News Worms
News Worms


India's biggest stock exchange grapples with system fault ahead of IPO

India's biggest stock exchange grapples with system fault ahead of IPO

"Due to technical reasons in the cash market, trading has been stopped in cash and F&O segment of the NSE", the exchange had said in a statement at around 1030 hours.

MUMBAI, July 10 Price quotations for individual stocks were still not updating on India's National Stock Exchange, multiple traders said on Monday, after the country's largest stock exchange re-started trading following an earlier disruption.

The key stock exchange has attributed the problem to a technical glitch, vowing to resolve the issue as soon as possible. It reopened for trade soon after 10 am.

Full-fledged trading resumed during the mid-afternoon session at around 12.30 p.m.

It said that while the equity and currency derivatives segments were trading normally, those were also shut after informing market participants.

Interestingly, while the regulator has clearly stated the framework for exchanges to follow in the case of a flash crash, there are no standard operating procedures for instances of "technical glitch" when only one of the exchanges faces an issue. But the glitch didn't allow that. Ministry sources told ET that Sebi has said that the glitch was largely a software issue.

Amid concerns raised in certain quarters on why trading activities were not shifted to the back-up system, the NSE said that shifting would have taken longer.

The Indian market opened the week with on positive note with NSE Nifty closing on record high on Monday, according to media reports.

"After the technical delay in NSE, the broad market rose to new heights supported by IT and pharma stocks which rose on the heels of positive United States job data", said Vinod Nair, Head of Research, Geojit Financial Services.

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