Technology driven glitch at NSE cost us hugely: FM Nirmala Sitharaman

The technical glitch at National Stock Exchange has cost us immensely, Finance Minister Nirmala Sitharaman said Monday at the 45th Civil Accounts Day. The statement comes after NSE trading halted last week on February 24 for nearly four hours causing panic among traders and investors. 

Meanwhile, Sitharaman said there is a need to keep pace with the technology in order to keep government accounts transparent. She expressed the need for roadmap for seamless digital payment. "Seamless digital payment is the goal we have to aspire for," she added.

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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.

 Today after HDFC Securities tweeted that it had blocked trading in NSE cash on account of technical glitch, NSE issued clarification saying all the operations on its platforms were functioning smooth and normal. BSE also said all its segments were working fine.