Zerodha Refunds ₹9 Lakh To Trader Who Blames Bug For Missing Out On Profits

Discount brokerage Zerodha refunded a derivatives trader ₹9 lakh after the trader raised a query in Zerodha. 

What Happened: A trader with the user name Overtrader on X (formerly known as Twitter) posted that he lost ₹9.56 lakh due to a technical error on Zerodha on July 9. 

Overtrader lost money after placing a market order, i.e., buying a security at market price, at 9:19 am on Tuesday morning. However, Zerodha’s Kite app did not display the order as executed immediately.

Overtrader said the app only showed the executed order at 10:30 am, denying him the chance to square it off when it was in profit. The user claimed his losses mounted to ₹9.56 lakh as the order wasn’t showing up in the order book.

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The user then raised a ticket on Zerodha in the afternoon explaining the loss and Zerodha’s team responded to his queries. After discussing the timeline of the order execution and fund loss, Zerodha agreed to refund ₹9 lakh to Overtrader for his loss.

Zerodha users have faced multiple instances of technical glitches over the past few months. On July 8, Zerodha users complained that their trades were not getting executed on the app. On June 21, the Kite mobile, web, and API platforms — faced an outage. Another recent incident on June 3, when markets opened at record highs, left traders unable to execute their orders.

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