SEBI meets NSE officials on "technical glitch"
SEBI held a meeting today with NSE officials on the reported technical glitch. Senior officials of SEBI and NSE attended the meeting.
During the meeting, NSE, inter-alia, submitted as follows:
* NSE cash market segment did not function normally at the time of opening of market on July 10, 2017 due to technical problems and therefore was closed. After giving notice to the market, the F&O segment was also closed. Two attempts to reopen the market were not successful. Finally the market was pre-opened at 12.15 pm and opened at 12.30 pm for both cash and F&O segments. However, a market display problem was observed in the cash market and was rectified subsequently.
* On preliminary analysis, the technical problem apparently is related to software. It does not seem to be related to any cyber security related compromise.
* All the markets closed normally at the appointed time
* The matter is being examined by the internal technical team of NSE and external vendors, to analyse and identify the cause which led to the issue and to suggest solutions to prevent recurrence.
* All executed trades in cash and F&O segments remain valid.
SEBI has directed NSE to submit a detailed report on the matter. SEBI has also asked NSE to have a review of their Business Continuity Plans and to submit a detailed plan as to what measures are going to be taken to avoid such recurrences.
SEBI is also looking at the matter comprehensively and will interact with different stakeholders to explore as to what more needs to be done to avoid such recurrences.