Zerodha’s broking platform experienced a complete freeze for a short period on June 21 causing significant issues for traders.
Reportedly, during this time stocks like India Cement, which were no longer under the F&O ban, were erroneously shown as restricted, preventing traders from placing orders. According to reports the platform has reportedly resumed normal operations following the brief outage.
Not long back, on June 3, Zerodha encountered similar technical glitches. This occurred as domestic benchmark indices reached record highs following exit polls on June 1, which indicated a potential third term for PM Modi’s government in the Lok Sabha elections.
Users on Friday vented their frustrations on social media platform ‘X’, calling for a shift from the stock broking firm, while others said they have already shifted to other platforms.
An X user asked, “Who will take responsibility for my loss due to Zerodha’s freeze?”
— Aaryan bishnoi.???? (@aaryanbishnoi24) June 14, 2024
One user also requested SEBI to force Zerodha to fill losses of retailers from their own pockets before they sermonise traders for losses.
SEBI and Finance Ministry will cry their heart out that they are worried about the investor losses in FNO, but have they every questioned @zerodhaonline once in last 8 years for why every 3 months, there is a tech glitch, and retailers lose money due to that?Force Zerodha and…
— Rohit Katwal (@rohit_katwal) June 21, 2024
On the flip side, IIFL brokerage accounts also faced a freeze due to large order placements that exceeded their margin limits, thereby preventing derivatives positions from being placed.
Concerned users expressed their frustrations on social media:
Aditya Singhania (@Simple_trader_) tweeted:
“Unexpected chaos today! Zerodha and IIFL both malfunctioned simultaneously. Looks like I’ll need to keep 3-4 backup brokers handy.”
Jaynesh Kasliwal (@JayneshKasliwal) posted:
“IIFL is down. Algotest is down. Zerodha is down. All three at once!”
Groww versus Zerodha
As per data provided by NSE, Groww’s unique client codes (UCCs) stood at 10.36 million in May, a quarter of total UCCs of 41.4 million. The venture capital-backed broking outfit’s client base has almost doubled in the past year. Zerodha Broking, which is the country’s most-profitable brokerage, has UCCs of 7.51 million, cornering 18 per cent market share, Business Standard had reported earlier.
First Published: Jun 21 2024 | 12:44 PM IST
