In an unfortunate turn of events, traders on Finvasia’s zero-broking platform, based in New Delhi, faced significant losses due to a technical glitch. This unforeseen issue prevented traders from squaring off their existing positions, leading to widespread concerns and questions. In this article, we’ll delve into the details of what transpired, addressing the key questions surrounding this incident.
The Technical Hiccup
Finvasia’s Shoonya platform, designed to offer seamless trading experiences, encountered unexpected technical difficulties. These issues have disrupted some of the platform’s services, resulting in inconvenience for numerous customers. In response to the situation, Finvasia acknowledged the problem through their official Twitter account. They expressed their awareness of the technical challenges affecting certain services and extended their apologies for any inconvenience caused. The Finvasia team assured users that they are diligently working to resolve this glitch as quickly as possible. They also expressed their gratitude for the patience displayed by their customers and promised to provide updates on their progress.
Traders’ Losses and Frustration
A multitude of traders experienced losses due to their inability to square off their trading positions. Screenshots shared by several Futures and Options (F&O) traders revealed that the broker had urged them to refrain from opening new positions and to leave existing positions uncleared. The trading app also displayed a message warning that the positions visible on the app might not be updated or accurate. Furthermore, the app indicated that if the margin exceeded the available margin, they would square off positions from their end. This unexpected situation left traders grappling with uncertainty and financial setbacks.
Social Media Outpour
Amid this technical turmoil, traders took to social media to share their grievances and frustrations. One user recounted a substantial capital loss of 20-30% incurred by a friend due to the glitch. Despite these significant financial setbacks, there appeared to be no immediate resolution in sight, with traders resorting to taking opposite positions in Kotak. Notably, Tejas Khoday, the founder of discount broking platform FYERS, cautioned traders against prioritizing small cost savings over the potential loss of their entire capital.
Conclusion
The recent technical glitch on Finvasia’s Shoonya platform has undoubtedly caused turmoil among traders. While Finvasia is actively working to rectify the issue, traders have already borne substantial losses. This incident serves as a stark reminder of the inherent risks associated with online trading platforms. As the situation unfolds, we will continue to provide updates on this matter. Our thoughts are with the affected traders during this challenging period. Pleas
.
