Zerodha faced criticism on social media on Monday after users reported a technical issue that blocked their orders from being executed, resulting in significant financial losses.
A social media user on X claimed that he lost Rs 10 lakh due to an error by Zerodha and explained what exactly went wrong, resulting in his financial loss.
The user with X handle as ‘@overtrader_ind’ shared his experience, seeking help and clarity. He stated that his loss was due to an implementation issue or a developer’s bug at Zerodha, not because of a technical glitch or network issue.
“REASON I lost 10L because of implementation issue/a developer’s bug by Zerodha not because of some technical glitch or network issue,” said the man on social media.
“I placed market orders starting from 9:19. All went to my orderbook with OPEN status. Tried at least 15-20 times to cancel but couldn’t cancel them. My available margin was changing all this while,” he said.
He shared some points about what went wrong with Zerodha, resulting in a loss of Rs 10 lakh. Below are the points shared by him.
- My market orders went to zerodha servers successfully
- Zerodha sent them to NSE successfully
- NSE responded with successful orders back to Zerodha
- Zerodha received those successful buy orders
- Meanwhile, Zerodha sends a notice explaining the status issue
- IMPORTANT: Now Zerodha made a big mistake here. They couldn’t update the executed orders status from OPEN to COMPLETE, and they all got stuck in Zerodha servers.
- That’s why I couldn’t see any orders in my orderbook’s EXECUTED section, and they were all in the OPEN orders section.
- I couldn’t cancel them because they were already executed on the Zerodha server. I couldn’t see them because Zerodha never sent them to me.
User reactions on social media
Other users also shared their frustration on social media platform X, with some threatening the brokerage firm with legal proceedings.
“My orders not getting executed. Will take you to court if I lose any single penny,” wrote another user on X.
In response, Zerodha shared a message on social media platform X, claiming that the issue was fixed and apologised for the inconvenience caused.
“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,” said Zerodha.
The incident has highlighted the importance of technical reliability for online brokerage platforms, especially when dealing with real-time financial transactions. Users rely on these platforms to function smoothly without errors that can lead to significant monetary losses.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
