After two consecutive technical mishaps over the past month, Zerodha CEO, Nithin Kamath, has publicly apologised. As per his statement, the issues reportedly impacted between 5-20% of the company’s active clientele.
What Happened: In a blog post published on Tuesday evening, Kamath detailed the technological problems that occurred on November 6 and December 4. The initial glitch was triggered by an unscheduled update in the anti-malware monitoring service from their EMS vendor, resulting in server throttling.
The subsequent issue on December 4 resulted from an exceedingly high number of customer password reset requests, leading to login issues. Kamath attributed this, in part, to an unanticipated increase in the geo-location accuracy of the IP/geo-location database that Zerodha employs.
Kamath assured that measures have been put in place to prevent such instances from affecting their platform in the future. “We are extremely sorry for the inconvenience to those who were affected,” Kamath added. He also emphasised that the platform’s stability and reliability are of the utmost importance.
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These consecutive tech glitches have caused considerable distress among Zerodha’s users. On November 6, issues with the Kite app and web platform prevented users from viewing and accessing their holdings, displaying a “Bad Gateway” message instead. The issues resurfaced on December 4, with users facing difficulties logging into the Kite web platform, with some also encountering similar problems on the Kite mobile app.
According to Kamath, these issues garnered significant attention due to their active and vocal online audience. He assured that any losses due to the incidents will be attended to promptly by their team.
Despite the assurance, several people on Twitter expressed their displeasure and even asked the company to compensate people who had to bear losses.
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