India’s biggest brokerage residence Zerodha was once more producing headlines on Monday morning, facing buyer ire more than complaints that rates and trading froze on its trading platform, resulting in losses to customers of the discount broking service. HDFC Securities also reported glitches and blocked trading in NSE money due to the stated glitch. Customers took to social media web sites to complain about the platform. Both, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have been quick to respond, claiming that their platforms have been operating smoothly, dousing issues of a different trading conundrum.
Zerodha’s buyer complaints on Twitter ranged from frozen rates, F&O update lag, and even order placement errors on Kite. Along with Zerodha, other discount brokerage firm, Angel Broking was also facing some hostility from clients who reported related glitches and troubles in trading on NSE.
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Traditional brokerage firm HDFC Securities as well was amongst these who faced glitches. “We have blocked trading in NSE cash due to a technical glitch. We request our customers to place cash orders on BSE. All other segments are working fine. Apologies for the inconvenience caused,” HDFC Securities stated in the tweet. However, each NSE and BSE stated their operations have been operating smoothly. The trading halt on NSE, placed by HDFC Securities, continued for practically 20 minutes on Monday morning.
Last week’s ghosts resurface
The outage on a variety of platforms comes significantly less than a week soon after NSE faced a significant technical glitch that exactly where exchange feeds for Nifty, Bank Nifty and other indices stopped for all brokerage firms. The glitched forced NSE to halt trading practically 3 hours into the day’s session. Meanwhile, F&O and intra-day orders could not be exited across brokerages. Zerodha had then exited all intra-day equity positions for their consumers on BSE without having their person consent, bringing the enterprise below fire as NSE resumed trading post-typical hours.
Nitin Kamath, Founder and CEO of Zerodha has defended the company’s actions. “A lot has been said about what we should have done on February 24, when NSE halted trading. Of course, with hindsight, it is easy now to suggest. But at 3 PM on February 24, the best option was to square off all NSE intraday positions on BSE,” he tweeted.