Bombay High Court Allows Trader to Keep Rs 1.75 Crore Profit from Broker's System Glitch
14 hours agoBusiness
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3 SourcesMumbai, India
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Bombay High Court Allows Trader to Keep Rs 1.75 Crore Profit from Broker's System Glitch

The Bombay High Court ruled a trader can keep Rs 1.75 crore profit earned due to a Kotak Securities system glitch. In 2022, trader Gajanan Rajguru was mistakenly credited nearly Rs 40 crore in margin by Kotak Securities. He executed trades within 20 minutes, initially incurring a loss before netting Rs 1.75 crore profit. The court stated this profit, earned through the trader's skill and risk, does not constitute 'unjust enrichment' as Kotak Securities suffered no financial loss. Kotak Securities has appealed the decision.

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