Zerodha and Groww warn investors of possible issue with stock sale

Zerodha later said that users can skip the CDSL authorisation option if they wanted to sell holdings on Kite until the depository resolves the authorisation issue.
Zerodha and Groww both said they were facing technical issues. (Reuters File Photo/Representative Image)
Zerodha and Groww both said they were facing technical issues. (Reuters File Photo/Representative Image)
Published on Oct 18, 2021 12:56 PM IST
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Written by Meenakshi Ray, New Delhi

Online stock brokerage platforms Zerodha and Groww said on Monday their users may face issues with authorising stocks sale due to an issue related to the Central Depository Services (India) Limited (CDSL).

“You may face an issue with authorizing the sale of your stocks due to an issue with CDSL. We are in touch with CDSL to have the issue resolved at the earliest," Zerodha tweeted earlier on Monday. Later, India's largest brokerage firm said users can skip the CDSL authorisation option if an investor wished to sell holdings on Kite until the depository resolves the authorisation issue.

Online stock brokerage platforms Zerodha and Groww said on Monday their users may face issues with authorising stocks sale due to an issue related to the Central Depository Services (India) Limited (CDSL).

“You may face an issue with authorizing the sale of your stocks due to an issue with CDSL. We are in touch with CDSL to have the issue resolved at the earliest," Zerodha tweeted earlier on Monday. Later, India's largest brokerage firm said users can skip the CDSL authorisation option if an investor wished to sell holdings on Zerodha's Kite until the depository resolves the authorisation issue. |#+|

Apart from Zerodha, technical issues at CDSL marred morning trade for users of Groww as well. CDSL-registered platform Groww posted about technical difficulties on its app page, saying there is an issue with the CDSL Transaction Personal Identification Number (TPIN). “CDSL is facing issues in verifying sell orders with TPIN. Their team is working on it."

CDSL is one of the two depositories in India, which facilitates holding and transacting in securities in electronic form as well as the settlement of trades on stock exchanges. CDSL is the only listed one in the country and it received a certificate of commencement of business from the Securities and Exchange Board of India (Sebi) in 1999.

This is not the first time Zerodha has faced technical issues. Future and options (F&O) traders using Zerodha faced technical issues for at least 40 minutes on August 29, 2019. Before that, Zerodha's OMS faced a technical glitch on February 27, 2019.

Meanwhile, BSE Sensex rallied more than 500 points in opening trade on Monday over widespread buying despite a weak trend in global markets. 

The 30-share Sensex was trading 510 points at 61,816 after touching an all-time high of 61,894.33 in opening trade. NSE Nifty also surged 157 points to 18,495.9 after touching a new intra-day record of 18,521 in initial deals.

Among top gainers were Infosys followed by Tata Steel, HDFC Bank, ICICI Bank, Titan and IndusInd Bank. Asian Paints, Bajaj Auto, Dr Reddy’s and HCL Tech were trading with losses in early deals.

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Sunday, December 05, 2021