Zerodha resolves BSE connectivity issue impacting F&O trade orders
What's the story
Zerodha, a prominent brokerage firm, has announced that it has rectified a connectivity issue with the Bombay Stock Exchange (BSE), affecting Futures and Options (F&O) orders. The glitch resulted in orders being stuck in the "Open Pending" state, as per Zerodha's post on X. The firm emphasized that this problem was not exclusive to them but impacted brokers universally.
User reactions
Zerodha users express concern
The connectivity issue sparked numerous complaints from Zerodha users on social media, who were unable to square off positions. In response, Zerodha stated, "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." Despite assurances that the problem was resolved, some users remained skeptical about its origin and effectiveness.
Technical issues
Recent technical glitches raise user concerns
This incident is the latest in a series of technical glitches and user outages experienced by Zerodha. On June 21, traders faced significant problems when shares like India Cements were erroneously shown as banned under F&O, hindering traders from placing orders during a crucial trading period. Earlier on June 3, users encountered disruptions leading to widespread complaints on social media, due to website downtime.
Company response
Zerodha responds to user complaints and loss claims
On July 9, a user claimed a loss of ₹10 lakh due to an implementation issue or developer's bug at Zerodha. The user stated that his market orders were successfully sent to Zerodha servers and then to NSE, but the executed orders status was not updated from OPEN to COMPLETE. In response, Zerodha confirmed the issue was fixed and apologized for the inconvenience caused, stating "The status for new orders is updating fine now."
Importance
Technical reliability crucial
These incidents highlight the significance of technical reliability for online brokerage platforms, dealing with real-time financial transactions. Zerodha's recent issues have underscored this, as users faced difficulties in seeing the latest status of some orders while they were successfully placed. The firm assured that "This issue is now fixed," and they are working on updating the status for older orders, emphasizing their commitment to resolving these technical glitches.