Could zerodha have given choice to traders on square off?

[Maverick_Shrader]

Hi @nithin,

A lot has been said and done in the aftermath of the NSE glitch. Many lost money and honestly it feels bad that due to someone else mistake (NSE) , someone else had to pay.

However I have 2 questions to ask you out of curiosity

1. When you sent the square off notification, would it have been possible to ask clients if they want to square off or hold?

Was this possible ? I saw a notification that the trades could be carried forward to the next day.

2. Are brokers taking some measure with NSE or SEBI to do something about the loss that many people faced that day? Is there any redressal or inquiry on that matter from broker’s side?

I can understand that it was extraordinary circumstances but one cannot ignore the fact that many times retailers are at the beating end of such glitches be it with NSE or zerodha.

Would like to know your thoughts on this and also from other people in your team.@siva, @Bhuvan

[siva]

@Maverick_Shrader

When you sent the square off notification, would it have been possible to ask clients if they want to square off or hold?

It would be not possible and not practical to do just before closing of markets. Flow of events are beyond anyone’s control or unexpected during those kind of days so broker has to act in the best interest of majority clients and contain systemic risk.

@Maverick_Shrader

Are brokers taking some measure with NSE or SEBI to do something about the loss that many people faced that day? Is there any redressal or inquiry on that matter from broker’s side?

SEBI has to decide on this and I believe case is still going on.

Can check this thread.

Nithin Kamath (Nithin0dha)

[Maverick_Shrader]

do keep us updated on the actions by sebi