 "Axis Direct faces hours-long technical outage; traders complaint of losses")
Customers of Axis Direct, the retail broking arm of Axis Bank, were unable to log-in to their trading accounts on Tuesday owing to technical error at the broker’s end which lasted several hours.
The platform updated its customers during the final hour of market close that their mobile app Ring and web trading application were up and running. However, customers complained that outages occurred even during the last 15 minutes of the closing session.
Queries sent to Axis Securities on the technical issues and resolution for customers remained unanswered till the time of going to press.
Some customers shared that they had faced similar technical issues on Monday too where some faced login issues while for some others orders for not going through.
Last week, discount broker Shoonya by Finvasia was hit by technical glitch leading to scores of trades complaining of losses as they could not square-off existing positions.
"The trading platform faced a technical issue on 13th April 2023, especially between 9 AM to 11 AM. This caused a mismatch of trades at the front end of client accounts. Customers who placed trades in this time frame may have seen a mismatch even though their trades were executed correctly at the backend with the exchanges," the broker stated.
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The broker later offered squaring off of trades on Monday and a facility for traders to raise a dispute case.
Earlier in December 2022, the Securities and Exchange Board of India (Sebi) issued a circular asking stock exchanges to set up an Investor Risk Reduction Access (IRRA) platform to enable investors to square-off or close their open positions and cancel pending orders in case of a technical glitch at the stockbroker.
The appropriate systems for IRRA are to be made operational from October 1, 2023.