Comment on On conspiracy theories about Zerodha
commented on
07 Sep 2019, 04:14 PM
Hi Nithin,
I am using Zerodha platform for 5 years ( DP1501) . While i understand there can be technical glitches but my concern is that you guys have not fully understood the harrowing situation traders had to go through on 29.08.19. Neither your post nor the official post mortem report from Zerodha captures the entire scenario. I am listing a few points here
1) i had placed a buy side BO around 9.30 am , the system became inaccessible around 9.45 am. As market moved in direction of my bet, i revised and stop loss upwards. However same was in abeyance and my earlier stop loss got executed leading to loss of 1.5 k while i should have made profit of 3k by this time as per revised SL.
2) This would have been still ok but to my utter surprise around 10.30 am i saw in order book a sale order was pending for execution. I tried to cancel the same but this was not allowed in kite. However I hoped this would never get executed as it was mentioned in order details that order was placed beyond exchange timing or something to this effect.
3) but the pending spurious BO got executed without any target or stoploss around 1.30 pm
4) I tried to exit from this unwanted trade but kite was not permitting the same as BO was temporarily banned by this time. I was stuck with this unwanted FnO exposure on expiry day when market could move sharply against my position anytime
5) while there were flash message on kite mentioning that there would be auto square off of BO by 2.30 pm, same didn’t happen in my case till market closing. I have screenshots regarding this and would share separately on mail.
6) and finally which is most concerning part was that your call and trade lines stopped working between 11 am to 2.30 pm leaving your customers in lurch.
In the end i lost around 3k while i should a profit of at least 3k, thus a total loss of around 6k plus cost entering to additional trades. I still consider myself lucky as the loss could have been much higher, I also had presence of mind to take a hedging position on opposite trade to avoid further loss ( something which should have been advised by zerodha call n trade team) and luckily zerodha platform recovered later in the day to allow the same. However it must be realized by the technical team that it was not just one hour glitch. The damaging effect continued whole day.
I am highlighting this with hope that you would completely understand the issue and make necessary arrangements to ensure that the same is not repeated in future. Pls remember you are dealing with people’s money. If such incidents keep happening, mere apologies may not be helpful.