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'I misplaced Rs 10 lakh due to…': Zerodha apologises after man explains how he misplaced some huge cash on the buying and selling platform

Jul 9, 2024 | blog

Brokerage agency Zerodha got here beneath hearth lately after customers reported a technical problem that stopped their orders from being executed. This malfunction resulted in vital monetary losses for some merchants.

A consumer with the deal with ‘@overtrader_ind’ shared his expertise on social media platform X, detailing a considerable lack of Rs 10 lakh. He attributed his monetary loss to an implementation problem or a developer’s bug at Zerodha, relatively than a technical glitch or community drawback.

“REASON I lost 10L because of implementation issue/a developer’s bug by Zerodha not because of some technical glitch or network issue,” the consumer wrote.

He defined that he positioned market orders ranging from 9:19 AM. Although the orders appeared in his orderbook with an OPEN standing, he was unable to cancel them regardless of a number of makes an attempt. Throughout this course of, his accessible margin stored altering.

The consumer outlined the sequence of occasions that led to his loss:

  1. My market orders went to zerodha servers efficiently
  2. Zerodha despatched them to NSE efficiently
  3. NSE responded with profitable orders again to Zerodha
  4. Zerodha obtained these profitable purchase orders
  5. Meanwhile, Zerodha sends a discover explaining the standing problem
  6. IMPORTANT: Now Zerodha made an enormous mistake right here. They could not replace the executed orders standing from OPEN to COMPLETE, they usually all obtained caught in Zerodha servers.
  7. That’s why I could not see any orders in my orderbook’s EXECUTED part, they usually have been all within the OPEN orders part.
  8. I could not cancel them as a result of they have been already executed on the Zerodha server. I could not see them as a result of Zerodha by no means despatched them to me.

The important error occurred when Zerodha did not replace the order standing from OPEN to COMPLETE. Consequently, the consumer could not see his orders within the EXECUTED part of his orderbook. Since the orders have been already executed on Zerodha’s server, he could not cancel them.

Several different customers on X additionally expressed their frustration, with some threatening authorized motion in opposition to Zerodha. One consumer wrote, “My orders not getting executed. Will take you to court if I lose any single penny.”

In response to the backlash, Zerodha issued an apology on X, explaining that the difficulty had been resolved. “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. The status for new orders is updating fine now. We’re working on updating the status for older orders. Apologies for the inconvenience caused,” the assertion learn.

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