NEW DELHI: Brokers and dealers on Dalal Street on Wednesday said all trading was stopped on NSE due to some
technical glitch, and asked their clients to use BSE for the same.
NSE in a statement said that trading had been halted since 11:40 am due to some problem with its telecom services providers.
“NSE has multiple telecom links with two service providers to ensure redundancy. We have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on NSE system,” NSE said.
It added that the company was working on restoring the system as soon as possible.
India’s largest broker, Zerodha, advised its clients to execute their trading orders through BSE for time being. Upstox, ICICIdirect also followed with similar advisories on social media.
Apparently, the ticker for the exchange was frozen much before trading was stopped. The last update on NSE website shows prices as of 10.08 am.
“NSE has halted all trading (Equity, F&O, Currency) from 11.40 am. NSE had issues with streaming feeds for Nifty, Bank Nifty, and other indices from 10.06 am. I am guessing that they are restarting all the processes for which they had to stop trading to fix the index feeds issue,” said Nithin Kamath, CEO, Zerodha.
He added that all open orders on NSE, including cash, derivatives and currency, have been cancelled by the exchange.
IIFL Securities in a tweet said that the NSE pre-open market will start at 1 pm and the normal market at 1:15 pm. However, a spokesperson for the exchange refuted the news. He added that there no decision has been made in this regard.
Meanwhile, BSE on its official website was running a ticker suggesting all segments at BSE “will operate as usual on Wednesday”.
D-Street Reactions
“I am remembering today the Russian market shutdowns in 1998. Russian authorities would wait for Europe to open, see if markets were Green, if yes, open Russia for trading. Else keep it shut. Today’s, Asia market action is ugly… (sic),” said Shankar Sharma, Founder of First Global, in a tweet.
Ajay Srivastava, CEO, Dimensions Corporate Finance told ET NOW that it was very important for NSE to give time to people to look at their account statement as they do not know which trades went through. So, no one knows what are the positions and where the margins are, he added.
Note: This is a developing story and will be updated.