Zerodha - Number One Discount Broker in India

[timepass]

Wow! I didn't know that's even possible! So from now on they must charge brokerage per order modification too.

Correct me if wrong but the sequence is as below:
1) You had a position and because of Z's OMS failure it could not be squared off.
2) Then a "Call & Trade" was initiated, so from this moment onward Z's rep tries to Square-off which they fail do obviously because of their OMS failure.
3) So, the position was carried overnight and gets squared-off at next Market opening.

If that's right, then where is your fault:
1st Phase) Due to broker's technical glitch, you as a client could not exit at your desired price causing heavy loss or losing a potential profit.
2nd Phase) Now you are paying additional fee for the "Call & Trade" in order to resolve the case before market closes but the broker further complicates the situation with their failure which was a distress to begin with. And despite your effort the issue is not resolved, rather, on top of the consequences of the 1st Phase they poured salt to your wounds.
3rd Phase) Knowingly or unknowingly the position is now carry forwarded to the next day by The Shameless Broker. On-top of all the levied charges from the previous interactions they now also add Margin Penalty in order to benefit from their own system failure.

No no it's your fault and our fault as a community that we have let Z thrive like a parasite for this long.

F*** O**

P.S. Morale of the Story There is nothing better than being a broker.

No..no.. it is a different thing altogether.

I had placed an order at 3:16 to sell BOB futures at 100.75, it didn't happen. So I chased the price, meaning I modified the order to sell at 100.30 (that was the last modification accepted). It got executed without my help at 3:22:06, and got auto squared off (it was a BO) at 100:20 at 3:22:26. Ok, I saw that the positions were clear, I got up from the computer. I returned at 4:30 and saw that I had open positions. There was a new trade that happened at 3:25 !!!

 

[Loss_Lover]

No..no.. it is a different thing altogether.

I had placed an order at 3:16 to sell BOB futures at 100.75, it didn't happen. So I chased the price, meaning I modified the order to sell at 100.30 (that was the last modification accepted). It got executed without my help at 3:22:06, and got auto squared off (it was a BO) at 100:20 at 3:22:26. Ok, I saw that the positions were clear, I got up from the computer. I returned at 4:30 and saw that I had open positions. There was a new trade that happened at 3:25 !!!

BO at 3:16? You got guts brother....

Your overnight position? Was it long?

I think your BO's buy stop-loss got hit before Z's RMS could cancel that while auto-squaring off your open positions.

 

[timepass]

BO at 3:16? You got guts brother....

Thanks. Not illegal/invalid is it ?? And any modifications too, not illegal/invalid, right ??

They say that my modification requests had validation pending and at the same time the auto-square off was going on, so somehow a new order got generated, and executed, and carried over as NRML !!! That my account had a negative balance of about 70000Rs. and that I had to pay call-n-trade charges and low margin penalty.

 

[Loss_Lover]

Thanks. Not illegal/invalid is it ?? And any modifications too, not illegal/invalid, right ??

They say that my modification requests had validation pending and at the same time the auto-square off was going on, so somehow a new order got generated, and executed, and carried over as NRML !!! That my account had a negative balance of about 70000Rs. and that I had to pay call-n-trade charges and low margin penalty.

You did not execute the third order. And then who converted it to NRML?

 

[timepass]

You did not execute the third order. And then who converted it to NRML?

Don't know. It got generated at 15:22:16 and executed at 15:25:57.

Now, I can't put an order, a BO at 15:22, can I ?? It was some ghost in their system.

 

[cinderblock]

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[Punter786]

Wow! Some galls Zero has got!!

They have NO shame in saying and accepting before the SEBI/NSE that their crappy, buggy, unstable system has turned a Modified order into a NEW order!! And they will take NO responsibility for it...

Either they are lying and if not then there system has become too ustable and risky for Zerodha's clients and market stability. Keeping this admission of Zerodha in mind the regulator must immediately order forensic inquiry of Zerodha's systems and setup. There are torrents of complaints against this arrogant broker from time to time for past many years. Heaven's will not fall if the license of this broker is suspended for a weak or so to drill some sense and responsibility in them.

Kamath bros are billionares now as per reports and Zerodha is a highly profitable cash rich company, yet they take NO responsibility in ANY kind of glitch situations which occur regularly in their system - it should worry every present and future clients of Zerodha. They are simply money-minded, heartless, ethicless people.

The whole world is watching and laughing how this company is fighting a loyal client for just 2800 rupees - that too after already giving him so much troubles and mental agony for no fault of his.

And why on earth such glitches happen with discount brokers only? Never in my 15 years of trading I have heard such "glitches" happening with any big broker like Sharekhan or ICICI. Why IB, Sharekhan, US and Europe based brokers are so stable like they are running a Nuclear plant!!

These rampant "glitch" phenomenon was started by discount brokers - and this too is a Zerodha's special gift and speciality.

Time they own up and pay for it. Traders love their money as much Zero loves theirs.

 

[timepass]

Further to all this, after all the emails, it seems that a personal meeting will have to happen. Let's see what happens next.

 

[rahulsharma17]

What's Zerodha's current client base?

 

[timepass]

What's Zerodha's current client base?