Zero-broking platform Finvasia hit by tech glitch, traders suffer losses

NEW DELHI: Traders using zero-broking platform Finvasia suffered losses today as a technical glitch barred them from squaring off existing positions.

"We're aware of technical issues affecting some services and regret the inconvenience caused to some of our customers. Our team is working hard to resolve this glitch ASAP. We value your patience and will keep you updated on progress," Mohali-based Finvasia, which runs Shoonya trading app, said on Twitter.

Scores of traders complained of losses as they were unable to square off positions.

A screenshot shared by an F&O trader showed that the broker requested traders to avoid creating any new positions and not clear existing positions.

"Positions which you can see on the trading app may not be updated and correct. We will square off your positions from our end if your margin is above your available margin," read a message on the app, as shared by a Twitter user.



Without naming its competitor, Tejas Khoday, who runs discount broking platform FYERS, said traders should not allow the lure of saving a few rupees blind them to the potential loss of entire capital.

"Choose a stockbroker wisely, for one outage could cost you everything," he tweeted.

In the past, several other brokers, including Zerodha, have also suffered tech glitches.