Showcase to Exchange employees in case of disruption of trading on NSE

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MUMBAI: The Securities and Exchange Board of India (SEBI), the regulator of the capital market, has issued show-cause notices to top NSE employees in connection with the historic long trading disruption on the National Stock Exchange (NSE) on February 4. This is the first time that SEBI employees have been held personally responsible for disrupting trading.

These notices include violations of SEBI's stock exchange norms, including defects in conducting trades and lack of adequate surveillance system to ensure market integrity. It is learned that SEBI is also investigating the role of NSE separately at the institutional level. However, SEBI and NSE have not yet clarified the matter.

It may be noted here that on February 8, trading on India's largest exchange NSE was halted for a long time due to connectivity issues by telecom providers. This time the NSE backup system was also not working which resulted in disruption of trading on the exchange for more than four hours.

SEBI has also inquired into the matter as to why the NSE management did not shift to disaster recovery in a timely manner and allowed the exchange to close. NSE maintains backup server in Chennai as per SEBI rules and regulations. If there is a problem with the primary server in Mumbai, trade-deals have to be routed through this backup server. However, on February 8, NSE did not take any call to shift to the backup server.

Such shortcomings of NSE have been seriously investigated by SEBI and the government. Meanwhile, NSE employees in self-defense said that the defect was due to ongoing road works around Mumbai's Bandra Kurla Complex. Once the primary server was disrupted by telecom connectivity, the storage area that connects the various data servers was also disrupted.

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