I have traded in nifty options and was in profit. Applied kill switch and tried to place the order after 20 mins of applying kill switch and it executed. The zerodha website clearly says that the segment will get deactivated within 5 mins but it didn't get deactivated even after 20 mins and allowed me to trade. I lost due to this and zerodha says its my mistake to trade even after applying kill switch. They are not ready to accept that kill switch didn't work as expected and not ready to refund my loss also. Please help me.
Zerodha's Kill Switch is designed to help traders manage risk by allowing them to disable specific trading segments or take a break from trading. Once activated, the selected segment is expected to be deactivated within 5 minutes. After deactivation, re-enabling the segment requires a 12-hour waiting period. support.zerodha.com
However, there have been instances where users experienced delays in segment deactivation. For example, in a past incident, some clients were unable to activate segments using the Kill Switch, and Zerodha acknowledged that activation could take up to 24 hours. Zerodha
Steps to Seek Redressal
Document the Incident: Gather all relevant evidence, including timestamps of when you activated the Kill Switch, attempted trades, and any communication with Zerodha's support.
Provide a detailed account of the issue, including the evidence you've collected. Request a formal explanation and resolution.
Escalate the Complaint:
Grievance Redressal Officer: If the initial response is unsatisfactory, escalate the matter to Zerodha's Grievance Redressal Officer.
Principal Nodal Officer: If the issue remains unresolved, you can further escalate to the Principal Nodal Officer.
Contact details and procedures are available on Zerodha's.
File a Complaint with SEBI:
SEBI SCORES Portal: If Zerodha does not address your complaint satisfactorily within 30 days, you can lodge a complaint with the Securities and Exchange Board of India (SEBI) through the SCORES portal
Provide all relevant details and documentation to support your case.
Additional Tips
Maintain Records: Keep a detailed record of all communications with Zerodha, including emails, call logs, and support tickets.
Be Clear and Concise: When drafting your complaint, clearly state the issue, the impact it had, and the resolution you seek.
Seek Legal Advice: If the matter remains unresolved, consider consulting with a legal professional to explore further options.
By following these steps, you can systematically escalate your complaint and seek a resolution. If you need assistance drafting emails or understanding the procedures, feel free to ask.
Steps to Seek Redressal
Additional Tips