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Shoonya (company)

Shoonya is an India-based financial intermediation platform that has “zero-commission” transactions for various financial products.[1] It is part of the larger financial services company Finvasia.

History

Shoonya was founded in 2009 by Sarvjeet Singh Virk and Tajinder Virk and is headquartered in Mohali, Punjab, with additional offices in Mumbai.[2][3] Shoonya means zero in Sanskrit.[4] The platform introduced an electronic Know Your Customer (e-KYC) process to address challenges in identification verification within India's population, which lacked a centralized identification system.[5]

Controversy

In April 2023, Shoonya experienced a technical glitch that affected traders during the first 15 minutes of market activity.[6] The issue, which involved "ghost orders" and inaccurate account displays, led to significant losses for some users.[7] The company received approximately 700 disputes, of which 77.5% were deemed eligible for compensation.[8] By April 27, 2023, Shoonya had settled claims totaling ₹2.7–3 crore.[9]

References

  1. ^ "Finvasia Group opens a new office in India's Financial Capital, Mumbai". ANI News. Retrieved 2024-11-27.
  2. ^ Raju, Narasimha (2023-05-17). "Shoonya by Finvasia is India's First Trading Platform to Offer AI-based Predictions & Signals for Individual Stocks in Exclusive Partnership with 'I Know First'". CXOToday.com. Retrieved 2024-11-27.
  3. ^ D'souza, Vanita (2017-09-15). "These Brothers are Trying To Kill The Capital Market With Their Zero-brokerage Model". Entrepreneur. Retrieved 2024-11-27.
  4. ^ "Shoonya- Zero Pollution Mobility | MyGov.in". www.mygov.in. Retrieved 2024-11-27.
  5. ^ Raju, Narasimha (2023-05-17). "Shoonya by Finvasia is India's First Trading Platform to Offer AI-based Predictions & Signals for Individual Stocks in Exclusive Partnership with 'I Know First'". CXOToday.com. Retrieved 2024-11-27.
  6. ^ Agarwal, Nikhil (2023-05-01). "Shoonya pays compensation totalling Rs 3 crore to traders after tech glitch". The Economic Times. ISSN 0013-0389. Retrieved 2024-11-27.
  7. ^ "Traders suffer losses as discount broker Shoonya faces tech glitch". Financialexpress. 2023-04-14. Retrieved 2024-11-27.
  8. ^ Agarwal, Nikhil (2023-04-14). "Finvasia-owned Shoonya broker issues clarification on tech glitch". The Economic Times. ISSN 0013-0389. Retrieved 2024-11-27.
  9. ^ "Shoonya settles claims of Rs 3 cr with glitch-hit traders, plays down account closures". Money Control. September 3, 2023.