Zerodha RMS Failure

#1
Here is what happened with me.
I had open long position of 975 NF at approx 10500 with 450,000 account balance on Friday when nifty tanked in last half an hour. I had margin call as my account balance felt way below than required. Zerodha allowed me to carry that position of 975 with approx 250,000 margin at the end of Friday.

I was shocked with the fall as I could not monitor in last half an hour. I received mail/ sms from Zerodha about margin shortfall.On Monday first thing I did was to square off position at open at 9.16 am to be precise.I was unhappy with my trading and I just closed NSE NOW for a day.I was done for a day having lost almost half of the capital on single trade. I got busy with my daily full time job till late at night

Today I reached office at around 11.00 am and opened NSE NOW to find there was short 750 quantity of NF and was running in loss of around 60K which I never traded. I checked yesterday’s contract note to find the quantity was shorted at 2.48 PM. I just squared off this position and raised a ticket to Zerodha.I called them , talked with couple of guys. One of them not even understanding RMS and all.Anyway, it took 3-4 hours to reach RMS guy xxxxx xxxxxx.

He explained me it was RMS glitch. The story is i had accounts mapped to both nse now and kite.Even though I squared off position in nse now in morning it did not updated in kite.Kite was showing till open 975 quantity and Zerodha RMS put order through kite that ended in shorting 750 quantity as fresh trade.

I asked him it’s there fault and they should reverse my trade.but that rude guy xxxxxxxxxx crossed every possible limits. The stand was it cannot be reversed as it might have been in profit.He even accused me that I did not inform them on that day and only talking coz trade in loss.

I incred loss of 65k because Zerodha traded in my account because of their RMS failure.
 
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pannet1

Well-Known Member
#2
Here is what happened with me.
I had open long position of 975 NF at approx 10500 with 450,000 account balance on Friday when nifty tanked in last half an hour. I had margin call as my account balance felt way below than required. Zerodha allowed me to carry that position of 975 with approx 250,000 margin at the end of Friday.

I was shocked with the fall as I could not monitor in last half an hour. I received mail/ sms from Zerodha about margin shortfall.On Monday first thing I did was to square off position at open at 9.16 am to be precise.I was unhappy with my trading and I just closed NSE NOW for a day.I was done for a day having lost almost half of the capital on single trade. I got busy with my daily full time job till late at night

Today I reached office at around 11.00 am and opened NSE NOW to find there was short 750 quantity of NF and was running in loss of around 60K which I never traded. I checked yesterday’s contract note to find the quantity was shorted at 2.48 PM. I just squared off this position and raised a ticket to Zerodha.I called them , talked with couple of guys. One of them not even understanding RMS and all.Anyway, it took 3-4 hours to reach RMS guy xxxxx xxxxxx.

He explained me it was RMS glitch. The story is i had accounts mapped to both nse now and kite.Even though I squared off position in nse now in morning it did not updated in kite.Kite was showing till open 975 quantity and Zerodha RMS put order through kite that ended in shorting 750 quantity as fresh trade.

I asked him it’s there fault and they should reverse my trade.but that rude guy xxxxx xxxxxx crossed every possible limits. The stand was it cannot be reversed as it might have been in profit.He even accused me that I did not inform them on that day and only talking coz trade in loss.

I incred loss of 65k because Zerodha traded in my account because of their RMS failure.

hi,

i am pinging @timepass moderator, super helpful guy and experienced in these things
 
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#3
When you are right and they are wrong then these these third rate people of third rate thuggish company resort to abusive and rude language.

But you know what? Sebi rules and regulators will support you if you are right - reasoning and rule wise. Just raise your issue in the right forum. File complaint against them with complete details. Fight your case with resolve. Not only you might not have to pay the penalty but in fact you may even get compensated!!

In the meanwhile name and shame this blood sucking company in all the social media forums possible.

It has ruined and devasted many traders and investors.

People are filing up complaints against this broker and winning it. This broker is a habitual offender; regulators usually have benign and sympathetic attitude towards retail traders. It is sad that most people are unware of their rights and the few who are aware do have the stomach and time to fight for it.

They will not learn but teach them a lesson.
 
#5
Here is what happened with me.
I had open long position of 975 NF at approx 10500 with 450,000 account balance on Friday when nifty tanked in last half an hour. I had margin call as my account balance felt way below than required. Zerodha allowed me to carry that position of 975 with approx 250,000 margin at the end of Friday.

