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Informist, Thursday, Aug 29, 2024

 

By Rajesh Gajra

 

MUMBAI – Given the barrage of customer complaints of technical glitches on social media platform X, against Zerodha Broking, the brokerage will soon issue a video communication by founder and Chief Executive Officer Nithin Kamath addressing the issues, Chief Technology Officer Kailash Nadh told Informist on the sidelines of the Global Fintech Fest today. Nadh claimed the picture typically presented in the complaints is magnified many times over.

 

In the last 3-4 months, individuals claiming to be customers of Zerodha have posted complaints on X that glitches in Zerodha’s trading applications have resulted in problems such as not being able to square off open positions in time, leading to losses, or a lag in real-time price information on the app’s charts, resulting in clients getting badly misled in executing their trading strategies.

 

These purported Zerodha customers have also complained of malfunction of stop-loss orders leading to delayed execution and additional losses. Many of the posters have demanded that the brokerage compensate them for their losses.

 

Dinesh Pai, a senior official at Zerodha, told Informist that all the issues surrounding the complaints will be addressed by Kamath in a video that will be posted on its website. In an earlier video posted over two years ago, Kamath had addressed a question on how any downtime by Zerodha resulted in customers blowing up on Twitter, as X was then known.

 

Kamath said then that “unfortunately in our business, if you have downtime, it's a notional profit and loss for the customer. Now, if the customer makes a profit, he'll never come back to you, I mean, he's happy with the profit because of the downtime. But if there's a loss, you know...”. Kamath also said then that Zerodha had become “so big that even for one minute, some charts are not opening and we are trending on Twitter”.

 

Further, on Jul 12, when BSE had connectivity issues with some futures and options brokers in morning trades, Zerodha was targeted the most on the social media platform. Kamath issued a clarification on X later that day that the BSE's futures and options segment was down for most brokers from 1053 IST to 1125 IST and that this was an issue that affected “most brokers".  End

 

Edited by Rajeev Pai

 

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