Anmi slams NSE for delay in Wednesday’s technical glitch announcement




The (Anmi) has written to market regulator Securities and Exchange Board of India (Sebi) saying there was no timely public announce­ment by NSE regard­ing Wednesday’s technical glitch, which caused huge monetary losses to members and investors, including intra-day traders.


“All open positions remained at peak levels. The glitch happened one day before the expiry of monthly and weekly contracts… Hence, there is a greater need of engaging deeper investigation in the matter,” said in a note on Thursday.



It said trading could have continued as there was an issue only with two spot indices. Reasons for not activating the recovery site after 45 minutes of the outage also remained unknown.


Lack of information about resumpt­ion of trading caught traders off guard. “They could have averted panic selling by online brokers on BSE and prevented huge monetary loss to investors. All this happened due to lack of clarification from NSE on restart. They only informed after all cash positions were cross settled at abnormally high discount and premiums on BSE,” said.


wants the exchange to waive penalty provisions of all open derivatives positions and/or cash for Wednesday and Thursday. It also said a well defined policy and process is required to handle such sit­uations and manage outstanding positions.


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link