Zerodha, the popular online brokerage firm, experienced a significant outage on Monday, leading to a flurry of complaints from users on social media.
What Happened? Customers reported being unable to view their holdings, execute trades, or access account details, with some lamenting the transformation of profitable trades into losses due to technical issues.
DownDetector detected the outage around 9:00 am, attributing it to connectivity problems.
Zerodha acknowledged the issue, stating, “Due to a connectivity issue, some of our users were intermittently facing issues with order placement on Kite. This issue is now resolved. We regret the inconvenience caused.”
A flurry of disruptions: This incident is the latest in a series of technical mishaps that Zerodha has faced over the past three months, affecting a significant chunk of active clients. CEO Nithin Kamath publicly apologized for the previous two disruptions, detailing the causes in a December blog post.
The November 6 glitch was due to an unscheduled anti-malware update, while the December 4 issue stemmed from an overload of password reset requests, exacerbated by enhanced geo-location accuracy in their IP/geo-location database.
Kamath, then, assured that measures are in place to prevent future occurrences and emphasized the platform’s commitment to stability and reliability. However, the repeated glitches have caused significant distress among users, with some demanding compensation for their losses.
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