NSE, BSE put out guidelines on technical glitches for members

Leading bourses National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have put out comprehensive guidelines for handling technical glitches at members' end in order to prevent disruptions.

Under the new framework, members will have to pay Rs 20,000 per day in case of failure to report the incident to the exchanges within the required timeline, both stock exchanges said in separate circulars. The guidelines outline technology infrastructure and system requirements that a member should adhere to prevent any incident of business disruption resulting from technical glitches. Also, the guidelines prescribe a Standard Operating Procedures for reporting of technical glitches by members, handling business interference, management of such business disorder, including declaration of disaster and framing of provisions for disciplinary action in case of non-compliance in reporting or inadequate management of business disruption. Technical glitches include malfunction in hardware, software or any products and services provided by members. The strock exchanges said members with a client base of over 50,000 unique registered clients across all Stock exchanges will be required to compulsorily set up a business continuity plan or disaster recovery establishement  to make sure  that there is well-defined continuity plan in case of such business disruptions.

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