India’s Largest Stock Exchange NSE Resumes Trade In Fourth Attempt
Trading on the NSE came to a standstill after a technical glitch forced India’s largest bourse to halt operations.
The National Stock Exchange has resumed trading in its fourth attempt on Monday. A technical glitch had forced the country’s largest equity exchange to stop trading. Previous attempts had been unsuccessful. The market regulator also put out a statement saying it was in touch with NSE and closely monitoring the situation.
Timeline
- 9:15 am: Technical glitch in cash market, F&O segment opens
- 9:55 am: F&O segment also shut, to resume trade with cash segment
- 10:15 am: NSE says to restart pre-open trade at 10:30 am
- 10:45 am: Trading fails to restart as prices weren’t updating
- 11:00 am: NSE pre-open starts, but fails to match orders
- 11:15 am: Technical glitch persists, NSE forced to keep trading shut
- 11:25 am: NSE says market opening delayed till further notice
- 11:57 am: NSE to restart pre-opening trade at 12:15 pm
- 12:15 pm: Pre-trading opens
- 12:30 pm: Trading resumes
NSE Apologies For 3-Hour Trading Halt
The National Stock Exchange has apologised to market participant for a technical glitch that resulted in a three-hour trading halt.
The matter has been referred to the Standing Committee on Technology, comprising of public interest directors and technology experts for review of the problem and to approve measures to prevent recurrence of such glitches.NSE Press Release
Government Takes Note
The central government has taken note of the glitch that halted trade at the National Stock Exchange for over three hours, and sought a report from the market regulator, said a Finance Ministry official to BloombergQuint, on terms of anonymity.
The stock exchange will first submit a report to the regulator, which will subsequently be forwarded to the government, added the official. The Securities and Exchanges Board of India will also take a call on any loss incurred by traders due to the glitch.
BSE Makes Hay
The Bombay Stock Exchange said it is not facing any technical issues and it was business as usual for the exchange. In fact, the exchange’s CEO Ashish Chauhan told Bloomberg that trading volume surged as much as 250 percent after the technical malfunction hit its rival NSE.
“Trading will go on as usual unless the regulator wants a restart,” a BSE spokesperson told BloombergQuint on the phone.
The NSE handles about twice the stock volume of rival BSE Ltd. and controls about 80 percent of India’s derivatives market.
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