Rs 10 lakh gone! Zerodha user’s nightmare turns to relief, read how it ended

This malfunction resulted Recently, Zerodha, a prominent brokerage firm, faced backlash after users reported a significant technical glitch that prevented their orders from being executed. This bug in Zerodha’s system led to substantial financial losses for some traders... Read More
IT Worth Desk
IT Worth Desk
Updated on Jul 10, 2024, 11:12 IST
Trading

Brokerage firm Zerodha came under fire recently after users reported a technical issue that stopped their orders from being executed. This malfunction resulted Recently, Zerodha, a prominent brokerage firm, faced backlash after users reported a significant technical glitch that prevented their orders from being executed. This bug in Zerodha’s system led to substantial financial losses for some traders.

User Details Loss on Social Media

One affected user, '@overtrader_ind', shared his ordeal on social media platform X. He reported a staggering loss of Rs 10 lakh, attributing it to an implementation issue or developer's bug at Zerodha, not a mere technical glitch.

"REASON I lost 10L because of implementation issue/a developer's bug by Zerodha not because of some technical glitch or network issue," the user posted.

The sequence of Events Leading to the Loss

The user explained that he began placing market orders at 9:19 AM. Despite appearing in his order book with an OPEN status, these orders could not be canceled. During this period, his available margin kept fluctuating. The user outlined the critical sequence of events as follows:

  • Order Placement: Market orders were successfully sent to Zerodha’s servers.
  • Transmission to NSE: Zerodha forwarded these orders to NSE.
  • Successful Execution: NSE confirmed the successful execution of the orders.
  • Order Status Issue: Zerodha failed to update the order status from OPEN to COMPLETE.
  • Visibility Problem: The user couldn’t see his executed orders in the order book’s EXECUTED section.

Zerodha's Apology and Response

Other users also voiced their frustration on X, with some threatening legal action against Zerodha. In response, Zerodha issued an apology, stating, "Some of our users were facing issues seeing the latest status of some orders while the orders themselves were successfully placed. This issue is now fixed. The status for new orders is updating fine now. We're working on updating the status for older orders. Apologies for the inconvenience caused."

Quick Resolution and Refund Issued

The user '@overtrader_ind' provided an update on his loss, detailing Zerodha’s swift response and refund process:

  • 9:30 AM: Issue raised on X.
  • 12:31 PM: Ticket created on Zerodha, quickly addressed by Mr. Mehfooz.
  • 12:45 PM: Complaint registered with SEBI Scores.
  • 2:34 PM, 3:38 PM, 7:16 PM: Multiple calls from Zerodha to understand the issue.
  • 7:42 PM: Detailed breakdown of the issue posted on X.
  • Next Day 3:45 PM: An hour-long discussion with Zerodha, confirming the problem and calculating the loss.

Zerodha acknowledged the issue and participated in the loss calculation. The total loss due to the glitch was Rs 9,56,000, and Zerodha issued a refund of Rs 9,00,000.

Gratitude Post

The user expressed gratitude towards Zerodha and the trading community, saying, "Thank you @zerodhaonline #Zerodha for fixing it quickly and special thanks to @Rahul_7795 @khanzubare @KiranjitDas86 and the entire trading community. I'm indebted to you all."

This incident highlights the importance of addressing technical glitches swiftly to maintain customer trust. Zerodha's quick response and the partial refund demonstrate their commitment to resolving issues and ensuring customer satisfaction.

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