You all might have heard that to gain profit in trading one must work on trading psychology. Most of the traders fail at this point but Ankush (name changed), one of the retail traders followed this very strictly.
After doing ‘n’ numbers of trades in the FnO segment he used to deactivate the segment to avoid overtrading and losses.
But one tech-glitch disrupted his disciplined trading and resulted in the loss of ₹1,50,000.
This is how it happened.
It was July 23, 2024 and Ankush was doing his usual trading in the FnO segment. But while trading, the tech glitch happened.
Due to that he failed to execute orders. He checked his positions and found that all his orders were marked as FAILED.
He waited for a few minutes and placed fresh orders again. That time the new orders got executed.
By following proper risk management he made good profit as well. Then to follow his trading rule, he deactivated the FnO segment by clicking Kill Switch.
Next day, when he opened his app he was astonished to see that he was at the loss of ₹1,50,000. When he checked further, he found that all yesterday’s failed orders had been executed.
How this happened as he had deactivated the segment. Now due to this glitch he lost his capital.
Once again due to tech-glitch one of the traders lost his hard-earned moneyl.
Ankush however contacted his broker who didn’t give any satisfactory response. He then made a decision to take it further to exchange.
He checked details of how to file a complaint in NSE and reported the whole case.
But how does exchange work on such matters?
Basically, the NSE ISC center looks into the matter and forwards the concern to the broker after getting all documents and proof from the trader.
The trading member then submits the response that is forwarded to the trader.
If the trader is satisfied, the case is marked as closed.
However, if not then the exchange arranges a telephonic meeting to resolve the dispute. Further there is a GRC committee & arbitration panel that gets involved in the case in case no solution is provided in the meeting arranged. .
There are chances that clients get a proper & satisfactory response but all this takes months and sometimes due to lack of time or some other reasons, traders didn’t get into such lengthy processes.
But a little patience helps traders in getting some or full refund of their losses. Recently, our team helped one of the traders in getting a refund of around 60% of his lost capital in one of the tech glitch.
So, stay aware and be quick to file a complaint against stock broker in such cases.
