Zerodha’s Rapid Response Saves User from ₹10 Lakh Loss Due to Bug, Full Refund Issued in 48 Hours
A user named ‘Overtrader’ recently shared on social media how he lost ₹10 lakh due to a bug on Zerodha’s platform. However, the story has a happy ending as Zerodha quickly resolved the issue and refunded the amount within 48 hours.
User’s Experience
On July 9, 2024, ‘Overtrader’ posted on X (formerly Twitter) about his experience. He explained that he lost ₹10 lakh because of a technical glitch on Zerodha’s trading platform. He detailed the whole process in a series of tweets, showing both the problem and the solution.
Initial Relief
In his first tweet, he expressed relief and gratitude, saying:
“REFUND RECEIVED.. of 10L LOSS due to Zerodha glitch.. within 48 hours.”
He appreciated Zerodha’s quick action to address the issue.
Detailed Update
In a follow-up tweet, he provided a timeline of events, describing the steps taken to resolve the issue:
- Raised the issue on X at 9:30 AM.
- Created a ticket on Zerodha at 12:31 PM, quickly taken up by Mr. Mehfooz.
- Filed a complaint on SEBI Scores at 12:45 PM.
- Received calls from Zerodha at 2:34 PM, 3:38 PM, and 7:16 PM.
- Posted about the issue on X at 7:42 PM.
- Had an hour-long discussion with Zerodha the next day at 3:45 PM.
Mehfooz from Zerodha confirmed the issue and helped calculate the loss, agreeing on the refund amount.
Total loss: ₹9,56,000 Refund issued: ₹9,00,000
Acknowledgment
He thanked Zerodha and the trading community for their support, mentioning specific people who helped him.
What Went Wrong?
The issue was due to a bug in Zerodha’s system. The user placed market orders at 9:19 AM, which remained in OPEN status in the order book. Despite trying to cancel the orders multiple times, he couldn’t. The orders were executed on Zerodha’s servers but weren’t updated from OPEN to COMPLETE, causing confusion and loss.
The user’s post explained that this wasn’t a network issue but a bug in the system.
Overall, Zerodha’s quick response and resolution within 48 hours earned praise from the user and the trading community.
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