India s largest brokerage Zerodha
is facing a backlash from traders who saw their equity positions
abruptly closed during an exchange glitch, amidst criticism that
a lack of communication from the. | March 4, 2021
(Repeats item that first ran on Wednesday)
MUMBAI, Feb 25 (Reuters) - India’s largest bourse shut down for nearly four hours on Wednesday due to what it said was a telecom network glitch, and its operators drew fire from traders for a lack of transparency over the problem, which they said caused “absolute havoc”.
The National Stock Exchange opened around 9:15 a.m. local time as usual, but traders said prices on its main indexes stopped updating about an hour later.
At 11:40 a.m., the NSE shut down completely for trading, leaving traders wondering what would happen to their open positions.
The Association of National Exchanges Members of India (ANMI) has raised several serious questions on the Wednesday s trading halt at the National Stock Exchange (NSE).
MUMBAI: India s largest brokerage Zerodha is facing a backlash from traders who saw their equity positions abruptly closed during an exchange glitch, amidst criticism that a lack of communication from the country s top bourse caused losses.
The National Stock Exchange (NSE) suddenly shut down for nearly four hours on Wednesday, blindsiding traders. As the NSE did not swiftly update whether, and when, it would reopen, brokers began closing intra-day equity positions on another exchange later, leading to sharp losses for some investors.
Hundreds of traders who bought stocks via Zerodha, dubbed the Robinhood platform of India, voiced concern on Twitter, with many posting pictures showing portfolio losses due to trades squared off by the broker.
Zerodha faces investor fury after stock exchange glitch
Nithin Kamath, CEO and co-founder of zero-brokerage stock trading platform Zerodha
2 min read
Abhirup Roy,
Outage at NSE led to losses for traders
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MUMBAI :
India s largest brokerage Zerodha is facing a backlash from traders who saw their equity positions abruptly closed during an exchange glitch, amidst criticism that a lack of communication from the country s top bourse caused losses.
The National Stock Exchange (NSE) suddenly shut down for nearly four hours on Wednesday, blindsiding traders. As the NSE did not swiftly update whether, and when, it would reopen, brokers began closing intra-day equity positions on another exchange later, leading to sharp losses for some investors.