I was shocked with the fall as I could not monitor in last half an hour. I received mail/ sms from Zerodha about margin shortfall.On Monday first thing I did was to square off position at open at 9.16 am to be precise.I was unhappy with my trading and I just closed NSE NOW for a day.I was done for a day having lost almost half of the capital on single trade. I got busy with my daily full time job till late at night

Today I reached office at around 11.00 am and opened NSE NOW to find there was short 750 quantity of NF and was running in loss of around 60K which I never traded. I checked yesterday’s contract note to find the quantity was shorted at 2.48 PM. I just squared off this position and raised a ticket to Zerodha.I called them , talked with couple of guys. One of them not even understanding RMS and all.Anyway, it took 3-4 hours to reach RMS guy xxxxx xxxxxx.

He explained me it was RMS glitch. The story is i had accounts mapped to both nse now and kite.Even though I squared off position in nse now in morning it did not updated in kite.Kite was showing till open 975 quantity and Zerodha RMS put order through kite that ended in shorting 750 quantity as fresh trade.

I asked him it’s there fault and they should reverse my trade.but that rude guy xxxxx xxxxxx crossed every possible limits. The stand was it cannot be reversed as it might have been in profit.He even accused me that I did not inform them on that day and only talking coz trade in loss.

I incred loss of 65k because Zerodha traded in my account because of their RMS failure.
Your positions, were they intraday order or NRML ?

Anyway, if they carried forward the position despite a margin shortfall, if it is clearly their fault, then you should follow it up. First of all you should launch a complaint with SEBI at this website :

https://scores.gov.in/scores/Welcome.html

Whatever further communication with Zerodha, do it in writing. Whatever your earlier phone calls to them, please note down the timings and the person you spoke to. You may need to summon the recordings from them. Mention it in your complaint.

Keep at it, don't back down.
 
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#6
My positions were NRML all the time. Thanks for the support TP
I have raised complaint with sebi for unauthorized trades in client account and explained trade details and concern about no RMS system in Zerodha. On 5/10/2018, they allowed to carry forward position of 975 quantity with 250,000 margin which was huge shortfall of 6L. On 8/10/2018, they traded in my account and carry forward 750 shorted nifty for 1.75 L margin ,again huge shortfall. On 9/10,2019, they were sending sms/emails about margin shortfall even after I squared off their shorted trade. Glitch might be once, but if something is happening for 3 consecutive days that means there is no thing like RMS exists. I have margin statements to prove that.
I asked Zerodha to escalate my ticket to senior officer or Nitin Kamath from RMS team but they are not responding.
 

marimuthu13

Well-Known Member
#7
My positions were NRML all the time. Thanks for the support TP
I have raised complaint with sebi for unauthorized trades in client account and explained trade details and concern about no RMS system in Zerodha. On 5/10/2018, they allowed to carry forward position of 975 quantity with 250,000 margin which was huge shortfall of 6L. On 8/10/2018, they traded in my account and carry forward 750 shorted nifty for 1.75 L margin ,again huge shortfall. On 9/10,2019, they were sending sms/emails about margin shortfall even after I squared off their shorted trade. Glitch might be once, but if something is happening for 3 consecutive days that means there is no thing like RMS exists. I have margin statements to prove that.
I asked Zerodha to escalate my ticket to senior officer or Nitin Kamath from RMS team but they are not responding.
have you tried contact Nitin or nikil in twitter..also zerodha twitter accounts?
 
#8
My positions were NRML all the time. Thanks for the support TP
I have raised complaint with sebi for unauthorized trades in client account and explained trade details and concern about no RMS system in Zerodha. On 5/10/2018, they allowed to carry forward position of 975 quantity with 250,000 margin which was huge shortfall of 6L. On 8/10/2018, they traded in my account and carry forward 750 shorted nifty for 1.75 L margin ,again huge shortfall. On 9/10,2019, they were sending sms/emails about margin shortfall even after I squared off their shorted trade. Glitch might be once, but if something is happening for 3 consecutive days that means there is no thing like RMS exists. I have margin statements to prove that.
I asked Zerodha to escalate my ticket to senior officer or Nitin Kamath from RMS team but they are not responding.
If you have raised a complaint with SEBI, then let your grievance go through them only.

I am sure that SEBI has forwarded it to the NSE office in your region. The NSE would have contacted you about it and asked to submit various documents. Do that, make sure you submit all the documents (not just complaints and emotions). I am equally sure that NSE will do the needful fairly.

Even if the broker can slide out of "technical glitch" issue, they certainly can't slide out of human fault issues. That is what you have to highlight and, as far as possible, provide full documentation for it.

Has Zerodha charged you "Short margin penalty" ?? Any call-n-trade charges, for trades that happened without you calling and trading ?
 
#10
I have submitted all the documents to NSE. Let is see how it goes. Zerodha haven't charged anything related short margin penalty and call n trade charges as of now. The RMS guy was offering me 1 month brokerage peanuts as compensation . I tweeted to Nitin kamath too.
Good follow-up. They had offered that one month free brokerage to me in March too. I refused it.
 

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