India’s largest exchange has some explaining to do to the market regulator and the finance ministry. Reports indicate SEBI and Fin Min have sought a detailed report from NSE on the technical glitch that halted trade for over 4 hours.
National Stock Exchange is expected to submit it’s report before Friday but this may just be the preliminary submission. This is not a first for the NSE, the exchange halted trade for 3 hours in 2017 again due to a technical glitch.
SEBI had slapped a Rs 50 lakh fine on NSE in 2019 when NSE NOW, a trading terminal for traders, was not working properly in Gujarat, Rajasthan and in some parts of Maharashtra.Infact SEBI in it’s annual report last year had indicated the need of a plan to compensate investors for losses due to technical glitches.