Shoonya compensates affected traders for losses worth Rs. 3.5 Crore, following a technical issue
Mumbai, 06 May 2023: Shoonya, a leading zero-brokerage platform, has taken a business decision to support its affected customers and to cover their losses due to a technical issue on April 13th, 2023. The company has covered the losses worth Rs. 3.5 crore as on 3rd May 2023, and the process of resolving customer disputes is progressing fast.
The company resolved the said technical issue with a thorough audit and mock trades, ensuring normalcy to its platform from the very next trading session. The impact of this issue was restricted only to the customers who tried logging their first trades between 9:15 AM and 9:30 AM on the said day. The company stayed transparent with its customers from the early trading hours, and continued to engage with them for important communication from time to time.
For resolution, the company requested its affected customers to close any open positions, initiated by the issue, and share the details of their dispute to a dedicated company email ID. While the trading platform is not liable to cover the losses due to technical issues, Shoonya has always valued its customers and decided to compensate for credible losses. As of 03 May 2023, the company received about 700 disputes to date, of which 77.36% disputes were eligible for compensation. The company has resolved 81.45% of such disputes and it continues to engage with its affected customers.