In a recent turn of events, traders in New Delhi found themselves in a tough spot as they encountered problems while using the zero-broking platform, Finvasia. This unexpected technical glitch left many traders grappling with losses and uncertainty. In this article, we will unravel the details surrounding this incident, shedding light on what exactly transpired and its implications for traders.
Finvasia’s Troubling Technical Hurdle
Finvasia, the platform that provides zero-broking services, found itself grappling with technical issues, much to the dismay of its customers. The authorities swiftly responded to the situation through their official Twitter account, expressing their regrets for the inconvenience caused to their users. They acknowledged the existence of technical problems impacting certain services and assured their customers that a dedicated team was diligently working to rectify the glitch. The company emphasized its commitment to addressing the issue promptly and keeping users informed of the progress.
Trader Woes: Unable to Square Off Positions
As the technical glitch persisted, numerous traders reported significant losses due to their inability to square off their positions. Screenshots shared by futures and options (F&O) traders revealed a notification from the broker, urging them to refrain from initiating new positions and to avoid closing existing ones. The message contained a warning that the positions displayed on the trading app might not be accurate and up-to-date. It also indicated that Finvasia would automatically square off positions if the margin exceeded the available balance. This unsettling situation left traders grappling with uncertainties about their investments.
Social Media Outcry
The frustration among affected traders spilled onto social media platforms. A user shared a distressing account of their friend’s substantial financial setback, experiencing a loss ranging from 20% to 30% of their capital. What added to the concern was the inability to square off positions, leading some traders to take opposing positions in Kotak. Tejas Khoday, the founder of the discount broking firm FYERS, cautioned traders not to be swayed solely by the prospect of saving a few rupees, emphasizing the potential risk of losing their entire capital.
The technical glitch experienced by the Finvasia Shoonya platform has undoubtedly caused distress and financial losses to many traders. As the company’s team diligently works to resolve the issue, it remains essential for traders to exercise caution and consider their financial security when navigating the complexities of the trading world. Stay tuned for further updates on this situation as we continue to keep you informed about the latest developments.