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India's second-largest largest brokerage firm, Zerodha, has once again faced a technical glitch. On Monday, multiple users took to X (formerly Twitter) to report technical issues encountered while placing orders, which led to substantial losses.
In fact, a frustrated user named Rashshad Rasheed even threatened the Kamath brothers-led brokerage firm with legal proceedings.
This is not the first time Zerodha has faced a technical glitch. Last month, on June 3, when the stock markets opened at a record high, Zerodha faced technical issues that resulted in significant losses for its users
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"My orders are not getting executed. I will take you to court if I lose a single penny," Rasheed wrote.
#zerodha stuck. My orders not getting executed. Will take you to court if I lose any single penny pic.twitter.com/oSy17lg32H
— Rashshad Rasheed (@rashshadrasheed) July 8, 2024
"I lost 10L due to Zerodha. Orders placed at 9:15 were executed 1.5 hours later. zerodhaonline, what the hell? This is money we earned through hard work. I want my money back and am going to court," another wrote.
"We need to drag #Zerodha to Court for ridiculous services. I have seen people losing lakhs of their hard earned money due to their ridiculous services !" a third wrote.
Every #zerodha trader ever. Lost 2.1 Lakhs due to technical error. Going to court, going to change broker.
— Pradeep(prady)🐬 (@pradytrader1) July 8, 2024
Next day: 9:15 am, open zerodha and punch 0.0.
In marketing 101 they teach about something called 'switching cost'. in the case of zerodha, the switching costs are ? ...🤺
What did Zerodha say?
A while later, Zerodha acknowledged the issue, claimed it was fixed, and apologized for the inconvenience caused.
"Some of our users were facing issues with seeing the latest status of some orders, although the orders themselves were successfully placed. This issue is now resolved. The status for new orders is updating fine now. We are working on updating the status for older orders. Apologies for the inconvenience caused," Zerodha said.
Some of our users were facing issues seeing the latest status of some orders while the orders themselves were successfully placed. This issue is now fixed.
— Zerodha (@zerodhaonline) July 8, 2024
The status for new orders is updating fine now. We're working on updating the status for older orders. Apologies for the…
However, some users responded that the issues had not been resolved and demanded that the brokerage firm take accountability for the losses incurred.
"@SEBI_India no it’s not resolved, for the current order it’s showing internal error," a user complained.
Issue not solved yet.... pic.twitter.com/UER8J8vFEf
— Bibhash Datta (@B_BibhasH) July 8, 2024
Who will pay for the loss??? Is zerodha ready??
— Biplob Ghosh (@biplob19790) July 8, 2024