Updated: February 26, 2021 5:15:28 am
The Securities and Exchange Board of India on Thursday said that it will take all necessary measures to rectify the underlying causes for the four-hour long trading glitch on the National Stock Exchange (NSE).
In a statement issued Thursday, the regulator said that it will also address any institutional deficiencies that may have been behind the outage at NSE, which caused immense problems for market intermediaries and participants. Sebi said that it has already asked the stock exchange to undertake a detailed analysis of the root-cause for the technical glitch, which NSE claimed was caused by “issues with the links with telecom service providers”.
“It is pertinent to note that despite the trading halt, the framework of interoperability put in place by Sebi facilitated market participants to continue their transactions at other stock exchanges, thereby allowing them to seamlessly trade or square off their existing positions,” Sebi said.
The NSE said the unavailability of an ‘online risk management system’ led to the shutdown. It is also awaiting a detailed root cause analysis from its telecom service providers and vendors.
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