© The Indian Express Pvt Ltd
Tags:
Journalism of Courage
Only 11 stock market trading members and five asset management companies (AMCs) in the country were affected by the recent IT outage due to disruption in Microsoft Corp’s cloud services. On Friday, a major global outage of Microsoft systems caused disruptions across various sectors from airlines to healthcare to financial services, globally, including India.
However, the issues at the affected trading members and AMCs or mutual fund houses in the country were resolved on the same day.
“In India, all exchanges and clearing corporations functioned without any impact. Out of the 1400+ trading members ecosystem, there were 11 trading members who reported disruptions to their operations, which were either resolved during the day, or are being resolved,” the stock exchanges said in a joint statement.
Overall, exchanges and clearing corporations have not witnessed any significant impact to the trading and clearing activities in the Indian securities market, the statement said. Clearing corporation is an entity associated with a stock exchange to handle the confirmation, settlement and delivery of transactions.
Separately, Association of Mutual Funds in India (AMFI), which is an association of mutual funds across the country, said all the Asset Management Companies (AMCs), their mutual funds and Registrar and Transfer Agents (RTAs) functioned without any impact.
“Out of the 44 AMCs, there were 5 AMCs who reported disruptions to some important functions, which were resolved during the day and did not have any material impact on operations,” the AMFI statement said.
Overall, the Indian mutual funds industry did not witness any significant impact to the daily activities, it said.
RTAs help mutual fund houses in maintaining accurate records of investors, their transactions, and ensuring compliance with regulatory requirements.
