Zerodha as a discount broker is not providing Equity SIP facility directly. However in a recent update of Sentinel- Zerodha Alert App, providing an alternate feature for Equity SIP.
In Equity SIP, the client wishes to invest in a specific script on a regular interval (Daily, Weekly, Monthly or any other interval). This is similar to Mutual Fund SIP, the only difference is your need to plan your Shares/ETFs. The client can buy Stocks/ETFs using fixed quantity (Quantity Based) or fix amount (Amount based) basis.
In Sentinel Pro, Clients can make a basket of scripts which they want to buy on a regular interval, set a trigger for daily, weekly fortnightly or monthly basis. Once this trigger hit a specific condition, the user will get an alert notification in Kite Application as well as Email alert. So with that user can click on the notification and execute complete basket order in one go.
Even though this is not 100% Equity SIP, but this is just an alternate approach provided by Zerodha.
Read our article on Equity SIP Disciplined Investment Strategy in Stocks.
As delivery trading with Zerodha is free, and Equity SIP is part of Delivery trading, so no brokerage will be charged for ordering Equity SIP basket. However, this feature is available only in Sentinel Pro version and charges for that is Rs 160 PM with a yearly plan. In such case, if you buy Sentinel Pro only for Equity SIP, then this is a bit costly affair.
Yes, you will get alert on your Kite Trading Platform. You need to take action on that alert manually. Your order will not execute automatically.