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

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A resident of Ahmedabad got a lottery of not a few hundreds or lakhs but Rs 11,677 crore in his demat account which was withdrawn within a few hours.



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

Ramesh Sagar has invested in the stock market for the past five to six years. A year ago he opened his demat account with Kotak Effects.

“On July 26, 2022, I received Rs 116,77,24,43,277.10 crore in my account, out of which I invested Rs two crore in the stock market and made a profit of Rs five lakh. That same evening around 8 am to 8:30 pm, the bank has withdrawn the amount,” he told IANS.

He said he had received a notification from the bank saying: “There is a problem with the margin update in the app. You can continue placing orders, but the displayed margin will not be updated. We regret the inconvenience and working to resolve this at the earliest.”

Not only him, many other demat account holders were also lucky enough to win a jackpot that day.

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

Update: Kotak Securities issued the following statement:

“On July 26, 2022, due to a technical outage by Kotak Securities Limited (KSL), additional margin limits were accidentally uploaded in some clients’ trading accounts. These additional limits were reflected in customers’ trading accounts for a short period of time. Our IT team had worked on this issue and withdrew the additional limits within trading hours in a short time. We confirm that no amount has been transferred to the bank accounts of the customers in this regard. KSL also immediately reported the said problem to the Exchange on the same day. At KSL, we do everything we can to make our systems robust and error-free to prevent such incidents in the future.”

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