At Dhan, we firmly believe that it is necessary to create a supportive environment and encourage more women to participate in capital markets, either as investors or traders. That’s why we decided to launch an important initiative on Women’s Day 2022: 50% off on brokerage for Women Traders.
We were delighted to see that the initiative was well received by several SuperWomen, leading to significantly more female participants trading and investing on the Dhan platform. The initiative was also praised by leading women such as Vineeta Singh, CEO - Sugar Cosmetics, Radhika Gupta, MD - Edelweiss AMC, and Anjali Bansal, Founder - Avaana Capital.
While our intention was to support and encourage Women Traders, and we continue to do that; unfortunately, it has come to our attention that some of the accounts, while they were opened in the name of women / female account holders, are operated and managed by men purely to take advantage of reduced brokerage fees. It is also important to note that as per existing guidelines and regulations, it is necessary that individuals should use and operate their own investing and trading accounts.
Going forward, for any accounts on Dhan where we identify that usage of accounts is breached, we will convert such accounts to normal brokerage accounts, and in such cases brokerage plans will be updated from Rs 10 to Rs. 20 per order. We’ve identified a handful of individuals breaching this policy and the same have been updated to usual brokerage plans.
As much as we would like to continue with this initiative, we are disheartened to see first-hand that a well-intentioned initiative designed in the best interests of female traders has been exploited by a few individuals. Upholding the integrity of our platform, community, and principles are of utmost importance to us and these recent findings have pushed us to re-evaluate the initiative.