at any time. As long as the session is validated and authenticated, Dhan will allow you to login. We do have certain time period post which we log you out from the system and then ask to verity with PIN. Additionally, you will also see your active sessions in your account settings.
In-fact some traders (me included) use 2 machines during in market trading hours, multiple tabs + my phone.
On referral, yes there is rewards. The one live at any point is available on the Dhan app under Refer & Earn section.
Thanks a lot for taking the time out to respond! I’m really grateful that the founder himself has chosen to reply. Speaks volumes of how much you care about your customers. Thanks
On the multiple login bit, totally understand your point of view. I wasn’t aware that you allow us to view all “logged in sessions”. If that’s available, then don’t foresee if to be an issue since one can track any unauthorised logins. As a matter of fact, I had asked my current broker to provide such a facility but was refused citing regulatory reasons. Let me check with them and get back to you.
On the multiple login bit, I reached out to my broker who maintained their stance that it’s NSE’s rule to not allow multiple simultaneous logins into the trading platform. They’re adamant about it. I showed them a copy of your response, but they don’t seem to concur and are of the opinion that it is a violation if any broker allows for simultaneous logins.
I’m doing my independent research, but am yet to come across any circular that specifies this point. I have asked my broker for proof for the same. Please let me know your thoughts.
Hi @Sita1965, the SSL is renewed, may be taking time to propagate to all servers. I wish this was instant.
Sure, do let us know. I will also check if there is any such note. Btw, it is simple - most traders login to multiple laptops / screens + mobile phone + algo platforms at same time. So even logically that doesn’t make sense to me.
I really appreciate the customer centric focus with which Dhan is built. It’s nice to see the founder respond here to a non client (yet) patiently. It’ll be great if you can continue this way. I am finding it tougher to get a support response from a broker with whom I’ve had a relationship for over 15 years now. I am looking forward to opening an account soon with you, pending this query about multiple logins from different devices.
So after multiple escalations, I was finally able to get through to someone who answered my query. I’ve quoted his response verbatim along with the screenshot shared.
In continuation to our conversation, we would like to inform you again that there are restrictions in place by SEBI and NSE. A broker cannot allow their clients to login to the same IBT (trading platform) from multiple places. While it would be easy for us to enable this feature, the exchange regulations explicitly disallow this.
While there is no circular publicly available, the IBT approval checklist that has to be passed before offering trading platforms to clients specifies this. As you had asked for proof, the screenshot from the exchange checklist is attached below:
It states: Login user ID and Password are different, Multiple simultaneous logins are not allowed and Automatic logoff on exiting from application/in case of no activity.
If you know which broker is offering this, please let us know so we can check with the exchange. Please be careful when dealing with discount brokerages as they may not be fully compliant. We are a full service brokerage firm and take compliance very seriously.
Please let me know if you had to follow similar approval processes. Also, as a user, is there a way that I can prevent multiple logins to my account once I’ve opened an account at Dhan.
Answering here as @PravinJ is away. I will have this checked at our end as well.
Irrespective of type of brokers, be it full service or discount or technology led like us the rules apply same for all of them. All our applications (web, mobile apps, and even tradingview.dhan.co) are certified by auditors and exchanges.
Multiple logins across devices today is a standard market practice and it is user’s themselves who are validating accounts across all channels. At Dhan, no one has access to your account credentials than you, not even us. I did a quick check on exchange circulars on this, and could not find any note specific about this. I will try again and check.
What I think might have happened is, this may be a really old checklist from the time when IBT was associated with terminals, pre-mobile times. Maybe it was a valid item then, I am not sure but I will look up again and see if this holds true.