Trading platform glitches and technical issues are increasing day by day, ultimately harming retail traders who are either unable to log in to their apps or exit their positions.
Recently, our team encountered a case where Nikhil (name changed), while trading options, was unable to square off his position due to a technical glitch. This resulted in a loss of ₹10,000 in just a few hours, which can be quite significant.
In such cases, how can one file a complaint against the broker and attempt to recover their losses?
Discover the steps and solutions our team provided to Nikhil in dealing with this issue.
Nikhil: Hello, ADB Team. I need your help with an issue I had while trading on January 10th.
ADB: Hello. We’re here to help. Please tell us what happened.
Nikhil: I was trading Bank Nifty on its expiry date and bought a call option. I’ve been planning my trades for 2.5 years, so I knew I wanted to buy the call. However, my position wasn’t showing on the dashboard, even though the amount was deducted. I recorded a video of the issue.
ADB: That sounds serious. What did you do next?
Nikhil: I raised a ticket to report the problem, but every time, a different person responded and told me to raise another ticket. The dashboard didn’t show my position, and customer service wasn’t answering my calls.
I could log in, but nothing was displayed on the dashboard. Later, I saw that my option was only worth 5-6 rupees. Initially, it was 100 rupees.
ADB: Did you manage to get any assistance from the customer service eventually?
Nikhil: They finally picked up my call at 2:30 PM. I explained that my call buy was showing a loss, but the dashboard still didn’t show my position. I told them that due to their glitch, I was at risk of losing money.
If I had bought an option, I should have had the authority to exit, but they didn’t provide any solution.
ADB: Do you have any evidence of these interactions and the glitch?
Nikhil: Yes, I have video recordings of the incident and call records. I suffered a total loss of ₹10,000. The same problem happened again after 10 days, where I couldn’t exit my position. I have active demat accounts with other brokers too.
ADB: Please share those recordings and any other documents you have with us. We’ll review them and start an investigation. It’s important to address such technical issues to prevent further losses.
One more question, have you complained about this concern?
Nikhil: Yes sir, I emailed the compliance officer but they didn’t reply.
ADB: Do one more thing, you have to complain to SEBI.
Nikhil: Thank you. I’ll send over the recordings and documents right away. I need to know what to do next to prevent this from happening again.
ADB: We appreciate your cooperation. We’ll work on this and keep you updated on our progress. Avoid trading with this platform until we resolve the issue.
Nikhil: Thanks again. I’ll send the documents now.
ADB: We’ll await your documents and start the investigation immediately. We’re here to help you through this.
Apart from this it is important to begin smartly by following one or more steps mentioned below:
