BSE F&O Glitch Halts Trades for an Hour, Nithin Kamath Explains Zerodha’s Hands Were Tied | Stock Market News
On Friday, July 12, leading brokerage firm Zerodha shared on social media platform ‘X’ (formerly Twitter) that its clients faced issues with Futures and Options (F&O) orders on the Bombay Stock Exchange (BSE) website during market hours. Clients reported irregularities in order executions on the F&O site.
“Some of our users may be seeing orders in the ‘Open Pending’ state for BSE F&O orders,” Zerodha posted on X, citing connectivity issues from the exchange’s side as the reason.
Due to a connectivity issue at BSE, some of our users may be seeing orders in the “Open Pending” state for BSE F&O orders. This issue is across brokers. We are working with BSE to update the status of these orders.
Keep track of all the updates here: https://t.co/QChCSfPx48
— Zerodha (@zerodhaonline) July 12, 2024
After market hours, Zerodha’s co-founder and CEO, Nithin Kamath, said the BSE F&O platform had a connectivity issue earlier in the day, from 10:53 am to 11:25 am, affecting most brokers. Kamath took to X to explain that Zerodha could not have done anything about it.
The issue was resolved around 11:25 am. The exchange fixed the ongoing issue with the interface, according to Nithin Kamath’s post on X.
Today, the Bombay Stock Exchange (F&O) was down for most brokers from 10:53 AM to 11:25 AM.
Contrary to whatever the incorrect media reports are saying, this was an issue that affected most brokers. Unfortunately, there was nothing we could have done about it.
— Nithin Kamath (@Nithin0dha) July 12, 2024
The issue trended on X under the ‘business and finance’ segment, with 7,088 posts as of 9:00 pm on Friday. Many traders lost significant amounts of money due to this software glitch and tagged Zerodha in their complaints.
Noted trader Anil Hudda posted on X about his loss, tagging Zerodha. “Incurred a loss of over ₹15L today due to a Zerodha glitch. Orders were pending from 10:55 AM, and I was unable to cancel or modify them. At 11:24 AM, all orders were executed at the previously pending price, forcing me to square them off at the current price, resulting in a loss,” Hudda said, blaming Zerodha for the software glitch.
Incurred a loss of over 15L today due to a Zerodha glitch. Orders were pending from 10:55 AM, and I was unable to cancel or modify them. At 11:24 AM, all orders were executed at the previously pending price, forcing me to square them off at the current price, resulting in a loss… pic.twitter.com/rUa9RTGWTQ
— Anil hudda (@anilhudda) July 12, 2024
Nithin Kamath’s response on X and to the Zerodha tags came after the exchange resolved the issue. Traders on social media also tagged Groww, asking for a comment on the platform glitch.
“Due to an issue at BSE, BSE F&O orders were visible under the ‘New’ state for some of our users. This was an industry-wide issue, and it has been resolved now,” Groww officially responded to the people’s tags. The BSE has not officially responded to any tags related to this issue on social media.
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