Zerodha has resolved the technical issue faced by its customers with order placement earlier on Thursday, the brokerage firm alerted its users. But the platform has temporarily blocked fresh bracket/cover orders, according to a separate alert issued at 10.46 am. It instead recommended customers to use CNC/MIS/NRML order type instead.

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"You may face an issue with order placement on Kite. We are working on it and the issue will be resolved shortly," the alert had earlier said. India's largest stock broking firm has reportedly over 7 lakh customers holding stocks in their Demat accounts.

Speaking exclusively to CNBC-TV18, Zerodha founder and chief executive officer (CEO) Nithin Kamth said: “Around 30 minutes back our order management system which connect the platforms to the exchanges crashed. We are using one of the largest vendors in the world — Thomson Reuters Refinitiv for this. So the entire team; our team and their team are looking at it. We have just restarted it so we should be back up in next 5-10 minutes."

This is not the first time Zerodha customers also facing technical issues. On February 27 also, customers faced technical issues while using Kite platform.

“We had one episode early this year in January-early February. We haven’t had any issues post that. Today’s issue isn’t got anything to do with volumes; volumes are less than normal. In a technology business there are things that can potentially go wrong and every time we find an issue, we make sure those issue do not repeat again,” Kamath added.

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Zerodha recently upgraded its Kite platform to a new version with more services for its customers.

Talking about premium services, Kamath said, “We treat every customer alike. Just because we are low cost it doesn’t mean we compromise on anything to do with tech. So, whatever we can spend on tech, we will do. It’s has not got anything with premium or discounted pricing.”

“Even the Googles, Amazons have been down in the recent past. I do not think money can solve all these problems. So this isn’t about that. Therefore, I can probably tell you by the end of the day what’s the reason for today and what steps we will take to fix it,” he added.

First Published:Aug 29, 2019 10:27 AM IST