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NSE trading halt: SEBI to step in for rectification
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SME Times News Bureau | 25 Feb, 2021
A day after the National Stock Exchange halted trading
on its platform for around four hours causing mayhem among investors and
brokers, the SEBI on Thursday said that it will take all the required
steps to ensure rectification of the causes of the incident, and also
address institutional deficiencies, if needed.
The capital market
regulator has already advised the NSE to expeditiously carry out a
detailed root cause analysis of the trading halt and also to explain the
reasons for trading not migrating to the disaster recovery site, as per
the prescribed norms.
"SEBI would take all necessary measures to
ensure rectification of the underlying causes including addressing
institutional deficiencies," the regulator said in a statement.
It
noted that despite the trading halt, the framework of interoperability
put in place by the SEBI facilitated market participants to continue
their transactions at other stock exchanges, thereby allowing them to
seamlessly trade or square off their existing positions.
"The
same is evident from the fact that the trading turnover at BSE in equity
segment jumped to Rs 40,600 crore on February 24, 2021 as compared to
an average daily trading turnover of approximately Rs 5,200 crore during
the previous 30 days," it said.
Over and above the market design
of interoperability, which facilitates a market participant to trade on
multiple trading platforms, the decision to extend the market timings
also enabled investors to square off their existing positions, according
to the SEBI.
The statement said that the SEBI has put in place a
comprehensive framework to deal with incidences of technical glitches
at Market Infrastructure Institutions (MIIs).
It also mentioned
that trading outages are an area of concern in other important
jurisdictions as well. Exchanges in the UK, Japan, Australia and New
Zealand have suffered trading outages in the recent past.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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