Shoonya (company)
| Industry | Financial services |
|---|---|
| Founded | 2009 |
| Founders | Sarvjeet Singh Virk Tajinder Virk |
| Headquarters | , India |
| Website | https://shoonya.com/ |
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
[edit]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
[edit]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
[edit]- ^ "Finvasia Group opens a new office in India's Financial Capital, Mumbai". ANI News. Retrieved 2024-11-27.
- ^ 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.
- ^ 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.
- ^ "Shoonya- Zero Pollution Mobility | MyGov.in". www.mygov.in. Retrieved 2024-11-27.
- ^ 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.
- ^ 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.
- ^ "Traders suffer losses as discount broker Shoonya faces tech glitch". Financialexpress. 2023-04-14. Retrieved 2024-11-27.
- ^ Agarwal, Nikhil (2023-04-14). "Finvasia-owned Shoonya broker issues clarification on tech glitch". The Economic Times. ISSN 0013-0389. Retrieved 2024-11-27.
- ^ "Shoonya settles claims of Rs 3 cr with glitch-hit traders, plays down account closures". Money Control. September 3, 2023.