Zerodha BFO issue : Can a option buy order be executed after 3:30?

General
1

I place an order of option-BUY at 2023-07-07 15:01:38 at price 98. It was OPEN pending till 3:30 and at 2023-07-07 15:31:49 it showed me it got executed. BOOM!!! lost ~1 Lac for an order which got OPEN after 3:30.

Here is the order history for reference :

orderhistoryMasked
orderhistoryMasked716Ă—631 49.1 KB

Obviously I opened a support ticket and was referenced to this(Issue with BFO orders on Kite [Resolved]) and this(Issue with order placement, order modifications, and order cancellations (BSE)), which made me realize if the issue occurred from 2:47 to 3:30, that should mean that my order which was palace at 3:01 should never reached the exchange (let alone be executed) as there was a NETWORK issue.

Community !! I request you to please help me with following questions :

  1. If order was opened at 3:31:48(order history above), it’s a invalid order right? As a user I shouldn’t take that loss right?
  2. If the order was executed at original 3:01 time, then as a user I should have been allowed to square off right after execution right? I was just show OPEN PENDING till 3:30. How can there be a one-sided network issue?
  3. What are the laws around this and what legal things can be at all done from my side.
1 Like
2

This is due to disconnect btw broker and exchange. Your order reached exchange and executed but confirmation did not reach back to the broker. The timestamp is when the broker eventually got the information and not when the order actually executed.

3

Hi @Ankit_Chauhan

+1 to @VijayNair’s comment

You can read the extensive discussion on this topic in the below thread

Would request you to kindly create a ticket at support.zerodha.com for your specific account related issue. Our team is looking into it case by case.

4

Well, that what I want to understand. The computer science that I know doesn’t define modern networks as one way communication.
If there was a disconnect between broker and exchange, then my order shouldn’t have reached exchange or it reached exchange at 3:31(when network issue was resolved) thereby making my order invalid.
If it reached exchange then there wasn’t a network issue and as user I should have been informed that it got open and execute, so I can square off my position.

5

Order reached exchange, but connection was likely lost post that.

6

I don’t think, it’s likely. As per official statement from Zerodha - Issue with order placement, order modifications, and order cancellations (BSE), the issue occurred from 2:47 to 3:30.

7

The word used is “intermittently”.
Send a ticket. You might be able to negotiate something.

8

I have already opened a ticket. Anyways, thanks for sharing your views on this @VijayNair

9

Thanks for sharing this thread. It’s a long one, some of them are just jealous that @nithin is a billionaire, going through all those comments I found a helpful/practical one, which can save others time, from @viswaram :

"Since the conversation is not heading anywhere, let me try to propose a solution.

Those who have lost money & who believe its not their fault could go ahead & raise a SCORES complaint with SEBI. I am sure they will do a detailed audit. I personally have raised more than 5 complaints in last 2 years.

If you are not sure to whom to assign the complaint to, the first choice is against the Trading Member. If the fault is from zerodha - they should derive a solution as per their operation agreement.

If the issue is with BSE - then they should use the investor protection fund to compensate or nullify the trades yesterday.

I seriously dont know what will happen if they find out the issue is with the internet provider - I dont think they have the bank balance to cover this risk."