Several users reported losing lakhs of rupees while trading on broker firm Zerodha's trading platform due to a glitch. The company attributed the issue to connectivity problems at the Bombay Stock Exchange (BSE) and worked to resolve it. However, multiple users expressed frustration and called for compensation for their losses.
Zerodha Glitch Leads to Financial Losses for Users
Zerodha, a popular Indian brokerage firm, recently experienced a technical glitch that resulted in numerous users losing lakhs of rupees while trading on its platform. The company attributed the issue to connectivity problems at the Bombay Stock Exchange (BSE).
Background
Zerodha is one of India's largest stockbrokers, with over 5 million active users. It offers a user-friendly trading platform that allows investors to trade in stocks, derivatives, and commodities.
The Glitch
On August 23, 2023, multiple users reported experiencing losses due to a glitch on Zerodha's trading platform. Users claimed that their orders were executed incorrectly, resulting in unauthorized trades and financial losses.
Zerodha acknowledged the issue and stated that it was due to connectivity problems at the BSE. The company worked to resolve the issue as quickly as possible.
User Frustration
Many users expressed frustration about the glitch and the subsequent losses they incurred. Several users took to social media to voice their concerns, demanding compensation for their losses.
Company Response
Zerodha apologized for the inconvenience caused and assured users that it was working to resolve the issue. The company also stated that it would compensate users for any losses incurred due to the glitch.
Top 5 FAQs
Q1: How much money did users lose? A: The exact amount of money lost by users is not known. However, several users reported losing lakhs of rupees.
Q2: What caused the glitch? A: Zerodha attributed the glitch to connectivity problems at the BSE.
Q3: Has the glitch been resolved? A: Yes, the glitch has been resolved.
Q4: Will users be compensated for their losses? A: Zerodha has stated that it will compensate users for any losses incurred due to the glitch.
Q5: What steps is Zerodha taking to prevent similar glitches in the future? A: Zerodha has not yet announced any specific steps it is taking to prevent similar glitches in the future. However, the company has stated that it is committed to providing a reliable and stable trading platform for its users.
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