Shoonya appoints audit firm to review tech glitch impact

New Delhi, May 9 (PTI) Zero-commission broker Shoonya on Tuesday said it has appointed KPMG as its independent external auditor to review the impact of the technical glitch that occurred on its trading platform last month.

The audit firm will conduct a comprehensive assessment of Shoonya's trading platform, analysing its infrastructure, security measures, operational procedures and risk management practices, the company said in a statement.

Shoonya suffered a technical glitch on April 13 that led to several clients of the brokerage house not being able to execute orders.

Following this, the company conducted an internal audit and mock trading sessions to ensure normalcy from the next trading session. Moreover, it paid compensation to the tune of Rs 3.5 crore to the affected traders last week.

Shoonya said that the move to appoint the audit firm purely aims to reinforce transparency, accountability and customer confidence in its trading platform. Moreover, the audit process will provide an independent evaluation, reinforcing Shoonya's dedication to adhering to industry standards and regulatory requirements.

"Appointing one of the Big 4 firms as the independent auditor underlines our commitment to transparency and customer trust. The unbiased and rigorous evaluation of our systems, processes and controls will ensure that we continue to meet the highest industry standards for technology, ethics and the customer-first ideology," Sarvjeet Virk, Co-founder and MD, Finvasia, said.

When asked about the name of the auditing firm, the company's spokesperson said KPMG has been appointed for the work.

Shoonya, part of the Finvasia group, is a multi-asset online trading platform. It offers hassle-free trading over major stock exchanges, including NSE, BSE, MCX and NCDEX. PTI SP SP BAL BAL