For retail traders, brokers often claim to provide a safe trading environment and reliable apps. However, glitches do occur, and traders can report these issues to SEBI and the exchange.
But what if there are no reported technical glitches, yet you still face problems trading, withdrawing money, or booking profits at the right time?
This is exactly what happened to Rahul (name changed). Here is the complete narration of his story.
Rahul: Hello ADB Team, I need your help in recovering my profits I made while trading using a broker’s app.
ADB: Yes, please tell your concern, we are here to help you!
Rahul: On April 14, 2023, I was trading using broker’s app but as soon as I booked profit the app stopped working when I was in the profit of 96k that day.
ADB: Did your trading app showed you that profit.
Rahul: Yes, even the details were there in the contract note.
ADB: So, what happened next?
Rahul: My broker called me and said that due to glitch they would not pay me the whole amount and instead gave me ₹7,000 to stay quiet.
ADB: That’s terrible. What about the app issues?
Rahul: Every time I’m in profit, the app won’t let me exit. But as soon as I’m in a loss, it starts working again.
ADB: Did you try contacting them?
Rahul: Yes, but they usually give no response for 30-40 minutes. When they finally do answer, they claim there are no technical issues.
ADB: Do you have any evidence?
Rahul: No, I couldn’t record the screen. It’s impossible when the market is moving so fast.
But after facing multiple similar issues where the app stopped working whenever I make profit and work only when I am in loss I called their customer support executive who told me that their is no reported glitch at our end.
Eventually, I shifted to another broker but my ledger balance with the previous broker is still over ₹87k.
ADB: This is disheartening. How are you holding up?
Rahul: Barely. Life’s been tough. I’ve stopped answering calls from credit card loan recovery agents.
ADB: Stay strong. We are here to help you. You can take a step against a broker and file a complaint in NSE.
In case, the matter is not resolved there you can lodge a complaint in SCORES by sending proof that you have of the trade you made.
Rajan: Thanks. Will document everything and send a mail.
