Finance Ministry seeks report from Sebi over NSE technical failure

Alicia Cross
July 11, 2017

NSE had faced a similar technical glitch in May in the F&O segment where numerous traders were unable to exit their intra-day trading positions following an erroneous order cancellation request.

Earlier in the morning, NSE started the session on a disastrous note as stocks and F&O quotes didn't update and trade orders did not go through.

An NSE spokesperson said normal trading in cash and F&O (futures and options) category will resume at 1230 hours.

At 12:30 pm, trade finally resumed after being shut for nearly the entire morning session though multiple dealers said they were still facing issues in the cash market.

Sources said Sebi is constantly monitoring the situation and this sort of problem is a serious concern for the ministry, hoping that such situations do not happen again.

A screen grab of NSE website
A screen grab of NSE website

ETNow reports state that market regulator Sebi also stepped into coordinate with the NSE exchange. "Market re-open time will be intimated shortly".

The NSE benchmark Nifty50 closed above the much anticipated 9,700 level for the first time ever, while the BSE Sensex surged over 355 points.

The NSE also said the currency derivative segment was functioning normally.

On BSE, 1,540 stocks advanced, while 1,112 declined and 157 remained unchanged. The matter is being examined by the internal technical team of NSE and external vendors, to analyse and identify the cause which led to the issue and to suggest solutions to prevent recurrence. But the glitch didn't allow that. Also, NSE to submit report to SEBI on glitch. During the day, the NSE issued as many as three public statements about the technical snag, with the last one coming at around 1930 hours.

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