Everything You Need to Know About IRCTC OFS

Instead of selling ownership they should have worked on asset monetisation instead. They have 1000s of hectares of land lying around anyway.

It’s not easy of course and is a very time consuming and sophisticated process but in the end it would have been worth it.

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Yeah but the mail told that there was an issue and you guys were taking up the same with the exchange…Now from your text, looks like everything is done for?
Isn’t this like a fault of the exchange/broker? Why aren’t we getting anything else other than the “taking up with exchanges mail”
So We were not able to place orders because some tech failed and hence our chances of allotment are too
Good work,Thanks

Hey

thank you for responding to this issue. As you said this issue is a result of constrain in terms of
number of order acceptance then it seems like exchanges are at fault here, therefore many other clients of other brokerages may have had this issue right?

I had a question, will there be a post-mortem blog post about this issue (like there was for a previous issue)?

Also, as all orders got rejected, will the charges for placing the OFS order be waived off?

When are they going to check the email? You are the India’s largest stock broker and I am wondering how you do not have a contact in exchange to make a phone call and get the issue resolved immediately. Do not the exchanges provide critical support?

If it were the case then some of the orders should have been accepted and the excess have been rejected. Correct?

I appreciate that you have informed us about the failure through email, however, it should have been in some more detail. Even if the mail is not in detail, you could have responded much earlier as soon as people started asking questions.

Usually I receive contract notes and other communication from Zerodha in my Inbox, however, I found this order failure mail in my Spam folder.

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Is Zerodha not aware of the exchange rules as to how many orders are accepted at a time? Why couldn’t you split the orders and place them again if it failed at first instance? And if this was indeed the fault of the exchange, as you claim, then it should have happened with some other brokers as well, why just zerodha? And what are you doing to protect the interest of your clients? Just shoot a simple mail and forget it and maybe after sometime write a long article justifying your mistakes as you always do when your site crashes regularly. And Zerodha has even charged us ₹20+GST for this faux pas, which has lead to an opportunity loss for thousands of us.

As head of one of Indians largest brokerage house can you assure us that Zerodha won’t repeat such goof ups when major buyback windows open later this month and if you do then how are you going to compensate us for the losses?

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Hey vishal, we haven’t charged any order placement fee. Please dm me your client ID and I’ll have it rechecked.

What we’re moving to is an API based solution which will give us 2 distinct benefits - we get rid of file upload related issues and more importantly, we allow our clients to place/edit/cancel orders till 3.30 pm (Today, we restrict order collection till 2.30 pm, since we’ve to collate orders and upload them to the Exchange).

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We haven’t charged anyone for this.

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I dont actually understand ,How we are supposed to take this sir…This is a error whether done knowingly or not by zerodha and has cost us what we wanted to buy for no mistake of ours and here no one doesn’t even seem to care…except saying that you were not charged or you got a mail…We were told that you are taking it up with the exchange? What happened on that? Why dont you guys seem to care that ? @nithin says that we were told our orders were rejected,My mail never mentioned any rejections. It conveyed that orders were not placed and the issue is taken up which means that the problem was rectifiable. What you are going to do next including software upgrades is your concern,Any upgrades being done does not mean the present errors can be forgotten,What is the use of allowing to place orders until 3 30 with the required margins ,When all we get is a mail saying nothing concrete and ppl from the management contradicting their own communcations and speaking things unrelated to the issue

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Not gonna lie, Zerodha definitely has very rude and terrible support system that’s why I always have accounts with multiple brokers. Saves time and is more efficient. You should consider that as well.

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If order is failed and Zerodha had technical issues, you should have atleast informed us well in advance. We could have placed orders through some other brokers.
What does this even mean ? Order failed message at 8 pm !

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Technical issue . its not the answer for everything. we demand the compensation

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Moreover, funds are blocked unnecessary for few day in trading account without any use :frowning:

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We did take it up with the Exchanges and the regulator, but unfortunately it wasn’t possible for the orders to be placed.

The orders were placed around 3, despite repeated attempts the orders weren’t accepted. We tried our best within the timelines available to reupload the orders, wasn’t successful.

No funds are/were blocked for placing the order. Funds are blocked only if allotment happens, at the end of the day.

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In my opinion after using 4 brokers simultaneously, zerodha does seem to have a better trading platform with higher transparency & reasonable fees (not lowest though), they have definately set the standard and now i see everyone mimicking them in attempt to catchup. Yes direct support is not fast but tradingqna seems to be a very effective way of getting things redressed.
Hopefully they will get this sorted… so 146×70 Rs might be max opportunity cost for most… not much if you factor that retail irctc ofs was only 130% subscribed…obviously zerodha orders might not have gone through. So practically i think real opp cost would be just 70×70… not major amount

As I’ve said earlier, we’re moving to API based order placement system. It’ll work similar to how IPOs work, you place the order on the platform, it gets placed on the Exchange systems same time, you’re given the order ID instantly. Another benefit is that you can place orders till 3.30 pm.

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Thanks for your reply… I meant in trading account… After waiting till Friday night allocation didn’t happen, raised withdrawal request on Sat morning, didn’t receive mny yet.
Ok anyway as u hv already said u r improving system… tats good… let’s move on…

Fund payouts are processed post OFS order completion, in the future, you can place a request even if you’ve applied for the OFS. If you get allotment, funds will be debited and if there’s insufficient balance, payout will be rejected, else processed.

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Ok thanks

@nithin Whts use of sending an email after events has already happenned ?? U should have inform ur user within the timeline…