Thanks for sharing. One need to be double careful with Zerodha. I had issue with my annual transaction report. They missed some equities in report. I spent good amount of time to sort this out manually and File my Tax returns. Calls / Emails were not answered properly. They just say we will check in back-end and revert back. They also close Issue ticket with taking confirmation from customers. Loosing trust slowly.
how much they missed purchased shares in report…please elobrate…that will help me…i am thing i also got same feeling on some of my shares…they missed it seems
Is this report mandatory requirement? If one maintain his report himself, will that do?
For me, Zerodha’s Kite app is having trouble logging in right now @9:20 am.
The outage is probably not as big as the yesterday’s.
ICICIDirect is working fine under same conditions.
To my knowledge , this report may not have any importance. If one maintains his report it is good enough. I had too many stocks bought / sold , I didn’t maintain my transaction records manually. I pulled the report to compete my IT returns.
I pulled the " Tax P&L " report from Zerodha QBack Office (https://q.zerodha.com/) for year 2016-17. Some of the trades were missed in the report. After many follow ups , they gave correct report. they took almost 10 days to give this correct report. They never agreed their mistake. They just sent an email , as requested we are sending the report and closed my ticket.
Below is the update from Zerodha for the incident that happened yesterday…
"Our clients had severe difficulties logging into Kite web & mobile post 9.03 AM today. It took almost two hours for the issues to be resolved. Clients who were logged in from before and those using our desktop applications were not significantly affected. But considering that most of our clients use Kite and login around 9 AM, today was one of the toughest days we have had as a business.
The issue was primarily due to leased line connectivity between our data centres in Mumbai. We suspect Metro digging work reason for multiple of our primary and backup lines to “flap” (as this had affected other services in the past several weeks). Flapping is when leased lines don’t completely fail and hence don’t automatically switch to the backup lines.
Every day over 2 million trades are executed through us. Even the largest retail brokerages in the US execute just around half of this. At the scale we are at, these infrastructure issues we face in India can have a snowball effect on the trading platform like it did today. Unfortunately, since the lines flapped during market opening, over 3.5 lakh clients constantly tried to log into Kite multiple times causing the login system to build a massive queue of login requests over the already flapping leased lines. The scale of this issue was unprecedented, as you now know.
Having multiple primary and backup modes of connectivity still did not help today. The only permanent solution for issues related to login is to completely remove such over-the-network dependencies between data centres. To this end, we’re rebuilding how the Kite login system works completely. This will also have the added benefit of doing away with the current 2FA security questions in favour of a simpler numeric PIN-based system.
This should prevent the particular network failure scenario that happened today in the future, in addition to improving your login experience."
Do we have any IT guy in the community, who can vouch for what Zerodha is saying?
This is not true. I was logged in before 9am and my watchlist and holdings were blank.
Flapping is possible due to damaged cables but I seriously doubt if that is the reason as it shouldn’t have taken the time it took to diagnose and remedy it by shutting down the router and switching to the redundant line. I suspect this is due to failure of one of their servers and the remaining ones not being able to handle the load and the load-balancing server going bonkers. This is more plausible for denial of service. This of course puts the blame squarely on them than on leased lines and natural causes.
They are making it sound like Auth alone was the problem. Auth was one of the many problems from what I could see.
This is all speculation of course and it is impossible for anyone to say this or that was the issue without knowledge of their application, server and network architecture.
Being an IT guy it looks more like a load balancing issue. One server failed and the backup couldnt take load. The could have simply displayed a message that we will be back soon and prevent clients from logging and meanwhile restore the health.
That also means that they dont have any disaster recovery system outside of the available zone. normally in banks we used to have one replica outside the zone for disaster recovery but of course a discount broker can do only so much. May be they can charge yearly some 500 bucks and keep trades free and at least provide better service
Looks like leadership of Zerodha is in habit of lying quite often. I have not seen any other company/news item mentioning any outage due to Metro digging in Mumbai.
But I believe if it was outage due to excessive load on server, it is ok. They are growing like anything and this kind of thing can happen.
I am currently facing a issue with Zerodha. I bought some shares recently and the Zerodha’s dashboards (Kite & Backoffice) are not showing these recent purchases. Its been been than T+2 days since the transaction, in case you are wondering.
Any help would be appreciated.
Has anyone used Zerodha for more than a year or two now? If so, please do share your experience with Zerodha account - the quality of their trading platform, usability, issues / bugs if any, customer support etc?
I’ve been a user of Zerodha for almost a year now(11 months to be precise).
My experience has been pleasant.
I’ve had to contact Zerodha’s customer service a couple of times. But, the interaction has always been productive and the resolution prompt.
Sure, there have been technical errors but fortunately, I haven’t borne the brunt of it.
All in all, it’s a proposition worth considering.
Been using it since 2014 Jan. Have never faced a problem with redemption, trades, reconciliation, reports etc. This was a time when they used to provide trading on their NEST platform, from there have seen them shift to Pi and Kite.
The only caveat is that I use it for pure investing with very few concentrated trades in a year so perhaps I have never faced the downtime which a trader would.
So whether zerodha is good or bad for you depends on your needs. There have been people who have faced problems, so up to you to judge the quality of their offering.
Abhinav, like you, I do only investment (cash transactions only). My main interest is the zero brokerage for equity delivery trading. So, I think this would meet my need.
I had bought 100 shares of Rain Industries, their system is showing it as 1000 - that could put me in serious trouble with the taxman. While your experience has been positive, mine has been the exact opposite. Outages, showing wrong profit / loss has happened repeatedly. Their only saving grace is their price.
I have account with many broker. All including Sharekhan also get same glitches as Zerodha. I feel Zerodha is very good. I did not face any problems with money transfer or demat. I have four account with Zerodha including my wife and parents’.
Could you elaborate as to where these glitches occurred? Were they in their back office Q? I have heard the management say that this normally occurs during the reconciliation process during the off-markets hours.
Very rarely you might find it difficult to login to kite, As it happened few days back. I faced this problem once or twice a year. I faced same problems with sharkhan also.