A technical glitch affected traders on Zerodha on Monday (3 June, 2024) impacting India’s second-largest brokerage platform.
This occurred as the domestic benchmark indices surged to record highs, following exit polls predicting a third term for PM Modi’s government in the Lok Sabha elections.
Traders were posting about issues accessing Kite Web on social media since morning. They then tried to use other popular trading platforms like groww or AngelOne. However, the CDSL website also faced some technical difficulties at the same time, meaning all demat accounts, regardless of broker involved, were affected.
Central Depository Services Limited (CDSL) and National Securities Depository Limited (NSDL) serve as central securities depositories, offering trading and investment services under the regulation of the Securities Exchange Board of India (SEBI).
Several Traders and Investors have complained about this issue to the officials on X (Social Media Platform).
Trader Response on Social Media
Affected traders did not hide their frustrations today, when markets were witnessing big jumps.
One X user said, “#Zerodha glitch, my funds are showing negative 83L. Almost gave me a heart attack this morning.”
Another user said, “CDSL down across all Demat accounts. This is a serious issue and concerned authorities should look into it. Even few minutes of issue can lead to huge losses of common man. Who should be held responsible?” (sic)
Another X user posted saying that, “Zerodha’s consistency is truly disappointing. It seems to fail on all the important days.”
Zerodha’s Response
Back in January, Nithin Kamath, Co-founder and CEO of Zerodha, expressed concerns over tech glitches, highlighting that it’s challenging for tech firms like theirs to avoid all glitches due to the time-sensitive nature of their business and the large user base they serve.
In response to current user complaints on X, Zerodha said, “could you please do a hard refresh by pressing Ctrl + Shift + R, and check? If the issue persists, you can use the Kite app. Alternatively, you can try using an alternate internet connection and check.”
Zerodha provided solution here – https://support.zerodha.com/category/trading-and-markets/kite-web-and-mobile/others/articles/isp-kite-access
Meanwhile, it was pointed out by users that kite web was working well without any issues on the edge browser.
Also Read: Now Zerodha Users Can Withdraw up to Rs 1 Lakh Per Day with New Feature
Zerodha also put out a notification in the kite app providing a temporary solution for the CDSL issue as seen below:
The CDSL issue has been resolved now. Trading platforms have clarified so on X. Users can resume placing sell orders from their holdings as usual.
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Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered investment advisor before investing.
