Market Regulator SEBI to deal with causes of NSE glitch
Market Regulator SEBI to deal with causes of NSE glitch
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A day after technical glitches halted trading at National Stock Exchange (NSE) for around four hours, capital market regulator Sebi on Thursday affirmed it will take all necessary measures to ensure the underlying causes, including "institutional deficiencies", are addressed.

In a statement, the regulator said the decision to stop trading in its entirety was taken by the largest stock bourse NSE due to "issues with the telecom service providers" and Sebi was informed of it only 10 minutes ahead of the halt of trade on Wednesday. "Sebi would take all necessary measures to ensure rectification of the underlying causes including addressing institutional deficiencies," the statement said, elaborating on the steps which are required to be taken by market infrastructure institutions (MII) like NSE after a technical issue.

Stating that a root cause analysis report has already been sought from NSE, it said an MII has to submit a detailed root cause analysis to Sebi in a time-bound manner after due vetting by the Technology Committee and Governing Board of the MII. This report is placed before Sebi’s technical advisory committee. The Sebi framework for MIIs also has provisions for a monitoring mechanism for ensuring corrective action along with appropriate penalty wherever warranted, the watchdog said.

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