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MUMBAI :
India's largest brokerage Zerodha is facing a backlash from traders who saw their equity positions abruptly closed during an exchange glitch, amidst criticism that a lack of communication from the country's top bourse caused losses.
Hundreds of traders who bought stocks via Zerodha, dubbed the Robinhood platform of India, voiced concern on Twitter, with many posting pictures showing portfolio losses due to trades squared off by the broker.
"My 6 months salary has gone...I'll sue you in court," said Twitter user Aashish Kumar, who posted a snapshot of his Zerodha account showing a trading loss of 211,777 rupees ($2,922).
Other traditional brokerages that rely more on relationship managers and take trade orders from clients via telephone also resorted to similar risk mitigation strategies on Wednesday, traders said, but criticism of Zerodha was most vocal.
"Brokers had no option but to square off their clients' positions..., otherwise they would have had to face a margin requirement," said Shriram Subramaniam, a corporate governance expert and founder of proxy advisory InGovern.