Exclusive ! FM reviews NSE tech failure, exchange to submit report within 21 days to SEBI: official
SEBI will submit its report to finance ministry the official cited above told after Finance Minister Nirmala Sitharamans review meeting on the technical glitch with SEBI chief and finance ministry secretaries got over.
India's largest stock exchange NSE will submit its report within 21 days to market regulator securities and exchange board of India or SEBI on its four-hour long system failure, a top finance ministry official told. After the submission of root-cause analysis report, SEBI will submit its report to finance ministry the official cited above told after Finance Minister Nirmala Sitharaman's review meeting on the technical glitch with SEBI chief and finance ministry secretaries got over.
"We had a meeting with SEBI today. NSE will submit its report in 21 days, post which SEBI will file its report on this issue to finance ministry," the official told Zee Business who didn't wish to be identified.
WATCH | Click on Zee Business Live TV Streaming Below:
The technical glitch at National Stock Exchange has cost us immensely, Sitharaman had said at the 45th Civil Accounts Day. The statement came after NSE trading halted on February 24 for nearly four hours causing panic among traders and investors.
The NSE in its statement had said the halt happened due to the unavailability of the online risk management system owing to unstable telecom links.
"While there was no impact on the trading system, the instability of telecom links mentioned above resulted in an impact to the online risk management system of NSE Clearing and other systems. Critical systems such as the risk management system are configured with redundancies such that there is no single point of failure," NSE had said.
Market regulator securities and exchange board of India (SEBI) in a separate statement, issued last week, had asked NSE to explain the reasons for trading not migrating to the disaster recovery site. It also advised the exchange to conduct the root cause analysis of the trading halt.
This week HDFC Securities had tweeted that it had blocked trading in NSE cash on account of technical glitch. On this, NSE issued clarification saying all the operations on its platforms were functioning smooth and normal. BSE also said all its segments were working fine.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.