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'Pay for our losses': Why Indian traders are angry with Groww

IndianStartupNews

IndianStartupNews · 1y ago

'Pay for our losses': Why Indian traders are angry with Groww

Groww, a trading app and rival of Zerodha, faced backlash as users reported technical glitches during intraday trading. This comes after similar issues were experienced by Zerodha users in the past. Angry traders took to social media to express frustration and even suggested legal action against Groww. The company acknowledged the problem and assured users that their team was working to resolve it. Additionally, Groww warned users about a fake support handle on Twitter and advised them to only contact the official account.

Related News

IPO-bound Groww to launch new trading terminal '915' for professional traders: Report

IndianStartupNews

IndianStartupNews · 1m ago

IPO-bound Groww to launch new trading terminal '915' for professional traders: Report

Groww, India’s leading stockbroker, plans to launch a new trading platform named "915" for professional traders ahead of its IPO. The web-only platform will offer advanced trading tools and a subscription for premium features, aligning with its diversification strategy. Facing regulatory challenges in the Indian stock broking sector, Groww is shifting focus towards high-net-worth clientele. With increased revenue, Groww filed for an IPO, aiming for a valuation between $7-8 billion.

Why are Indian traders flocking to crypto futures over spot deals?

Economic Times

Economic Times · 16h ago

Why are Indian traders flocking to crypto futures over spot deals?

Indian traders are increasingly favoring crypto futures over spot deals, with futures volumes surpassing spot trading across local exchanges. This shift is driven by potential profits, lower taxes compared to high TDS on spot transactions, and the appeal of high leverage, allowing traders to bet big with minimal funds. Domestic platforms accepting Indian rupees as margins and converting them to stable coins like USDT for global trading access further fuels this trend.

Intraday stock traders jump 300% in four years, 70% make losses: SEBI

VCCircle

VCCircle · 1y ago

Intraday stock traders jump 300% in four years, 70% make losses: SEBI

According to a study by the Securities and Exchange Board of India (SEBI), the number of intraday traders in India's equity cash market has increased by 300% between fiscal years 2019 and 2023. However, 70% of these traders were making losses. The study also revealed that traders younger than 30 accounted for three-fourths of the lossmakers. Furthermore, the study found that 80% of traders executing over 500 trades in a year incurred losses. In response to the risks associated with speculative trading, the Indian government has raised taxes on gains from equity investments and derivatives.

Discount brokers board margin funding biz with revenue channels under lens

Economic Times

Economic Times · 11m ago

Discount brokers board margin funding biz with revenue channels under lens

Discount brokers in India are expanding their revenue channels by offering margin trade funding (MTF) to traders. MTF involves lending money to traders for purchasing more shares, with the financed shares serving as collateral. Traditionally, MTF has been dominated by bank-backed stockbrokers, but now discount brokers like Zerodha, Groww, and Fyers are entering the market. Early movers such as Mstock, Angel One, and 5Paisa have already seen significant revenue growth from their MTF books. Discount brokers are diversifying their product offerings as other revenue sources come under regulatory scrutiny.

Groww is in acquisition talks with Fisdom, others in diversification bid

Economic Times

Economic Times · 5m ago

Groww is in acquisition talks with Fisdom, others in diversification bid

Groww, India's largest stock broking platform, is in talks to acquire Fisdom, a PayU-backed wealthtech startup, valuing it between $140-160 million. This strategic interest arises as Groww seeks diversification from its core derivative trading business, which faced constraints from new regulatory rules. Amidst this, Groww has witnessed a significant drop in active traders. The acquisition discussions align with Groww's broader plans, including potential IPO considerations and expanding services beyond trading.

Rupee rises 31 paise to close at 85.31 against US dollar

Economic Times

Economic Times · 1m ago

Rupee rises 31 paise to close at 85.31 against US dollar

The Indian rupee strengthened by 31 paise to close at 85.31 against the US dollar, influenced by a weaker dollar globally and declining US treasury yields. Forex traders attributed the rupee's rise to decreased global crude oil prices. The domestic unit faced initial losses but recovered to settle significantly higher. In contrast, Indian equity markets reflected a downward trend, with both the Sensex and Nifty experiencing declines. Traders may monitor upcoming US Non-Farm payrolls for further cues.

Groww goes past Zerodha, becomes India's biggest stockbroker with 6.6 million active users

Economic Times

Economic Times · 1y ago

Groww goes past Zerodha, becomes India's biggest stockbroker with 6.6 million active users

Groww has surpassed Zerodha to become the largest stockbroker in India, with 6.62 million active clients recorded in September. Zerodha, which had been the top stockbroker since 2019, reported 6.4 million active clients. While Groww has been consistently showing growth, Zerodha remains ahead in terms of financials, with much higher revenue and net profit. Angel One follows them with 4.8 million active clients, while Upstox reported 2.1 million active traders.

UPI or no UPI, traders must pay GST, say authorities, promising to make GST registration smooth - The Economic Times

Economic Times

Economic Times · 1m ago

UPI or no UPI, traders must pay GST, say authorities, promising to make GST registration smooth - The Economic Times

The commercial taxes department has clarified that traders must pay GST, regardless of accepting payments via UPI or cash, and emphasized making GST registration a smooth process. This follows reports of traders halting UPI transactions after unregistered ones received GST notices for exceeding transaction caps. Authorities urged traders to clarify notices with documents. The department aims to guide traders and simplify GST compliance, with 98,915 already registered under the composition scheme.

SEBI says retail derivatives traders lost $21.7 bn in three years

VCCircle

VCCircle · 11m ago

SEBI says retail derivatives traders lost $21.7 bn in three years

Indian retail derivatives traders have incurred net losses of 1.81 trillion rupees ($21.7 billion) over a three-year period ending in March 2024, according to a study by the Securities and Exchange Board of India (SEBI). The study found that only 7.2% of retail traders were able to generate profits in the futures and options trading segment. These findings highlight the challenges faced by retail investors in the Indian derivatives market.

Vijay L Bhambwani's Ticker: The reason why bulls aren't stepping out yet

Livemint

Livemint · 1m ago

Vijay L Bhambwani's Ticker: The reason why bulls aren't stepping out yet

Bulls are hesitant to engage in the market as retail traders are still offloading shares bought at high prices. This has resulted in a lack of market depth and uncomfortably wide bid-offer spreads. Until these retail traders fully exit their positions, bulls are likely to remain on the sidelines. This is the crux of Vijay L Bhambwani's insights into current market dynamics, emphasizing caution in trading amid unsettled market conditions.

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