Users of the Kite app, which is the online trading platform provided by Zerodha, may have received a notification on their mobile phones, requesting them to share a one-time password (OTP). On Saturday, concerned Kite app users turned to social media to express their grievances and concerns with the company.
One user shared a screenshot and wrote on the X platform, “Somebody made an account on my number and now somebody is trying to gain access to my ZERODHA ACCOUNT . Please help”.
— Abhinav Pandey (@mamapatekar) October 14, 2023
Other users have also reported encountering a mysterious pop-up message that appeared on their browser or the Kite platform app.
— Himanshu Khatri (@himanshukhatrii) October 14, 2023
After receiving complaints on social media, Zerodha issued a clarification statement, stating, “Some of our users erroneously received email login OTPs, due to maintenance activity. Please ignore this email. We’re sorry for the inconvenience caused.”
Some of our users erroneously received email login OTPs, due to maintenance activity. Please ignore this email. We're sorry for the inconvenience caused.
— Zerodha (@zerodhaonline) October 14, 2023
However, it appears that some users remained dissatisfied with Zerodha’s response. One user expressed their frustration, saying, “Don’t say sorry… Rather upgrade your platform. Many brokers are offering advanced charts and a smoother login process with QR code scanning… But you are still stuck with OTP-based access. This is why Zerodha is falling behind and losing its top broker ranking.”
Don't say sorry… Rather upgrade your platform. Many brokers offering advance chart and smooth log in process with Qr-scan…. But you still stuck in OTP based. That's why zerodha is falling behind and lost his no1 broker rank.
— imran ali mir (@Iammir97) October 14, 2023
In recent developments, Groww has surpassed Zerodha to become the largest stockbroker in the country, with 66.3 lakh active clients, as reported by the National Stock Exchange. This marks a significant shift, considering that in March 2021, Zerodha had 34 lakh active customers, while Groww had a much smaller user base of only 7.8 lakh at that time.