Business · India Bureau
Stockal Users Report Rs 100 Crore Losses in Unauthorised Stock Swap
Multiple investors using the Stockal investment platform have alleged unauthorised transactions involving the replacement of Apple and Nvidia holdings with Chinese stocks, resulting in substantial financial losses. Preliminary estimates suggest losses exceeding Rs 100 crore, though the total impact across all affected accounts remains unclear.
LSN India ·
Users of Stockal, an investment platform, have lodged complaints regarding unauthorised modifications to their portfolios without explicit consent. According to accounts provided by affected investors, holdings in major technology stocks including Apple and Nvidia were reportedly swapped for Chinese equities, a transaction that investors claim they did not authorise.
Based on disclosures from two investors, preliminary estimates place the combined losses at over Rs 100 crore. However, investigators and platform officials acknowledge that the actual quantum of losses could be considerably higher once all affected user accounts are thoroughly examined. The full scope of the incident remains under assessment.
The allegations have raised concerns regarding account security protocols and transaction authorisation mechanisms on the platform. Investors have expressed concern about the procedural lapses that may have enabled such unauthorised portfolio modifications to occur.
The incident highlights recurring challenges faced by retail investors in India regarding safeguards on digital investment platforms. Regulatory authorities and the platform operator are expected to examine the circumstances that led to the unauthorised transactions and implement measures to prevent similar occurrences.