Does holding an action change your order in inititiative? [closed]

I play in a group that has different levels of d&d experience from first time players to those that have been playing since the inception of d&d. When we are in a combat setting, if a player holds their action in combat, they are told their initiative changes to 0 and they now go last in initiative order for the remainder of combat. Is this correct or is this a rule from a different edition?