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.
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The Securities and Exchange Board of India's recent rule mandating uniform charges for market infrastructure institutions may affect the revenue streams of brokerage firms, potentially forcing them to reconsider their zero-brokerage structure or increase fees for F&O trades. Reacting to the circular which was released after the market close on Monday, shares of broking firms such as Angel One, Geojit Financial Services, Emkay Global, Motilal Oswal Financial Services, and IIFL Securities saw significant declines on Tuesday. With exchanges charging transaction fees based on brokers' overall turnover and the difference between this fee and what brokers charge customers being a rebate, the new rules could lead to changes in the pricing structure of brokerage firms.
On Monday, as domestic indices Sensex and Nifty reached new record levels and exit polls predicted a win for the BJP-led NDA, discount broking app Zerodha faced a technical issue with its website, making it inaccessible to traders. Frustrated traders took to social media to express their frustration as the market surged, hitting a record peak of 76,738.89 for Sensex and 23,338.70 for Nifty. Zerodha advised users to do a hard refresh and seek alternate solutions to access the app.
In an effort to increase retail investor participation in the debt market, the Securities & Exchange Board of India (SEBI) has reduced the face value of corporate bonds from Rs 1 lakh to ₹10,000. This move has been praised by Zerodha co-founder Nithin Kamath, who believes it will make bonds more accessible to small investors. Additionally, Sebi has announced further changes in rules for mutual funds, including the option for joint holders to nominate their fund account and allowing a single fund manager to oversee both commodities and foreign investments. These measures are aimed at promoting ease of doing business and curbing fraudulent trades.
The National Stock Exchange has seen a three-fold increase in investors over the past five years, reaching nine crore registered investors in just five months. Markets have reached new heights, with the Nifty 50 surpassing 20,000, 21,000, and 22,000 milestones and the country's market capitalisation crossing $4 trillion. While Maharashtra has the highest number of unique registered investors, newcomers from Uttar Pradesh and Maharashtra account for more than a quarter of all new additions. Additionally, indirect participation has also increased significantly, with 1.6 crore new SIP accounts opened between October 2023 and January 2024, reflecting the growing interest in the stock markets.
Nithin Kamath, co-founder of discount brokerage firm Zerodha, has revealed on his social media handle that he suffered a mild stroke six weeks ago. He shared images from his hospital bed and another on his fight to recovery, surprising netizens. He warned his followers about the consequences of overworking and neglecting self-care, even for a fit individual like himself. Fellow journalist Barkha Dutt sent her well wishes and reminded him of the impact of parental loss.
Nithin Kamath, co-founder and CEO of Zerodha, recently shared on social media that he had a mild stroke six weeks ago due to various factors such as exhaustion and overworking. While he initially experienced a big droop in his face and had difficulty reading and writing, his condition is now improving and he expects to make a full recovery in three to six months. Kamath was shocked by the incident, as he is known for taking good care of himself and being fit.
Nithin Kamath, co-founder and CEO of Zerodha, took to social media on Monday to disclose that he had suffered a mild stroke six weeks ago. He attributes the incident to a combination of factors such as his father's passing, lack of sleep, overworking, and dehydration. While he expects a full recovery within 3-6 months, Kamath has already seen improvement in his ability to read and write after experiencing difficulty with these tasks initially.
Users of Zerodha's trading app Kite faced a glitch on Monday, leading to concerns and losses for some. After receiving complaints on social media, the company acknowledged that it was due to a connectivity issue. This is not the first time Zerodha has faced technical issues, as similar incidents occurred in December 2023 and November 2023.