Zerodha Fixes Glitch, But Traders Fume As Losses Mount

Stockbroking platform Zerodha said it has fixed the technical glitch with its app and website but faced the ire of several online traders who were hit by the nearly two-hour-long outage.

What Happened: Zerodha said it had corrected a technical issue that prevented users from viewing their holdings and positions, effectively leaving them unable to execute certain trades.

“Due to a technical issue, some of our users faced issues viewing the orderbook, positions, holdings and funds page. This issue is now resolved,” Zerodha said in a tweet on X. “As a precautionary measure, affected clients can only exit positions. Trading activity remains unaffected for the rest of our users.”

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This would mean that affected users will not be able to buy equities or derivatives until the issue is completely resolved but they can exit their positions or sell their holdings immediately.

The fix came after hours of strife for thousands of traders who were unable to view their holdings and assets. Several users of the app said they had logged significant losses because of the downtime.

Some questioned whether the online stockbroking platform would compensate traders for their losses, asking Zerodha co-founder Nithin Kamath to take responsibility for the financial hit to users.

Yet others questioned who is ultimately responsible for the losses that traders suffer when such glitches occur, appealing to the Securities and Exchange Board of India (SEBI) to take cognisance of the issue.

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Posted In: EquitiesNewsNikhil KamathNithin KamathZerodha