Overview
- In 2022, Kotak Securities mistakenly credited nearly ₹40 crore of margin to trader Gajanan Rajguru due to a system error.
- Rajguru traded within about 20 minutes, first losing ₹54 lakh before earning ₹2.38 crore for a net profit of ₹1.75 crore.
- Kotak reversed the erroneous credit and sought to recover the profit, but the Bombay High Court rejected the claim as not constituting unjust enrichment.
- The December 2025 order noted Kotak suffered no loss and that the gains flowed from the trader’s decisions, skill and risk.
- Kotak has appealed the ruling, with the next hearing scheduled for February 4, 2026, and Rajguru represented by advocates Nitesh V Bhutekar and Aaditya Mahamiya.