Brokers disappointed with loss due to technical malfunction: Letter to NSE: Sebi too annoyed

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Wednesday, Ta. 20 November 2019, Thursday

The Securities and Exchange Board of India (SEBI) has been upset with the management of the NSE over the technical shortcomings that arise frequently in the National Stock Exchange (NSE). Recently, Sebi imposed a penalty on the NSE due to technical issues.

The Sebi Appointed Technical Advisory Committee is investigating the technical faults frequently encountered on the NSE system. Frequent technical shortcomings have become a headache for brokers.

The NSEA Technical Advisory Committee is yet to respond to the latest technical shortcomings. Following the committee's inspection, in addition to implementing the SEBI penalty, the NSE operators are expected to take drastic action against them, sources in Sebi said.

Brokers had to deal with such losses on November 7 as well. Which was the third time in the last three months. Following the incident, the brokers wrote a letter to the NSE, pointing out that such losses were due to financial loss.

According to ANMI sources, the NSE members' organization said that the software on the NSE was problematic and brokers complained that the margin files would not be updated, forcing them to consolidate their positions, resulting in a financial loss.

Attention has also been drawn regarding the connectivity of the connectivity with the NSE clearing, and it was also claimed that the cash segment was not working properly.

The letter written by the brokers also noted that the NSE's relationship manager did not respond to the complaints. Handling such a situation becomes difficult for members, brokers said. This has become a regular occurrence in the NSE. However, the NSE said the issue was caused by a vendor error.

The trading system worked normally. Some members encountered problems with the Exchange's support system due to an error on the vendor side. Work was resumed in the morning after 1.5 hours.

Earlier on September 7, the NSE also had such a major flaw.

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