Stock trading app Shoonya pays ₹3 crore to make up for losses caused by glitch

Online stock trading platforms such as Zerodha and 5Paisa have encouraged a large number of young Indians to invest in shares by making it quicker and convenient. But digital channels also come with a risk of technical snags, which may be resolved but can lead to massive losses if the timing is wrong.

Weeks after its users missed out on opportunities to book profits and lost money to faulty orders due to a glitch, stock trading app Shoonya has paid Rs 3 crore to clients who were affected by it.

Hundreds affected

• After making up for the losses that users complained about, Shoonya dismissed reports of clients closing their accounts with the platform.

• Of the 700 disputes that emerged following the glitch, 12 per cent were duplicates and 77 per cent were eligible for settlements.

• Although many traders claimed they lost money due to front-end issues, others insisted that it was because of a glitch that was placing ghost orders.

Traders migrating but firm dismisses reports

• The glitch affected traders that took conducted at least one transaction in the first 15 minutes of the session.

• Although the company claims that the error didn't lead to any major loss, reports suggest that a lot of traders have opted for other platforms.

• As of now almost 90 per cent of the claims by those hit by the glitch have been settled by Shoonya.