HDFC Sec says tech glitch resolved, probe on to find root cause; market operations now normal

Leading stock exchanges NSE and BSE on Monday said all their operations are functioning in a normal manner after HDFC Securities flagged that confirmations were not received for orders placed in the NSE cash segment due to a "technical glitch".

After mentioning about the technical glitch in a tweet at 10.01 am, HDFC Securities, at around 11.53 am, issued a statement saying the issue "got resolved at 9.50 am" and that investigation is going on to find out the root cause.

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The episode, which happened less than one hour after markets opened for trading, comes within days of a technical glitch forcing NSE (National Stock Exchange) to halt trading for nearly four hours on Thursday.

In a statement, a NSE spokesperson said that all the operations on its platforms were "functioning smooth and normal".

At little past 10.10 am, BSE tweeted that there was no issue on fresh orders or square-offs at the exchange.

"... All segments working fine statement was given in response to brokers and investors reporting the problem on twitter on a competing exchange today morning. No one has reported any problems in trading at @bseindia today or last week any day," BSE CEO Ashish Chauhan said in a tweet later.

In its statement, HDFC Securities said there was a technical glitch due to which confirmations for orders placed in the NSE cash segment were not received and that the issue has been resolved.

It also added that the matter is being investigated to find out the root cause.

"On the morning of March 1, 2021, we suffered a technical glitch where the confirmations for orders placed in the NSE cash segment were not received. However, all our other segments and our digital platforms were working fine. The issue got resolved at 9.50 am today. We are investigating the issue and trying to identify the root cause," the statement said.

At 10.01 am, HDFC Securities tweeted saying that it has "blocked trading in NSE cash due to a technical glitch. We request our customers to place cash orders on BSE. All other segments are working fine".

Within 15 minutes of the first tweet, the brokerage firm tweeted to say, "you can place orders through NSE cash segment now".