Leading brokerage firm Zerodha on Friday, July 12, posted on the social media platform ‘X’, formerly Twitter, that its clients faced issues with Futures and Options (F&O) orders on the Bombay Stock Exchange (BSE) website during market hours. The brokerage firm’s clients noticed irregularities in order executions on the F&O site.
“Some of our users may be seeing orders in the “Open Pending” state for BSE F&O orders,” said the brokerage firm in its post on X, citing connectivity issues from the side of the exchange as the reason.
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. This issue is across brokers. We are working with BSE to update the status of these orders.
Keep track of all the updates here: https://t.co/QChCSfPx48
— Zerodha (@zerodhaonline) July 12, 2024
After market hours, Zerodha‘s co-founder and chief executive officer Nithin Kamath said the BSE F&O platform faced a connectivity issue earlier in the day, from 10:53 am to 11.25 am, affecting most brokers. Kamath took to the microblogging platform ‘X’ and claimed that Zerodha could not have done anything about it.
The issue was resolved around 11:25 am, an hour and 20 minutes later. The exchange fixed the ongoing issue with the interface, according to Nithin Kamath’s post on X.
Today, the Bombay Stock Exchange (F&O) was down for most brokers from 10:53 AM to 11.25 AM.
Contrary to whatever the incorrect media reports are saying, this was an issue that affected most brokers. Unfortunately there was nothing we could have done about it.
— Nithin Kamath (@Nithin0dha) July 12, 2024
The issue was trending on X, under the ‘business and finance’ segment, with 7,088 posts, as of 9:00 pm on Friday. Many traders have lost significant amounts of money due to this software glitch, and people took to X tagging Zerodha to complain about their losses.
Noted trader Anil Hudda posted on X about his loss tagging Zerodha. “Incurred a loss of over 15L today due to a Zerodha glitch, orders were pending from 10:55 AM, and I was unable to cancel or modify them. At 11:24 AM, all orders were executed at the previously pending price, forcing me to square them off at the current price resulting in a loss,” said Hudda, blaming Zerodha for the software glitch.
Incurred a loss of over 15L today due to a Zerodha glitch.
Orders were pending from 10:55 AM, and I was unable to cancel or modify them.
At 11:24 AM, all orders were executed at the previously pending price, forcing me to square them off at the current price, resulting in a loss… pic.twitter.com/rUa9RTGWTQ— Anil hudda (@anilhudda) July 12, 2024
Nithin Kamath’s response to his X audience and the Zerodha tags came much after the exchange resolved the issue. Traders on the social media platform also tagged Groww into the conversation, asking for a comment on the platform glitch.
“Due to an issue at BSE, BSE F&O orders were visible under the “New” state for some of our users. This was an industry-wide issue, and it has been resolved now,” said Groww, officially responding to the people’s tags. The BSE has not officially responded to any tags related to this issue on the social media platform.