Zerodha — illogical trading platform behavior due to which loss incurred.

Address:

Coimbatore, Tamil Nadu, 641004

I have been trading on Zerodha Kite platform for past 6 to 8 months.They have a feature of Bracket Order ( BO ) which is to avail higher leverage for intra-day buy/sell orders with a target and compulsory stop loss. For more details about BO order, kindly go through https://zerodha.com/margin-calculator/BracketCover/

As on 17/05/2018, i traded on RCOM with the margin of just 5000 in my account. As per MACD chart indicator, I felt it would go down & shorted ( sell call ) the order at the price of 12.05. While placing a BO order, stop loss should also be created along with target. That's the thumb rule of BO order. But, in my case, only the target got created but no stop loss order.

After noticing this issue, i immediately raised my concern to zerodha via customer care and also support portal ( Ticket Reference #[protected] ). I had clearly mentioned that I would not be taking any responsibility of profit/loss of that particular trade since it was a pure technical error from zerodha for not creating stop loss order.

Till now, I haven't got any response to that. This clearly shows how unethical they are towards customer's queries.

End of the day, as usual they had sent me a contract note by mentioning that i have utilized 550% of margin amount.Just by having 5000/- in my account, my loss is more than 550%. Then what is the use of RMS team in zerodha? Why haven't they automatically square off the orders as it goes out of margin utilization? I created another ticket ( #[protected] ) by mentioning the same for which no response so far.

If the stop loss order is generated as expected, needless to face all these issues and i would have continued with Zerodha. Now i lost my trust in them. This is the second time i faced the same issue and incurred huge loss due to their incapable trading platforms. This ticket ( #[protected] )explains how they reacted first time for the same issue.

Resolution:
I want zerodha to process the refund of that particular trade as I'm not liable to pay for their's platform failure .And also, would like to close my account from zerodha as their platform is really not capable enough to trade intraday.

Suggestion:
Do not bring up all mess to the live market unless and until it is tested thoroughly multiple times & adhered to all the principles of order types.