Zerodha - Number One Discount Broker in India

[anil_s_trivedi]

Hi,
This is the first time something like this has happened with me. Since ST has posted here that he had also faced similar problems (with other brokers), I guess this is routine. Only left me with a scar and invaluable broker experience. Moreover I tried calling support but there was consistently no response. Even the sales guys I got through could not connect me to the support team and were themselves of not much use.
And on top of that the mail says that the loss is notional. Ask the guy to shell out Rs. 100/- from his pockets for no fault of his and then you will see his true colors. The person I spoke to said that it is obvious that she takes the employers side. When I asked her how she would have reacted had she been in my place, she at least had the honesty to tell the truth.
End of the day a broker is a broker. The true colors reveal only when an issue arises.
Regards

Dear Esse,

Cheap services comes at cost. This is India. No one is answerable to anyone, even the SEBI is a silence audience to such things.

Best thing to do in such times, is call your broker and tell him to wind up any positions if created. Thats all one can do.

It has been observed when market falls 2% or like that, the folks with icici terminal always complaint of such things. This is standard industry practice nowadays, it seems so. Whether its intentional or not, i dont know.

No one is paying for your losses, maximum they will give any technical explanation, and you will be left in lurch with your losses to ponder upon.

 

[TracerBullet]

If you don't see an order, the best thing to do is to press reconcile (ctrl +P) and it will fetch the latest order book position from the servers. I know today for 5 to 10 mins there were issues for people using MTS and another broadband service provider, can't remember the name. Will try to locate your ticket and try to get some details on what the issue was.

This is a pretty horrible bug that has repeatedly occurred. Please push Omnesys to fix this. Why should a Temporary loss of connectivity in Client or Broker cause order/trade book to not update without manual intervention. On reconnection, we should get the latest data.

Atleast add a button to the order screen itself to force refresh of all order data from NSE. You can't expect everyone to know where to dig up a not-so-clear reconcile.

I hope pi does not have such issues. Nest is horrible.

 

[Snake.Head]

This is a pretty horrible bug that has repeatedly occurred. Please push Omnesys to fix this. Why should a Temporary loss of connectivity in Client or Broker cause order/trade book to not update without manual intervention. On reconnection, we should get the latest data.

Atleast add a button to the order screen itself to force refresh of all order data from NSE. You can't expect everyone to know where to dig up a not-so-clear reconcile.

I hope pi does not have such issues. Nest is horrible.

+1 What TracerBullet said...
Plus Zerodha I think you guys paying Omnesys big chuck of amount for Nest Trader.
So Please take matter seriously.

 

[arcus]

I have faced these problems with the other brokers. Then when gone deep into the reasons, I find that when a trade is matched, NSE server send the confirmation to brokers server which in turn sends it to clients terminal. If broker's server or the clients terminal is hanged/lost connectivity even for few seconds, the trade confirmation does not get reflected on our terminal.It is always a good practice to reconcile/ refresh so that the upto the second position is fetched from NSE server and we get trade confirmation....

Smart_trade

ST,

Since you trade using interactive brokers, I wonder if such a thing has happened to you with them?

 

[Trader J]

Crowd Index is live, expecting markets to end next friday at 7592.8, cast your prediction now: http://crowd.in/

I know thar Crowd is always wrong , so may be Nifty will close 7500 or 7700

 

[Smart_trade]

ST,

Since you trade using interactive brokers, I wonder if such a thing has happened to you with them?

No not happened with Interactive Brokers. It happened with some other large broker having nationwide branches. There were other serious issues with that broker and I closed my account with them.

Smart_trade

 

[cloudTrader]

I think both Zerodha and Esse are at fault here.

Esse, if you don't see the order in your order book, its obvious something wrong happened and you must immediately freeze any more trading and resolve this issue first.

You must not keep adding positions like you did. Its common sense.

Zerodha, must be made liable for any losses arising from the glitches. If someone losses Rs 9,000 from a glitch then there is absolutely no point in choosing a discount broker to save Rs 20 and incur a loss of Rs 9,000. That would be ridiculous.

If something is wrong with our internet connection we are responsible, if something is wrong with Zerodha's server, they are responsible.

Though a client should not keep on punching orders if the first one is not going through but even if he would have stopped at one order then also he would have faced loss , 1/3rd of what he faced actually because of 3 orders.

The ordeal which he went through is very unfortunate. The manner in which his problem was being handled doesn't really looks comfortable from a client's perspective.

Immediately a warning should have been flashed by the broker in the terminal that certain technical difficulty is being faced and clients should either refrain from punching orders or should get more vigilant.

 

[Esse]

Dear Esse,

Cheap services comes at cost. This is India. No one is answerable to anyone, even the SEBI is a silence audience to such things.

Best thing to do in such times, is call your broker and tell him to wind up any positions if created. Thats all one can do.

It has been observed when market falls 2% or like that, the folks with icici terminal always complaint of such things. This is standard industry practice nowadays, it seems so. Whether its intentional or not, i dont know.

No one is paying for your losses, maximum they will give any technical explanation, and you will be left in lurch with your losses to ponder upon.

Anil,

I have repeatedly posted that at that time the support nos were not being answered. And the sales nos were responded to but they were of not much use. They also could not transfer to support.
Moreover, of late if you are using ZT then at the time of login it gets stuck at 90% and the software says not responding. However after a patient wait (of substantial time) the screen comes on it own. Let them deny this.
This has been reported by me on earlier issues in the last couple of days. The support even asked me to rename a particular sub folder in the omnesys folder. But that did not resolve the issue. I had also requested for a migration to now for this issue. But I agree with you on this that they will not own up the losses. See thats what the reply mail says from support. They acknowledge the problem persisted. There is no other way but to acknowledge that at least. It was not a one off problem. I have pasted the screen shot with the admin broadcast also.
Thanks for the advice anyway.

Regards

 

[Esse]

you can see his id in image posted in post # 4381

Hi Ravi,
I have also posted the ticket no (#4377). That is anyway sufficient for someone to trace the thing. Thanks for pointing out the obvious to him.
Regards

 

[anil_s_trivedi]

Dear Esse,

I know what state you have been in right now. but friend there are precautions first on our side is must. Like someone said, if 1st order not reflecting contact immediately to your broker. and i completely agree, here the mistake is from broker side. As they failed to message clients about ongoing problem. They failed in their duty.

Many laughing at this incidence, but believe me if one dont stand against such acts then brokers take them granted.

You can contact to SEBI if at all you need, and see whats their response is. These indian brokers sucks when market falls badly during days of 2% or more correction, i have seem many big brokers IT infrastructure, and believe me they rules, as in india SEBI dont have any conditions on IT infrastructure for these brokers. So in name of competition, they flout all rules.

When exchanges can fail, then what these brokers standout on...But its really a hopeless situation..we are putting our money+time on trading and such mistakes really cost a lot for our hard earned money.