#1
On 30th July I was carrying positions worth 150% of my margin to 31st July.
On 31st July 09:25 AM. I covered everything. I had no open positions at 09:25 AM.
But at 03:05 PM, zerodha placed a cover order on my account without checking and that trade lost me 8500 INR.
What can I do now?
 
#2
On 30th July I was carrying positions worth 150% of my margin to 31st July.
On 31st July 09:25 AM. I covered everything. I had no open positions at 09:25 AM.
But at 03:05 PM, zerodha placed a cover order on my account without checking and that trade lost me 8500 INR.
What can I do now?
What are you waiting for ? Have you written to them about it ? Received an acknowledgement ?

If not, do so immediately.

If yes, you can escalate it to SEBI.

Either way, keep a complete paper trail, including your order book, contract notes, all correspondences etc.
 
#3
Thank you so much for your time and reply.
I do have all the necessary documents.
How do I have take this up with SEBI?
Is there any integrity left in the judicial system or the society? (Except you offcourse)
 
Last edited:

lemondew

Well-Known Member
#4
#6
Thank you so much for your time and reply.
I do have all the necessary documents.
How do I have take this up with SEBI?
Is there any integrity left in the judicial system or the society? (Except you offcourse)
Take it up with your broker first, even before replying here. Wait for their reaction.
 
#7
Thank You Friends for all your help.
Zerodha did gave me my full refund after 8 days of full day argument.
Those 8 days were hell.
I couldnt focus on anything else in those 8 days.
My life became stand still and unproductive raising my blood pressure through the roof in those 8 days everyday.
On the 7th day, they called and told me they will refund only 2500/- INR on the basis of some f*cked up logic they came up with.
Yesterday, they called and said they will issue the full refund.
The mental agony and stress of those 8 days still goes unpaid.


Thanks for helping friends
 
#8
Congratulations !!

In future, make sure to lodge a written complaint (email) with the broker the first thing. Save all the screenshots (trade book/orderbook/Funds report/contract note etc.), just in case.

Also, advice the same to the other traders too, to avoid unnecessary stress.

Screw-ups happen. Recently there was a very good reply by @TradeSmartOnline

"In the world of technology if one says there'll never be an issue he is fooling himself. "

https://www.traderji.com/community/threads/trade-smart-online.76601/page-296#post-1427184
 

CougarTrader

Well-Known Member
#9
@Zerodha systematically lure inexperienced retail newcomers (mostly millennials) with promise of technological advantage, in return fails to even substantiate basic Order Management System (OMS).

The way they behaved with me in the past; I perceive, this broker is suffering from superiority complex and vanity issues. They mislead with all sort of rebuttals to any rational inquiry instead of essentially finding concrete solutions to the problems faced. This once again raises serious doubt on their credibility disguised underneath their falsely purported reputation.

Visit their Twitter handle or any other public media domain; apart from self-obsessive bragging, they have not served any purpose to the retail mass, rather, has kept “flapping their connection wires” to impose misery for years at a stretch. This outright contradiction depicts far deviation from the reality – which is absolutely insane and absurd!

Incapable to cater to constant increase in retail in-flow, each and every critical aspect of their business is outsourced which creates a network of mirage. And the broker enjoys a sweet spot from which they can bully (their Clients, the Exchanges, the Depositories) anyone without an iota of remorse.

The street is aware of their common system failures – evidences circulating in social media, TV Business News channels, shows people losing fortune because of their failures. Reluctantly, time and again they have defended themselves citing conspiracy or envy from their competitors.

Anyways, I have seen the reality with them. I am an individual market participant and not affiliated to anybody. And I know hundreds of thousands like me suffered because of their system failures – some complained, some complaints were unjustly muted, mostly many ignored and moved on. Nevertheless, it is known to the Exchange(s) that this broker records highest number of complaints every year.

This Trading Member is well equipped to outsmart the regulator and other market authorities. I would like to conclude with a statement (out of several years of ground-zero experience) that Zerodha Broking Ltd. as a broker is enormously harmful for our market’s ecosystem; as of today, they are the most deceptive con-artists amongst all brokers.
 

kaly422000

Well-Known Member
#10
On 30th July I was carrying positions worth 150% of my margin to 31st July.
On 31st July 09:25 AM. I covered everything. I had no open positions at 09:25 AM.
But at 03:05 PM, zerodha placed a cover order on my account without checking and that trade lost me 8500 INR.
What can I do now?
cant understand why zerodha placed order o ur behalf
 

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