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When you have a lot of power, you also have a lot of responsibility. If someone with a lot of power does careless things, it can harm other people.
In the stock market, the power is in the hands of stock brokers, exchanges, and regulators. A stock broker's main job is to help their clients make trades correctly, close their positions, and keep track of their investments. However, there are many cases where brokers have to shut down due to some technical issues every month, causing losses for their trading clients.
Like, in Zerodha, there are glitches every month. Upstox had to shut down twice last year, and Groww also faced its biggest glitch last year. All these brokers closed for some reason.
Finvasia was mentioned too, but it was a unique broker whose founders promised to refund traders. Traders always wonder who will compensate them if there's a glitch in a trading app. This video will try to find the answer to that question.
Whenever there is a problem in a trading app, most traders say that they can't execute their orders, can't close their positions, can't exit their positions, can't see what's happening, or can't even log in. These are the common concerns during any technical glitch.
Around 80% of the market share of all demat accounts is held by the top 10 stock brokers. So, if there's a glitch, it's likely to affect traders who regularly engage in option trading.
Despite all these technical glitches, the broker still manages to survive, and the key factor that saves them is a part often overlooked when opening a demat account. This part explicitly mentions that trading can be hindered due to internet connection issues, and stock brokers do not provide any guarantee or warranty that they will always be available without any disruptions.
What does this mean that a trader cannot claim any loss from their broker, even when they are aware that it is not their fault? However, amidst all this, there are traders who are responsible and aware, having gathered ample evidence in the event of technical glitches - maintaining screenshots or important screen recordings. Every trader should be similarly vigilant.
The technical glitches in trading apps seem to be increasing every year, but now it's time to pay attention to them. Every trader should be aware that whether or not their losses are recovered, they should go to the scores portal to file a complaint about these glitches. Additionally, SEBI should also take note that penalties should be imposed on brokers who consistently make such errors.
To know more about this matter, watch the entire video. Also, stay informed about what actions you can take if such a glitch occurs.
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00:00 Intro
00:35 Technical Glitch in trading apps
01:05 Question of traders during trading app glitch
01:22 Problems during trading app glitch
02:19 Conditions to become broker
04:03 Master client agreement
05:31 Upstox app glitch case
10:05 Responsibility of trader during technical glitch