With the Kotak Neo app hampered by tech glitches for the whole day, many investors and traders took to Twitter to vent their anger. Users said they were unable to place orders or square off positions, because the app wasn't working the whole day.
On Monday, Kotak Securities took to the micro-blogging site at 11: 40 am to provide an update. We are facing issues with the NSE adapter and NSE orders in Kotak Neo. The trades in the BSE are fine. The team is working on resolving the issue. We regret the inconvenience caused, it said.
However, at 9: 15 pm, Kotak Securities responded to a user who admitted that the glitches continue to exist. We are extremely sorry for this. We fully understand your side and the team is working on this. It said that we are trying to make sure that instance does not repeat.
This is the first time in Indian Stock Exchange history that a broker was down for the full day. A Twitter user wrote a very bad service while tagging Kotak Securities.
One user who is having problems with order placing in Kotak said that it was a third time in a row that this is happening.
Another user said that the Worst Broker Award goes to kotaksecurities in the year 2022.
An options trader said the option price wasn't updated since 45 minutes. Another options trader said he wasn't able to book profit on Monday and faced a similar situation on Thursday.
How can Kotak release a product with so many faults and not take any accountability? An user of the Kotak Neo asked for a response.
Many traders also posted screenshots of their losses, as they were not able to square off their positions on time.
Another user said that the app glitches were the heights of carelessness and unprofessionalism.
In the last month, the markets watchdog ordered stock exchanges to impose financial incentives on stock brokers for technical glitches at their end, amid instances of snags at the brokers end of the trading system.
The stock brokers would have to inform the bourses within an hour of any problem with their trading systems, as well as submit a preliminary incident report in one day.
As part of tightening the regulations, Sebi said that the bourses should disseminate the cases of technical glitches occurring in the trading systems of stock brokers and the Root Cause Analysis RCA of such issues on their websites. The Securities and Exchange Board of India Sebi said that the new framework would be effective from April 1, 2023.