The Economic Times daily newspaper is available online now.

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

    Synopsis

    Groww, the No.1 stock broker in India, faced a technical glitch on its trading app but resolved it later. Users were unable to log in and demanded compensation. Zerodha, the previous market leader, has also faced technical glitches in the past. Groww has 76 million active clients, surpassing Zerodha's client base. The total number of demat accounts increased to 139 million last month.

    Groww app hit by technical glitch, demat account holders demand compensationiStock
    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.

    (You can now subscribe to our ETMarkets WhatsApp channel)



    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in