scorecardTech Glitch: Man loses ₹11,677 crore windfall from demat account in hours
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Tech Glitch: Man loses ₹11,677 crore windfall from demat account in hours

Tech Glitch: Man loses ₹11,677 crore windfall from demat account in hours
Business2 min read
An Ahmedabad citizen got a lottery of not a few hundreds or lakhs, but Rs 11,677 crore in his demat account only to be taken back in a few hours.

The money was in his account for more than eight hours.

Ramesh Sagar has been investing in the stock market for the last five to six years. A year ago, he opened his demat account with Kotak Securities.

"On July 26, 2022, I received Rs 116,77,24,43,277.10 crore in my account, of which I invested Rs two crore in the stock market and booked profit of Rs five lakh. That very evening around 8 to 8.30 p.m, the bank withdrew the amount," he told IANS.

He said he had received a notification from the bank stating: "There is an issue with margin update in the app. you can continue to place orders, but the margin shown will not be updated. We regret the inconvenience and are working on resolving this at the earliest."

Not just him, many other demat account holders were also lucky to hit a jackpot that day.

When IANS tried to get Kotak Securities' comment on the issue from the western zonal office (Mumbai), the officer on phone said that the investor's pan card or demat account number can't verify the claim and comment on the issue.

Update: Kotak Securities has issued the following statement:

“On 26th July 2022, due to a technical glitch, additional margin limits were inadvertently uploaded in few clients' trading accounts by Kotak Securities Limited (KSL). These additional limits were reflecting in the clients' trading accounts for a short period. Our IT team had worked on this issue and withdrew the additional limits in a short span of time within the trading hours. We confirm that no amount was transferred to the bank accounts of the clients in this regard. KSL had also promptly reported the said issue to the Exchange on the same day. At KSL we strive hard to make our systems robust and error free to avoid any such incidence in the future.”

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