Zerodha users on Diwali Muhurat Trading 2023 complained of a technical glitch on the broking platform in placing orders. On social media platform X (formerly Twitter), several users wrote that the platform was not functioning properly and orders were not going through. Some users complained that their orders were getting cancelled automatically.
One user wrote, “There was a technical error on Kite my order automatically got cancelled and randomly placed a buy order at market price, without any notification. Please look into it.”
Meanwhile, Zerodha said, “Some of our users are experiencing intermittent issues with charting data (ChartIQ) and we are looking into it. If you are unable to load charts, please use TradingView charts. Order placement and other features are unaffected.”
Meanwhile, on November 6, Zerodha issued a statement noting that 20 per cent of its client base faced issues that were linked to one of the independent “silos”.
“At the market opening today, 20 per cent of our clients first experienced issues checking the status of their orders and then with placing orders,” the discount broker said.
“This issue was limited to one of the many independent ‘silos’ which are designed to operate independently, which is why 80 per cent of the clients were unaffected,” it clarified.
The company said it will install “additional checks” to ensure that the issue does not arise again. The root cause behind the glitch is still being investigated, Zerodha noted, adding that a root cause analysis (RCA) of the issue would be shared soon.
Also Read: Zerodha tech glitch: 20% clients were affected, issue linked to ‘silos’, broker clarifies. Details here
Zerodha saw slower growth in its bottom-line as well as its top-line in the financial year that ended March 2023 as compared to its tremendous growth in the previous two fiscals.
Despite slower growth than the past two fiscals, Zerodha saw its net profit surge by 39% in FY23 to ₹2900 crore from ₹2094 crore in the fiscal before, it said in a blog. Its revenue, on the other hand, grew by 35.5% to ₹6875 crore in FY23 from ₹4694 crore in the financial year ended March 2022. The major sources of its income are stock brokerages, onboarding fees, commissions from selling mutual funds via Zerodha Coin and the sale of APIs.
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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.
