Groww app hit by technical glitch, demat account holders demand compensation

Groww app hit by technical glitch, demat account holders demand compensation

Discount broking platform Groww, which has gradually become the No.1 stock broker in India with 21% market share by beating Zerodha, on Tuesday faced a technical glitch on its trading app which was resolved later on.

“We apologize for the inconvenience. Our team is addressing a technical issue and working to resolve it promptly. Your patience is highly appreciated, and we’ll be back to normal operations shortly,” Groww said on X in response to users complaining about the glitch in the morning.

After the market opened on Tuesday following a two-day break, users were not able to log in to Groww’s app which displayed a message saying “Something went wrong”.

Demat account holders demanded compensation from the broker.

Later on in the morning, Groww said the issue has been resolved.

In the recent past, Zerodha has been at the receiving end of social media ire due to technical glitches. Last year, it admitted to at least 8 technical glitches with issues varying from those relating to login on Kite app, display of orders and positions as well as order placements.

NSE data shows that Groww was India’s largest broker with 76 million active clients in December vs Zerodha’s 67.3 million client base. The two biggest brokers control over 1/3rd of the market share. Angel One is the third largest and owns about 14.8% of the market share.

The total number of demat accounts increased to 139 million last month as new account additions surged to 4.2 million in December vs. average monthly additions of 2.1 million in FY23.

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