Just now got the response to the support ticket regarding pending order getting executed and showing the position after market hours claiming that it will come under ibt trading risk. How in the world that zerodha’s vulnerable system which was not able to show the position during market hours come under ibt when the glitch happened around 10-10:15 pm and market was still open till 11:30 pm.
The real issue came the next day when your customer care person told me specifically to close the position on the call to minimize the loss so that it can be compensated easily.
How can zerodha get away with this big of a glitch, because at the same time icici direct was working fine and i was able to place order there as well and exit easily. This was clearly zerodha fault and i expected them to come clean and not hide behind their ibt bs.
@nithin and team please look into it before its too late, come out of your diwali break and solve the real problems.
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IANAL, Those seem to be their policy under 12.c and 12.d:
c. You understand and agree that using the internet for any purpose, including trading on Zerodha, is not 100% fool-proof and has risks. Trading online can have technology related interruptions and issues. Zerodha and the exchange do not represent or warrant that their services will always be available without interruption.
d. Zerodha shall not be liable for any actions taken through your account, whether authorised or not, and for any losses or damages (real or notional) arising out of the suspension, interruption, non-availability or malfunctioning of Zerodha’s IBT system, the Exchange’s service or systems or non-execution of his orders due to any link / system failure at the Client/Zerodha/Exchange end for any reason beyond the control of Zerodha/Exchange.
Having said that, you might have a case under deficient service under sections like SEBI Trading software requirements 1.1.2.4.2
1.1.2.4.2. The broker systems should be capable of assessing the risk of the client as
soon as the order comes in. The client should be informed of
acceptance/rejection of the order within a reasonable period.
That is the main issue that their system wasnt able to show the order status before market close , atleast we would have gotten some time to exit and not hold overnight , it will become more than 10 hours of delay in notifying the order status
Yeah, if broker won’t help and resolve your grievance, SEBI Scores would be the next stop followed by courts, which should examine whether they followed all risk control guidelines, did regular audits and post-disaster, whether their responses were appropriate and things like that - and that’s assuming the issue was fully attributable to exchange and nothing to their own. If it was even partially attributable to their own software, the answer is simple.
However, Thank you for bringing attention to the issue and also to the fact that other brokers were working fine. It is really shocking to see that zerodha takes zero liability for their failures at their end.
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Dhan (more recently) and Finvasia (long back) compensated traders for similar glitch. I think Finvasa’s glitch was more grave…
I remember couple of years back, Finvasia called up traders who ended up in profits because of similar glitch and managed to convince some of them to forgo their gains, and paid rest from their pockets… mind you they did this back when they were offering zero brokerage… so kudos to them…
Zerodha doesn’t extend such courtesies normally as far as I know… Their ethics and moral compass is different, they are better known for “Gyan”.
Btw this glitch cannot be easily justified, and the case is worth pursuing imo…
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raised complaint on scores as well and given them proof of orders execution and no positions shown before 11:30 pm on kite and their notification coming after market close of order execution.
Never trust a broker.
Their entire act—being nice, seeming honest, avoiding “unethical stuff,” and claiming to care for the customer- vanishes the moment they have to pay for their own mistakes.
When confronted, their response is never straightforward.
They adopt evasive, indirect, and confusing language to twist the facts and declare their innocence.
Try to find out if there is genuinely an issue with MCX, especially since other brokers’ terminals are working fine.
File a complaint against them on SEBI SCORES .
Not only you, every single trader who suffered losses that day should join in and file a complaint!
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Apologies for the tone of the earlier support response. While it may have come across as though the issue originated from within Zerodha, this incident affected most commodity brokers, including us, and a bulletin was shared at the time to inform clients.
I’m also sharing a few screenshots from other brokers and clients that acknowledge the issue was widespread across the industry.
That said, we’re not trying to shift responsibility to the exchange, but only to clarify that the problem didn’t arise from our systems. We completely understand your situation and genuinely empathize with what happened. We’ll review the losses in detail, take it up with the exchange, and see what can be done to make things right. Please be assured that we’ll do our best.
Fyers:
Angel one:
Kotak:
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@Kalpesh
Out of the top 10 brokers, you just posted a screenshot of 3 brokers to justify yourself!
Is the duration of the connectivity problem or the downtime the same as yours?
You mentioned a connectivity problem but did not say anything about its cause.
Someone has to take the responsibility, either the broker or MCX, to compensate for the losses
You cannot run away just by saying it’s out of your hands.
If the problem is truly with MCX, then help traders with proper documents to file a complaint against MCX.
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Your link to Fyers states that they resolved the issue before market closing that day.
Update: The issue was resolved at 10:09 PM. Order placement on MCX is now functioning normally. The issue was observed between 9:52:05 PM and 10:09:17 PM.
Your screenshot about Kotakneo clearly shows that issue took 50m to resolve within market hours, whereas Zerodha took the next day resulting in overnight risk and huge losses.
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I completely agree with you